A month has passed, and today I decided to share this experience as a warning, hoping everyone can learn from my mistake: never gamble!
On June 2, a few days after the end of the S1 season of Backpack, I held $135,000 in cash and suddenly felt aimless. Since Backpack could not engage in hedging trades, I turned to the Lighter platform to try short-term trading, hoping to increase my funds before the S2 season started. Thus, I began contract gambling, gradually increasing my position from a small amount—$1 million in position, where a 1% rise or fall meant a $10,000 fluctuation, which was extremely thrilling.
🔸 On the first day of entering the market, I lost $25,000 that night, reducing my capital to $110,000. I secretly resolved: the next day, I would operate steadily and avoid blind high-frequency trading; if I could earn $5,000 a day, I could recover my losses within a week!
🔹 The next day, I indeed made a profit of over $4,000, and I was secretly delighted—I could recover my capital in just a week and promised never to gamble again after breaking even.
🔸 On the morning of the third day, I couldn't wait to start trading, eager to recover my capital quickly. After opening a position before 8 AM, my ETH position was immediately trapped. I stared at the numbers in pain, sweating profusely, watching the stop-loss point approach, enduring the agony all day. In the evening, the stop-loss was triggered, and I lost another $25,000. At that moment, I felt a sense of relief, like a death row inmate who no longer struggles after learning the verdict.
🔹 On the fourth day, my capital was only $95,000 left. I was physically and mentally exhausted but still obsessed with recovering my capital. After missing a short-selling opportunity at noon, I judged a rebound and went long at 2 PM, only to get trapped again; the stop-loss was triggered at 5 PM, losing another $10,000, shrinking my capital to $85,000. In despair, I went all in: at 6 PM, I shorted ETH on my phone without setting a stop-loss! As a result, I shorted at the lowest point, and on my way home, I watched the price rebound, breaking into a cold sweat. I fantasized that if it consolidated and then dropped 7%, I could recover my capital, so I gritted my teeth and held the position. At 8:30 PM, I pretended to watch TV but checked my phone for price fluctuations every minute. Around 9 PM, ETH rebounded nearly $30, and my losses worsened, leading to my complete breakdown.
I rushed back to my bedroom, trying to close my position, but Lighter indicated access was restricted. I desperately switched VPN nodes, trying to close the unprotected short position. After closing the position, I felt a sense of relief—I had lost over 500,000 RMB in just a few days. Lying in bed, I was speechless and fell into a deep sleep before 10 PM.
🔸 On the fifth day at 7 AM, I habitually checked the price: ETH plummeted 7.6% (later learned it was due to a conflict between Musk and Trump). If I hadn't closed my position, I could have recovered my capital as I had imagined. But life has no "if," only facing reality.
This is my experience from the first week of June. For the next seven or eight days, I had no appetite, eating only a couple of bites of vegetables at each meal, falling into anorexia and depression, my spirit completely collapsed. Looking back, it seems like fate played tricks on me. Now, when I see candlestick charts, I feel physically nauseous.
Life does not have a redo. If asked what I gained? Lighter rewarded me with 310 points that week, my highest ever. But I am grateful for this experience: now, if my position is not hedged, I instinctively feel nauseous, and I have become insulated from contracts—I have 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; I still have remaining capital and @Backpack_CN points, which I can use to recover. As long as I am alive, there is hope. After the lesson, I must grow.
I will strive to achieve financial freedom in the next cycle! Let’s encourage each other, brothers: stay away from gambling and never look back!
Keep it up!
from @小熊饼干.eth
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