That night, I lost three years’ worth of wages
Old Chen stared at the GTC candlestick chart on his screen, his fingers trembling slightly.
Just three hours earlier, he had opened a 50x short position at 0.157. He had good reason to: GTC had been steadily sliding for two whole weeks, falling from a high of 0.39, and the community was full of bearish voices. Old Chen had read more than a dozen analysis posts, and every one said the same thing: it would fall further, break below 0.15, and hit a new low.
He was absolutely sure of it.
He shorted at 0.157, set his stop-loss at 0.165, and used 50x leverage, putting all 20,000 USDT in his account on the line. He had done the math in his head: if it dropped to 0.14, he’d make nearly a 50% return—more than doubling his money. Then he could buy the bag his wife had been talking about for six months and take the whole family to Sanya with whatever was left.
After opening the position, he went to the kitchen for a glass of water. When he came back, the price was already at 0.153. He smiled, certain he was set for the night.
Then he started dozing off.
At 2:17 a.m., his phone buzzed. Still half asleep, Old Chen picked it up and saw a liquidation notification pop up on the screen. He thought he must have read it wrong. He rubbed his eyes and looked again. His account balance showed 0.03 USDT.
In three minutes, GTC had shot from 0.158 to 0.22.
He frantically opened the futures page. His liquidation price was 0.1643, but the market price had already surged to 0.25. With 50x leverage, the system had forcibly closed his position the instant the price hit 0.1645. Not a cent was left.
Old Chen sat at his computer, watching GTC continue to climb. 0.28, 0.31, 0.35. Every tick felt like a knife twisting in his heart. He thought about the short he’d opened at 0.157. If only he hadn’t used leverage. If only he’d stuck to his stop-loss. If only he’d used 10x leverage. Things would have turned out differently.
But in crypto, there are no what-ifs.
By dawn, GTC had surged to a high of 0.393. Old Chen did the math: if he’d gone long instead of short, his 20,000 USDT would now be 60,000. But he’d chosen to short, chosen 50x leverage, and chosen to ignore his stop-loss.
His wife got up at seven to make breakfast and saw him still sitting at the computer. She asked what was wrong. Old Chen said it was nothing, he just hadn’t slept well. He didn’t dare tell her that the 20,000 USDT was gone. It was the money he’d saved over three years for a down payment on a house.
After that day, Old Chen deleted his futures account and kept only his spot account. He bought GTC at 0.30. This time, there was no leverage, no stop-loss—he was simply holding it patiently.
He said he’d slowly make back what he’d lost through spot trading.
But I know that some lessons cost far more than 20,000 USDT.
#合约爆仓 #GTC #Cryptocurrency
Old Chen stared at the GTC candlestick chart on his screen, his fingers trembling slightly.
Just three hours earlier, he had opened a 50x short position at 0.157. He had good reason to: GTC had been steadily sliding for two whole weeks, falling from a high of 0.39, and the community was full of bearish voices. Old Chen had read more than a dozen analysis posts, and every one said the same thing: it would fall further, break below 0.15, and hit a new low.
He was absolutely sure of it.
He shorted at 0.157, set his stop-loss at 0.165, and used 50x leverage, putting all 20,000 USDT in his account on the line. He had done the math in his head: if it dropped to 0.14, he’d make nearly a 50% return—more than doubling his money. Then he could buy the bag his wife had been talking about for six months and take the whole family to Sanya with whatever was left.
After opening the position, he went to the kitchen for a glass of water. When he came back, the price was already at 0.153. He smiled, certain he was set for the night.
Then he started dozing off.
At 2:17 a.m., his phone buzzed. Still half asleep, Old Chen picked it up and saw a liquidation notification pop up on the screen. He thought he must have read it wrong. He rubbed his eyes and looked again. His account balance showed 0.03 USDT.
In three minutes, GTC had shot from 0.158 to 0.22.
He frantically opened the futures page. His liquidation price was 0.1643, but the market price had already surged to 0.25. With 50x leverage, the system had forcibly closed his position the instant the price hit 0.1645. Not a cent was left.
Old Chen sat at his computer, watching GTC continue to climb. 0.28, 0.31, 0.35. Every tick felt like a knife twisting in his heart. He thought about the short he’d opened at 0.157. If only he hadn’t used leverage. If only he’d stuck to his stop-loss. If only he’d used 10x leverage. Things would have turned out differently.
But in crypto, there are no what-ifs.
By dawn, GTC had surged to a high of 0.393. Old Chen did the math: if he’d gone long instead of short, his 20,000 USDT would now be 60,000. But he’d chosen to short, chosen 50x leverage, and chosen to ignore his stop-loss.
His wife got up at seven to make breakfast and saw him still sitting at the computer. She asked what was wrong. Old Chen said it was nothing, he just hadn’t slept well. He didn’t dare tell her that the 20,000 USDT was gone. It was the money he’d saved over three years for a down payment on a house.
After that day, Old Chen deleted his futures account and kept only his spot account. He bought GTC at 0.30. This time, there was no leverage, no stop-loss—he was simply holding it patiently.
He said he’d slowly make back what he’d lost through spot trading.
But I know that some lessons cost far more than 20,000 USDT.
#合约爆仓 #GTC #Cryptocurrency