Written by: Leek, Foresight News
Stimulated by the major good news of US-China tariff relaxation, 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% everywhere. It's a scene that makes those who got on board ecstatic, while those in cash feel 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 my 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 V God's social app Farcaster 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, torturing myself between profit and loss while watching the oscillation. 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, I still 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 working all morning.
Similar losses have been cycling for N times these days.
While the entire network shouts "bull market returns", there's always a group of contract players like me staring blankly at liquidation emails. They're not ordinary investors, but have evolved a "reverse operation gene", using real money to演绎 the loss philosophy of "more greedy than others, breaking even when others suffer small losses".
They've welded "not admitting mistakes" to their trading accounts, where "liquidation is stop-loss" is no joke. When BTC was at $86,000, they firmly believed they were "Soros reincarnated" when opening short positions, shouting about a technical pullback when BTC broke 90,000. When BTC broke 100,000, their voices became smaller, and their nearly zero positions still clung to life.
Opening the position records, these manual traders' entry frequency is horrifying, with "BS" (Buy & Sell) filling the 15-minute lines of individual targets. Looking at contract analysis reveals losses far outweigh profits. When they analyze Powell, US stocks, US bonds, and gold trends eloquently but end up wiping tears at liquidation notices, they'll say, "See, I knew 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 platform 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 cursing me for crypto madness, she knows nothing";
"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 - I short when others shout charge, I charge when others shout 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, but 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 the K-line. Those crying with liquidation messages, those losing 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 that 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.
