A month has passed, and today I decided to share this as a warning: learn from my mistakes and never gamble!
June 2nd Experience Review#
A few days after the end of the Backpack S1 season, I held $135,000 in cash and suddenly felt aimless. I thought that since the backpack couldn't hedge, I might as well try short-term trading on Lighter, perhaps I could increase my funds before S2 starts. So, I turned to contract trading, increasing my position from small to large, eventually reaching a scale of $1 million—where a 1% rise or fall meant $10,000, extremely thrilling.
🔸Day One: That night, I lost $25,000, reducing my capital to $110,000. I resolved to operate steadily the next day and avoid high-frequency trading. I planned to earn $5,000 daily and break even within a week!
🔹Day Two: I successfully made over $4,000, feeling secretly pleased, firmly believing I could exit at break-even within a week and promised to quit gambling from then on.
🔸Day Three: I opened a position before 8 AM, but my ETH position got stuck, and I spent the whole day anxiously watching the stop-loss point, sweating profusely. In the evening, the stop-loss was triggered, and I lost another $25,000—an overwhelming sense of relief washed over me, like a death row inmate being released.
🔹Day Four: My capital was down to $95,000, exhausted physically and mentally but determined to recover. I missed a short opportunity at noon, and after going long on ETH at 2 PM, I got stuck again, losing $10,000 at the 5 PM stop-loss, leaving me with $85,000. In a last-ditch effort, I placed a short order for ETH at 6 PM (without setting a stop-loss), shorting at the lowest point. On the way home, I kept my eyes glued to the rebound, sweating profusely, 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 and numbness in my brain. I rushed back to my bedroom, desperately trying to close the short position (Lighter mobile login was restricted), and after changing the VPN node, I finally closed the position. Instant relief—over 500,000 RMB lost in just a few days. I lay in bed speechless, falling into a deep sleep before 10 PM.
🔸Day Five: At 7 AM, I habitually checked the price, and ETH plummeted by 7.6% (later learned it was due to the conflict between Musk and Trump). I fantasized that if I hadn't closed my position, I could have broken even. But life has no "what ifs," and I had to face reality.
Reflection and Lessons#
After the first week of June, I suffered from anorexia for 7-8 consecutive days, eating only a small amount of vegetables, my spirit collapsed. Looking back on this incident, I feel deeply that fate plays tricks on people. Now, just seeing the candlestick chart makes me feel physically nauseous. Life has no second chances—the only gain was that Lighter issued 310 points that week (the highest in history). But I am grateful for this experience: the physiological aversion I felt when I had no hedged positions has completely insulated me from contracts, and I have thoroughly 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 the remaining capital and @Backpack_CN points can still be used to "recover." As long as there are people, hope remains. Lessons promote growth—striving to achieve financial freedom in the second cycle, encouraging each other with my brothers! Do not gamble, do not look back!
Keep going!
from @小熊饼干.eth
🔥Solving the issue of accessing OKX exchange in China#
Many exchanges' original domain names are often restricted or delayed by overseas servers, which is not a platform fault. Ordinary users can easily be confused; it is due to the network environment. Exchanges like OKX and Binance regularly update their backup domain names to ensure access to their official websites.
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- OKX backup domain Overseas OKX - need to use VPN or alternative link
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- Binance backup domain Binance
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- Bitget backup domain Bitget
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- Bybit backup domain Bybit/Bybitglobal
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- Huobi HTX backup domain Huobi/HTX
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- Gate backup domain Gate.io
🔥Further Reading#
2025 China's Top Ten Virtual Currency Trading Platforms Latest Ranking is Out 🔥【Worth Collecting】
【Real Wealth Stories in the Crypto World】Many people ask me how I went from 0 to 11 million and then to a debt of 100,000 over the years of trading coins?
🔥 Practical Tools for Alpha Finding#
1️⃣ Axiom Dog Tool https://axiom.trade
2️⃣ Gmgn Dog Tool https://gmgn.ai
3️⃣ dbot Dog Tool https://app.debot.ai
4️⃣ Morelogin Multi-Account Fingerprint Browser www.morelogin.com
Everyone is Searching#
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