At the beginning of 2023, I started working at 15 and by 19, I had a little savings. I intended to try out mutual funds or stock-like financial products to earn a bit of profit and looked for worthwhile funds on various platforms.
I suddenly discovered a blogger showcasing their earnings in the crypto world, which made me incredibly envious, so I began to dig deep into what this was all about.
I downloaded Binance and watched tutorial videos on contracts on YouTube. With great anticipation, I deposited 20 USDT. A week later, my account balance was 210 USDT. Oh my god‼️ Due to my family's financial situation being quite poor, I felt this was a chance from heaven to change my fate.
A year later, I went to Wuhan and rented a house with my partner. With all my savings, I entered the crypto world. After two months, I tripled my investment, but then I faced a total loss. After the loss, I felt overwhelmed and turned to a lending platform for online loans. Three days later, I completely lost everything. I went crazy; that night I squatted in the toilet, desperately slapping myself. In the end, I had no choice but to work in a factory for a year to pay off my debts.
At the beginning of 2024, I paid off my online loans, and the spot investments I had made during that time helped me break even. I began recklessly trading futures again, and my savings experienced another loss. The only good thing this time was that I didn't go overboard with online loans. I don't know if it's because of the previous experience of losing everything, but I didn't feel as suffocated as before. After the loss, I worked in a factory in Wuhan for over a month before moving to Nanjing. Although it was tough, the salary was relatively good.
By October 2024, I had saved enough money, and it just so happened that when Trump took office, the crypto market surged, and my spot investments were close to breaking even. I resigned, rented a house, and invested in crypto; this time I used all my spot investments. However, the market started to decline in December, but I wasn't afraid.
In January 2025, the market continued to decline, and my spot investments shrank by one-third. I felt that it was time to buy the dip, so I crazily borrowed from the online lending platform to invest. It turned out I overestimated myself; my assets further decreased, and I panicked. In mid-February, I found out about a futures contract on Binance. I sold 500 USDT in spot, went in with a 'let's try it' mentality, and in just 13 days, I achieved a return of 3900 USDT. I became overly confident. At the end of February, there was a three-day consecutive downtrend that led to a loss of 4500 USDT. By early March, I was unwilling to accept it, regretful, and in pain, I impulsively opened Pandora's box, selling all my spot assets and putting everything into the futures account. Under the pressure of trying to break even, massive online loans, and high leverage, frequent trading led to a total loss on March 25.
In the past two years, I thought I was exceptional and could transcend classes through the crypto world, improving my family's living conditions by saving diligently. In the end, I left with nothing but a pile of massive loans.
Thank you for reading until the end. I'm not complaining, nor am I trying to evoke pity; I just feel I have let my family down. I hope everyone doesn't act impulsively like I did.