From Peak to Abyss: A Contract Trader's Terrifying 24 Hours

Last November, a friend of mine experienced a thrilling 'roller coaster' trade in the cryptocurrency world. He entered the market with a principal of 500,000, using 5x leverage to go long. Initially, the market went as he wished, and his account skyrocketed, reaching a peak of 4.3 million. After deducting fees, costs, and the portion hedged in spot trading, his profit soared to 851%. Such an achievement would make anyone ecstatic.

If it were you, what would you do? Perhaps most people would choose to take profit and secure their gains. But he didn't. His wife recalled that there was a slight pullback in the market, but he didn't cut losses, and later the price rebounded. When his account profit exceeded 900%, he called his wife with a trembling voice to tell her this astonishing number. However, his emotions weren't particularly excited; instead, he was unusually calm, staring intently at the screen as if waiting for something.

This calmness might stem from his previous experiences. He had earned nearly 3 million in contract trading multiple times but ultimately lost it all back. Having been through the ups and downs of the cryptocurrency market, he seemed numb to the massive profits before him. He firmly believed that the market would continue to rise, aiming for 5 million. He decided to wait until it broke 5 million before taking action.

However, the cruelty of the market far exceeded his imagination. Without hedging his contract positions, a sudden 'needle' mercilessly struck down. The account plummeted from 4.3 million to less than 900,000 in an instant. Liquidation? It was too late. The outcome was predictable – a margin call.

The scenes that followed were suffocating. He held his head in his hands and remained silent for two minutes. His wife vaguely sensed that something was wrong, and just as she was about to ask, he suddenly rushed to the windowsill and jumped. Fortunately, they lived on the third floor, so this jump did not take his life, but this terrifying 24 hours completely changed his life.