The experience of shorting MYX and facing liquidation has hit me hard,
with a total loss of 55,000 USDT across two accounts.
Originally, in the past month, I had earned a profit of 70,000 USDT through contract trading, which should have made me feel satisfied,
This 70,000 USDT profit came from accurately grasping the trends of BTC and ETH multiple times, as well as successfully trading more than a dozen altcoins, gradually accumulating gains of 30%-50%.
Unexpectedly, I lost almost all of it in the operations with MYX.
The profits accumulated from more than ten consecutive correct trades could not offset the losses from a single liquidation while shorting the volatile MYX.
The reason I insisted on shorting MYX was due to my premature selling of MYX long positions: when the price of MYX was only 1.3 USDT, I held a long position of 30,000 USDT, and then gradually closed positions in the range of 1.8 USDT to 2.4 USDT.
If I had held these long positions until now, their value might have reached 320,000 USDT,
turning a potential maximum profit of 300,000 USDT into an actual loss of 55,000 USDT,
a thought of heaven, a thought of hell.
Due to selling too early and then impulsively shorting,
the more volatile MYX became, the more aggressive my operations were, leading to quicker liquidation losses.
One must accept the consequences of gambling; the losses cannot all be blamed on the market makers, as the main responsibility lies in my own lack of sufficient respect for the market.
The trend of MYX is unique in the history of all cryptocurrencies on Binance,
I did not anticipate that a cryptocurrency could surge 30 to 40 times in a short period during the first wave of the market and still welcome a second wave of increases after such a massive trading volume.
The second wave of the market surged more than ten times within less than 48 hours, with both price and volume rising, causing traders who were wrong-footed to be unable to react in time and face liquidation.
Historically, there have been similar cases like TRB, but TRB quickly fell back after surging several times,
whereas MYX's peculiarity lies in the fact that the price has stabilized, and the funding rate has risen, leaving me completely at a loss for how to re-enter, potentially having to wait until the market bears are scarce for it to drop.
Currently, I analyze that there are three reasons for MYX's explosive rise:
- First, MYX is only available for contract trading on Binance, while Bitget only offers spot trading, leading to high control by market makers;
- Second, most players have shifted their strategies, and the rising price attracts more retail investors to short, ultimately becoming fuel for the rise;
- Third, the behavior of market makers is becoming increasingly reckless, and market manipulation is becoming more apparent.
Through this significant loss, I need to reflect on the following points: - First, shorting altcoins with large positions has extremely low cost-effectiveness, as market makers have severe control, leading to potentially unlimited losses and exposing retail investors to risks;
- Second, when shorting altcoins, one must decisively cut losses; those who hesitate often face liquidation and zero balance;
- Third, high-leverage contract operations should be withdrawn in a timely manner; impulsive operations are difficult to avoid, and profits that are not withdrawn will ultimately return to zero; only withdrawals can preserve gains.
from @无产阶级和尚
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