The first time was after I earned my life’s first million yuan.
Back then, I was always thinking about making quick money. I traded futures contracts frequently, and in just a couple of months I ended up losing more than 800,000 yuan. After that, I was left with only a few hundred thousand yuan. Looking back now, the moment I made my first bucket of gold, I started thinking that making money slowly was too slow. I mistakenly believed I could always rely on high leverage to rapidly replicate returns.
After that, I truly quit high-leverage futures contracts. Even if I use them sometimes, it’s only as a hedging tool.
The second time was on that day in 1011.
At the time, I pledged 2,000 BNB to borrow and lend stablecoins for interest. On one side, I thought I could benefit from BNB going up; on the other side, I took the funds out to manage money in U. As long as it dropped 60%, it wouldn’t liquidate. In the end, I was taking risks at a level like “dealing with white powder,” to chase profits at a level like “making back sugar.”