A month has passed, and today I decided to share this as a warning: learn from my mistakes and do not gamble!
On June 2, a few days after the end of the Backpack S1 season, I found myself holding $135,000 in cash, feeling somewhat aimless. Since the Backpack could not hedge, I turned to the Lighter platform to try short-term trading, hoping to increase my funds before the S2 season began.
I then started contract gambling, gradually increasing my position size; a $1 million position meant a profit or loss of $10,000 for every 1% change, which was extremely thrilling.
🔸 On the first day, I entered the market and lost $25,000 that night, reducing my capital to $110,000. I told myself to be steady the next day and avoid blind high-frequency trading; if I could make $5,000 a day, I could recover my losses in a week!
🔹 The next day, I indeed made over $4,000, and I was secretly pleased: if I could hold on for a week, I could exit without losses, and once I broke even, I would never gamble again.
🔸 On the morning of the third day, I woke up eager to trade to quickly recover my losses; after opening a position before 8 AM, my ETH position was immediately trapped. I stared at the numbers in agony, watching the stop-loss point approach, suffering all day long. In the evening, the stop-loss was triggered, and I lost another $25,000; at that moment, I felt a sense of relief, as if a death row inmate had finally ended their wait.
🔹 On the fourth day, my capital was down to $95,000. I was exhausted but still wanted to recover my losses. I missed a shorting opportunity at noon, and at 2 PM, I judged a rebound and went long, only to get trapped again; at 5 PM, the stop-loss was triggered, and I lost another $10,000, bringing my capital down to $85,000. In a last-ditch effort, I chased the ETH breakdown point with my phone at 6 PM, without setting a stop-loss! After shorting at the lowest point, I kept a close eye on the rebound on my way home, sweating profusely while fantasizing: if it dropped 7% that night, I could recover everything. I had to hold on!
At 8:30 PM, I pretended to watch TV, but I checked the price fluctuations on my phone every minute. Around 9 PM, ETH rebounded nearly $30, and with huge losses that day, I completely broke down, my mind numb.
I rushed back to my bedroom and desperately closed my short position on Lighter; my phone login showed that the region was restricted, and I frantically switched VPN nodes. The moment I closed the position, I felt relieved: I had lost over 500,000 RMB in just a few days. Lying in bed, I fell into a deep sleep before 10 PM.
🔸 On the fifth day at 7 AM, I habitually checked the price, and ETH plummeted 7.6% (later learned it was due to a conflict between Musk and Trump). If I hadn't closed my short position, I could have recovered as I had fantasized the day before. But life has no "what ifs," and I could only face reality.
This was my experience in the first week of June: for the next 7-8 days, I only ate a couple of bites of vegetables, feeling anorexic and depressed, my spirit collapsed. Looking back, I deeply felt the whims of fate; now, looking at K-lines makes me physically nauseous.
Life cannot start over; if you ask what I gained? Perhaps it was the 310 points awarded by Lighter that week, setting a personal record. But I am grateful for that experience: now, if I have no hedge in my position, I feel physically uncomfortable and have completely quit gambling.
✅ People live because of hope.
Thanks to my psychological mentor @Metabape and wise brother @dominolu for helping me out of the shadows. Life is long, and I still have capital and @Backpack_CN points, which I can recover through various means. As long as I am alive, there is hope; I must learn from my lessons and grow.
I strive to achieve financial freedom in two cycles! Let’s encourage each other, brothers: do not gamble, do not look back!
Keep it up!
from @小熊饼干.eth
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