A month has passed, and today I decided to share my experience as a warning, hoping everyone can learn from me: never gamble!
On June 2, a few days after the end of the Backpack S1 season, I had $135,000 in cash and suddenly felt aimless. I thought since the backpack couldn't hedge, I would do short-term trading on Lighter, perhaps I could increase some funds before S2 starts. Thus, I began contract gambling, increasing my position from small to large; a $1 million position meant a 1% rise or fall was $10,000, which was extremely thrilling.
🔸 On the first day, I entered the market and by evening, I lost $25,000, leaving only $110,000 in capital. I told myself to be steady the next day and avoid blind high-frequency trading; if I could make $5,000 a day, I would break even in a week!
🔹 The next day, I indeed made over $4,000, feeling secretly pleased. As long as I could break even in a week, I would stop and never gamble again.
🔸 On the third day, I woke up eager to trade, anxious to recover my losses. I opened a position before 8 AM, but got stuck with ETH, suffering immensely, sweating while staring at the numbers, watching the stop-loss point approach, enduring all day. After stopping my losses in the evening, I lost another $25,000, but felt relieved, like a death row inmate finally ending the 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 short opportunity at noon, and at 2 PM, I went long again but got stuck. At 5 PM, I stopped my losses, losing $10,000, leaving only $85,000. In a last-ditch effort, at 6 PM, I used my phone to chase a short on ETH without setting a stop-loss! I shorted at the lowest point, watching the rebound on my way home, drenched in sweat, fantasizing that if it dropped 7%, I could break even, determined to hold the position. At 8:30 PM, I pretended to watch TV, checking my phone for price fluctuations every minute. Around 9 PM, ETH rebounded by $30, worsening my losses, leading to a mental breakdown.
I rushed back to my bedroom, desperately trying to close my positions, but the Lighter mobile login was restricted. I switched VPN nodes and finally closed the unprotected short position. The moment I closed the position, I felt a huge relief; I had lost over 500,000 RMB in just a few days, lying in bed in silence, falling into a deep sleep before 10 PM.
🔸 On the fifth day, I habitually checked the price at 7 AM, and ETH plummeted by 7.6% (later I learned it was due to Musk and Trump falling out). If I hadn't closed my position, I could have realized my fantasy of breaking even. But life has no "ifs," only facing reality.
This was my experience in the first week of June. After that, I went through 7-8 days of anorexia and depression, eating only a couple of bites of vegetables, mentally collapsing. Looking back, it feels like fate played a trick on me; now, looking at the K-line makes me physically nauseous. Life doesn't have a do-over; if you ask what I gained? Lighter gave me 310 points that week, the highest in history. But I am grateful for that experience; now I feel nauseous without hedging positions and have sworn off gambling and contract trading.
✅ 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; I still have capital and @Backpack_CN points, which I can earn back through other means. As long as I am alive, there is hope. After the lesson, I must grow.
I will strive for financial freedom in the second cycle. Walking with my brothers! No gambling, no turning back!
Keep it up!
from @小熊饼干.eth
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