Nine dollars and seven tenths of a yuan
At half past two in the morning, Old Chen stared at the NMR candlestick chart on his screen, his fingers trembling slightly.
Just three hours earlier, he had watched NMR get smashed from twelve dollars all the way down to nine dollars and seven tenths. In the group, someone shouted, “This coin is going to zero.” Someone else posted a screenshot of shorting twenty times, bragging that they’d already made enough to buy a BMW. Old Chen felt itchy. He opened the Binance futures interface, selected the NMRUSDT perpetual contract, set leverage to 20x, shorted with the entire account balance, and shoved all the remaining 30,000 U into the trade.
Entry price: 9.8 dollars. He deliberately waited for a small bounce before getting in, thinking he’d caught the top of the mountain.
“Drop to eight dollars and I’ll close. Make a couple thousand U and treat myself to some late-night food.” He muttered to himself and lit a cigarette.
The first half hour went smoothly. NMR churned between 9.7 and 9.9; his unrealized profit peaked at around 400 U. He took a screenshot and sent it to the group with the caption, “Tonight add extra chicken legs.” A few people in the group praised him for being awesome. He got carried away and opened another bottle of beer.
Then, a single green big bullish candle shot up from the ground.
Old Chen hadn’t even registered it when the price surged from 9.8 to 11.2. His position flipped instantly from a profit of 400 U to a loss of 2,800 U. He fumbled to close the position; his fingers slid on the screen twice before he finally tapped the correct button. But in that one second of hesitation, the price blasted past 12.5.
The liquidation price was 12.3.
The moment the system popped up the liquidation notice, Old Chen froze completely. He read the red text on the screen three times before it finally made sense: Your NMRUSDT perpetual contract position has been force-liquidated, resulting in a margin loss of 30,000 USDT.
30,000 U. All of it. Gone.
He stared blankly as the NMR candlestick chart continued to rocket upward. Thirteen dollars, fourteen dollars, fifteen dollars. The highest price locked at exactly fifteen dollars. If he hadn’t been liquidated—if he had been using isolated margin instead of cross margin—if he’d set a stop-loss—any one of those conditions being true, he wouldn’t be sitting here staring at a zeroed-out account.
The group had already exploded. Someone shouted, “NMR is awesome!” Someone posted a screenshot of a hundredfold return. Old Chen flipped his phone over and slammed the screen-down onto the table.
He remembered that half a year ago there had been 120,000 U in his account. Back then, he thought making money in the crypto market was just too easy. Now he finally understood: it wasn’t that making money was easy—it was that losing money was easy.
Daybreak was coming outside the window. Old Chen shut down his computer and didn’t go to work. He lay in bed staring at the ceiling, replaying again and again in his mind the green candle that had risen straight from 9.7 to 15.
That was the greenest candlestick he’d ever seen in his life.
#加密货币 #合约交易 #NMR
At half past two in the morning, Old Chen stared at the NMR candlestick chart on his screen, his fingers trembling slightly.
Just three hours earlier, he had watched NMR get smashed from twelve dollars all the way down to nine dollars and seven tenths. In the group, someone shouted, “This coin is going to zero.” Someone else posted a screenshot of shorting twenty times, bragging that they’d already made enough to buy a BMW. Old Chen felt itchy. He opened the Binance futures interface, selected the NMRUSDT perpetual contract, set leverage to 20x, shorted with the entire account balance, and shoved all the remaining 30,000 U into the trade.
Entry price: 9.8 dollars. He deliberately waited for a small bounce before getting in, thinking he’d caught the top of the mountain.
“Drop to eight dollars and I’ll close. Make a couple thousand U and treat myself to some late-night food.” He muttered to himself and lit a cigarette.
The first half hour went smoothly. NMR churned between 9.7 and 9.9; his unrealized profit peaked at around 400 U. He took a screenshot and sent it to the group with the caption, “Tonight add extra chicken legs.” A few people in the group praised him for being awesome. He got carried away and opened another bottle of beer.
Then, a single green big bullish candle shot up from the ground.
Old Chen hadn’t even registered it when the price surged from 9.8 to 11.2. His position flipped instantly from a profit of 400 U to a loss of 2,800 U. He fumbled to close the position; his fingers slid on the screen twice before he finally tapped the correct button. But in that one second of hesitation, the price blasted past 12.5.
The liquidation price was 12.3.
The moment the system popped up the liquidation notice, Old Chen froze completely. He read the red text on the screen three times before it finally made sense: Your NMRUSDT perpetual contract position has been force-liquidated, resulting in a margin loss of 30,000 USDT.
30,000 U. All of it. Gone.
He stared blankly as the NMR candlestick chart continued to rocket upward. Thirteen dollars, fourteen dollars, fifteen dollars. The highest price locked at exactly fifteen dollars. If he hadn’t been liquidated—if he had been using isolated margin instead of cross margin—if he’d set a stop-loss—any one of those conditions being true, he wouldn’t be sitting here staring at a zeroed-out account.
The group had already exploded. Someone shouted, “NMR is awesome!” Someone posted a screenshot of a hundredfold return. Old Chen flipped his phone over and slammed the screen-down onto the table.
He remembered that half a year ago there had been 120,000 U in his account. Back then, he thought making money in the crypto market was just too easy. Now he finally understood: it wasn’t that making money was easy—it was that losing money was easy.
Daybreak was coming outside the window. Old Chen shut down his computer and didn’t go to work. He lay in bed staring at the ceiling, replaying again and again in his mind the green candle that had risen straight from 9.7 to 15.
That was the greenest candlestick he’d ever seen in his life.
#加密货币 #合约交易 #NMR