The recent shorting of MYX has dealt a heavy blow to me, with a total loss of 55,000 USDT across two accounts. A month prior, I had earned 70,000 USDT from contract trading and should have felt satisfied.
This profit of 70,000 USDT was gradually accumulated through multiple correct judgments of BTC and ETH trends, as well as precise operations on more than a dozen altcoins, capturing an average increase of 30%-50%.
However, all of this was nearly destroyed on MYX.
The gains from over a dozen successful trades were completely outmatched by the losses from a single shorting of a surging altcoin.
So, why did I insist on shorting MYX?
It’s somewhat laughable; the reason is that I sold MYX too early. When the price of MYX was only 1.3 USDT, I held a long position of 30,000 USDT but gradually closed my positions in the range of 1.8 USDT to 2.4 USDT.
If I had held these long positions until now, they would be worth 320,000 USDT,
going from a potential profit of 300,000 USDT to an actual loss of 55,000 USDT,
truly a moment of heaven, a moment of hell.
Due to the unwillingness to accept my premature selling, I turned to shorting and engaged in emotional trading.
The crazier MYX's trend became, the more impulsive my actions were, leading to accelerated liquidation.
One must accept the consequences of gambling; the losses cannot be entirely blamed on the market makers; the main responsibility lies in my lack of sufficient respect for the market.
The trend of MYX is truly unique in Binance's history.
I never anticipated that a token could surge 30 to 40 times in the first wave of the market, and after such a massive trading volume, it could still welcome a second wave of increases.
Even more shocking is that the second wave surged more than tenfold in less than 48 hours, with both volume and price rising, causing those who bet in the wrong direction to be liquidated instantly.
Historically, there are similar cases like TRB, but TRB quickly fell back after its surge.
The peculiarity of MYX lies in the fact that the price has now stabilized, and the funding rate has risen, leaving me unable to intervene.
Ultimately, it may only drop when the shorts have completely vanished.
Looking back, there are three reasons why MYX could rise so much:
- First, MYX only has contract trading on Binance, with no spot trading; while Bitget only has spot trading, with no contracts, leading to high control by market makers;
- Second, the mindset of most players has shifted; rising prices attract more retail investors to short, ultimately becoming fuel for the rise;
- Third, market makers are now unabashedly and increasingly recklessly manipulating the market.
From this massive loss, the points for self-reflection are: - First, shorting altcoins with large positions has extremely low cost-effectiveness, as market makers have severe control; losses are unlimited during rises, and retail investors' cards are all in the hands of market makers;
- Second, one must decisively cut losses when shorting altcoins; those who hesitate are likely to be liquidated to zero;
- Third, when operating high-leverage contracts, it is essential to withdraw profits in a timely manner; emotional trading is hard to avoid, and not withdrawing will ultimately lead to zero; only by withdrawing can profits be temporarily locked in.
from @无产阶级和尚
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