Someone always has to pay for the feast, but I didn't expect to be the waiter.
Written by: Leek, Foresight News
Stimulated by the positive news of US-China tariff easing, BTC surged to $106,000, and ETH soared 40% in three days, briefly topping TikTok's trending list. Classic Altcoins and MEME tokens bloomed under market momentum, with daily green candles over 30% being commonplace. Those who got on board were elated, while those in short positions were dizzy. Crypto holders have won big once again.
My friend even told me: Going out for dinner, walking on the street, suddenly feeling like the world is mine. Spending 300 on dinner, then checking the exchange and finding 3000u more, essentially spending nothing. This is the confidence crypto gives me!
I opened my wallet homepage, refreshed the asset balance several times, and never replied to my friend.
Degen Taught Me a Lesson
On May 13th, I was operating DEGEN with 20x leverage on the top gainers list early in the morning. Coincidentally, DEGEN translates to "gambler". As a reward token for Farcaster, the Web3 social app once promoted by V God, and the native token of Degen L3 chain, it performed well in 2024 (I had previously bought at the high), but after over a year of decline, its original technical background and investment team significance had dissolved, becoming just another "quality" Altcoin.
Last night before sleeping, I had already noticed DEGEN's potential breakthrough on the gainers list, but due to drowsiness, I missed it. Waking up at 7:30 this morning, I saw a massive green candle breaking through the sky, topping the gainers list. I broke down and went long with 20x leverage, bravely standing at the peak.
After cutting losses, seeing BTC and other mainstream coins showing a pullback trend, I resentfully shorted, oscillating between profit and loss. Finally, I quickly closed my position within the first half minute of the official decline, instantly breaking down and continuing to short. But I panicked and closed every time it rebounded. So even with DEGEN's 20% pullback and my basic short position, I didn't gain much profit.
In the end, BTC rebounded, and I continued to short DEGEN out of habit. When DEGEN violently surged in minutes, I could only break down and cut losses. After counting, I had lost 50% of my contract position after busy morning.
Similar losses have cycled N times these days.
While the entire network shouts "bull market returns", there's always a group like me, staring blankly at liquidation emails. They're not ordinary investors, but evolved "reverse operation gene" loss warriors, using real money to演绎 the loss philosophy of "more greedy than others, more broke than others' small losses".
They've welded "not admitting mistakes" to their trading accounts, where "liquidation is stop-loss" is no joke. Believing they're "Soros reincarnated" when opening short positions at BTC $86,000, confidently calling for a technical pullback when BTC breaks $90,000. When BTC breaks $100,000, their voices diminish, staring at nearly zero positions yet still clinging on.
Opening the position record, these manual traders' entry frequency is horrifying, with "BS" (Buy & Sell) filling the 15-minute lines of individual targets. Analyzing contracts reveals losses far outweigh profits. When they eloquently discuss Powell, US stocks, US bonds, and gold trends, yet end up wiping tears at liquidation notices, they'll say, "See, I told you the main force would dump, I just opened early!"
The most vivid case is the "position-holding veteran" in my contract group, who transferred all USDT to a shady exchange and immediately opened a 500x short position when BTC broke $100,000, daily live-streaming his position-holding diary:
"Day1: Margin remaining 70%, Bollinger band top divergence, RSI overbought, Air Force One assembling";
"Day2: Deposited wedding anniversary red packet as margin, wife scolds me for crypto madness, what does she know";
"Day3: Last message before liquidation: 'It's all exchange needle tricks, I'm going to defend my rights'".
After liquidation, the veteran felt relieved: "Now it's good, no need to explain to my wife why my phone is still bright at 3 AM."
Another post-00s crypto friend boasted to me: "I never look at K-lines when playing contracts, only mood indicators - short when others say charge, charge when others say short, as exciting as bungee jumping without a safety belt!"
Result: During ETH's surge, he turned 300U principal into 5000U in half an hour, screenshot shared in the group. 15 minutes later, he sent a message - "Brothers, goodbye, I'm blown up."
Every bull market is like a grand Ponzi dance, everyone dancing on K-lines. Those crying with liquidation messages, those disappointed in the revelry, are not unintelligent, but blinded by greed - stop-loss, leverage, risk. Before the real profit/loss numbers madly jump, we must admit we'll mostly be dizzy.
So, every time you want to show off your profit screenshot, it's often the best time to secure your gains.
