A month has passed, and today I decided to share this experience as a warning to everyone: learn from my mistakes and never gamble!
On June 2, a few days after the end of the S1 season of Backpack, I found myself with $135,000 in cash and suddenly felt aimless. Since my backpack couldn't hedge, I turned to Lighter for short-term trading, hoping to increase my funds before S2 began. Thus, I started contract gambling, gradually increasing my position from a small amount to $1 million—where a 1% rise or fall meant a gain or loss of $10,000, which was extremely thrilling.
🔸 On the first day, I entered the market and lost $25,000 that night, leaving me with only $110,000. I resolved to be steady the next day and avoid blind high-frequency trading; if I could make $5,000 a day, I could break even in a week!
🔹 The next day, I indeed made over $4,000, and I was secretly delighted: as long as I persisted for a week, I could exit without losses and quit gambling from then on.
🔸 Early on the third day, I couldn't wait to trade, wanting to quickly recover my losses. I opened a position before 8 AM, and ETH was immediately trapped. I painfully stared at the screen, watching the stop-loss point approach, suffering all day long. In the evening, the stop-loss was triggered, and I lost another $25,000. At that moment, I felt a sense of relief—it was like a death row inmate finally facing execution, no longer holding onto futile hopes.
🔹 On the fourth day, my capital was down to $95,000, and I was physically and mentally exhausted, but the thought of breaking even drove me to open a position again. I missed a short-selling opportunity at noon, and around 2 PM, I judged that there would be a rebound, so I went long on ETH, only to get trapped again; at 5 PM, the stop-loss was triggered, and I lost another $10,000, leaving me with $85,000. In despair, I went all in: at 6 PM, I shorted ETH on my phone without setting a stop-loss! After shorting at the lowest point, I kept a close watch on the rebound on my way home, sweating profusely, fantasizing that if it dropped 7%, I could break even, and decided to hold the position to the end. At 8:30 PM, I pretended to watch TV but checked the price fluctuations on my phone every minute. Around 9 PM, ETH rebounded nearly $30, and my losses worsened; I completely broke down, my brain numb.
I rushed back to my bedroom, trying to close the position, but Lighter indicated access was restricted. I frantically switched VPN nodes, desperately trying to close this position without a stop-loss. At the moment I closed it, I felt an immense relief—over 500,000 RMB lost in just a few days. I lay in bed, 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 Musk falling out with Trump). If I hadn't closed my short position, I could have broken even as I had imagined. But life has no "ifs," only facing reality.
This was my experience during the first week of June. For the next 7-8 days, I ate only two bites of vegetables at each meal, feeling anorexic and depressed, my spirit collapsed. Looking back, it feels like fate played a trick on me. Now, I feel physically nauseous at the sight of candlestick charts. Life doesn't have a redo; if you ask me what I gained, perhaps it was the 310 points awarded by Lighter that week, which is my biggest points gain. But I am grateful for this experience: now I feel nauseous without a hedged position, and I have completely distanced myself from gambling contracts.
✅ People live because of hope.
Thanks to my psychological mentor @Metabape and the wise second brother @dominolu for their help in helping me emerge from the shadows. Life is long; I still have capital and @Backpack_CN points, which I can earn back through various means. As long as there are people, there is hope. Lessons make people grow—striving to achieve financial freedom in a two-round cycle, walking alongside my brothers! Never gamble, never look back!
Keep it up!
from @小熊饼干.eth
🔥 Solving the issue of accessing the OKX exchange in China#
Many exchanges' original domain names are often restricted, or overseas servers cause slow access, leading users to mistakenly judge it as a platform issue. In reality, it is mostly due to the network environment, and exchanges regularly update backup domain names to ensure access. Platforms like OKX and Binance provide alternative addresses:
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- OKX backup domain: Overseas OKX - requires VPN or Backup 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.io backup domain: Gate.io
🔥 Further Reading#
2025 China's Top Ten Virtual Currency Trading Platforms Latest Rankings Released 🔥【Must-Collect】
【Real Wealth Stories in the Crypto Circle】People often ask: After years of trading coins, how did I go from 0 to 11 million and then to a debt of 100,000?
🔥 Useful Tools for Alpha Finding Gold Dogs#
1️⃣ Axiom Dog-Charging Tool: https://axiom.trade
2️⃣ Gmgn Dog-Charging Tool: https://gmgn.ai
3️⃣ dbot Dog-Charging Tool: https://app.debot.ai
4️⃣ Morelogin Multi-Account Fingerprint Browser: www.morelogin.com
Everyone is Searching For#
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