The Night I Shorted OGN
Chen stared at the screen, his fingers trembling slightly.
OGN had already fallen to 0.021 USDT. Once a wildly popular metaverse coin, it was now in its twilight years, down 95 percent from its peak. Chen had been in crypto for three years and thought he could read candlestick charts like a book. He opened the futures trading interface and decisively placed a 50x short with a position worth 30,000 USDT.
“A coin like this is only a matter of time away from going to zero,” he muttered to himself, lighting a cigarette.
For the first two hours, everything went according to plan. OGN traded sideways around 0.021, and his unrealized profits grew steadily. He even posted a message in the group chat: “Once OGN breaks below 0.02, target 0.015.” The group showered him with admiration.
At two in the morning, everything suddenly changed.
A massive green candle shot up out of nowhere, sending OGN straight from 0.021 to 0.025. Chen nearly dropped his cigarette on the keyboard. He quickly checked the funding rate. It was negative—someone was aggressively going long.
“Stay calm. It’s just a rebound,” he reassured himself.
But the rebound didn’t stop. 0.027, 0.029, 0.031. Every candlestick felt like a knife plunging into his margin. A warning popped up from the system: risk ratio above 80 percent. Chen’s palms were drenched in sweat. He added another 10,000 USDT in margin.
0.033, 0.035.
The mood in the group chat had completely changed. “OGN is about to take off!” “Who’s shorting this coin?” Chen couldn’t bring himself to read a single message. His eyes were fixed on that number as it kept ticking upward.
0.037.
When the liquidation notice appeared, Chen felt as if the whole world had gone quiet. His original 30,000 USDT, plus the 10,000 he’d added, had all been wiped out. Meanwhile, OGN peaked at 0.03765, nearly 80 percent above his entry price.
He turned off his phone and walked out onto the balcony. The night wind in Beijing was bitterly cold, stinging his face like a slap.
His phone lit up again. A message from the group chat: “OGN is up 76 percent today. Anyone catch that move?”
Chen turned his phone face down on the railing and stayed silent for a long time.
That night, he learned the most expensive lesson in crypto: in the crypto market, no coin is “guaranteed to go to zero.” Shorting a coin with a daily range of 80 percent using 50x leverage is no different from suicide.
The next morning, OGN had returned to around 0.037. Chen opened his account, stared at the glaring zero, and quietly changed his futures leverage to 3x.
Some lessons only need to be paid for once.
#OGN #合约交易 #Cryptocurrency
Chen stared at the screen, his fingers trembling slightly.
OGN had already fallen to 0.021 USDT. Once a wildly popular metaverse coin, it was now in its twilight years, down 95 percent from its peak. Chen had been in crypto for three years and thought he could read candlestick charts like a book. He opened the futures trading interface and decisively placed a 50x short with a position worth 30,000 USDT.
“A coin like this is only a matter of time away from going to zero,” he muttered to himself, lighting a cigarette.
For the first two hours, everything went according to plan. OGN traded sideways around 0.021, and his unrealized profits grew steadily. He even posted a message in the group chat: “Once OGN breaks below 0.02, target 0.015.” The group showered him with admiration.
At two in the morning, everything suddenly changed.
A massive green candle shot up out of nowhere, sending OGN straight from 0.021 to 0.025. Chen nearly dropped his cigarette on the keyboard. He quickly checked the funding rate. It was negative—someone was aggressively going long.
“Stay calm. It’s just a rebound,” he reassured himself.
But the rebound didn’t stop. 0.027, 0.029, 0.031. Every candlestick felt like a knife plunging into his margin. A warning popped up from the system: risk ratio above 80 percent. Chen’s palms were drenched in sweat. He added another 10,000 USDT in margin.
0.033, 0.035.
The mood in the group chat had completely changed. “OGN is about to take off!” “Who’s shorting this coin?” Chen couldn’t bring himself to read a single message. His eyes were fixed on that number as it kept ticking upward.
0.037.
When the liquidation notice appeared, Chen felt as if the whole world had gone quiet. His original 30,000 USDT, plus the 10,000 he’d added, had all been wiped out. Meanwhile, OGN peaked at 0.03765, nearly 80 percent above his entry price.
He turned off his phone and walked out onto the balcony. The night wind in Beijing was bitterly cold, stinging his face like a slap.
His phone lit up again. A message from the group chat: “OGN is up 76 percent today. Anyone catch that move?”
Chen turned his phone face down on the railing and stayed silent for a long time.
That night, he learned the most expensive lesson in crypto: in the crypto market, no coin is “guaranteed to go to zero.” Shorting a coin with a daily range of 80 percent using 50x leverage is no different from suicide.
The next morning, OGN had returned to around 0.037. Chen opened his account, stared at the glaring zero, and quietly changed his futures leverage to 3x.
Some lessons only need to be paid for once.
#OGN #合约交易 #Cryptocurrency