The Night He Shorted INJ
Old Chen stared at the candlestick chart on his screen, a cold smile tugging at the corner of his mouth.
INJ had been falling steadily from its peak and was already down to $7.20. He opened the Binance futures interface and, without a moment’s hesitation, opened a 50x short position, putting all the remaining 30,000 U in his account on the line.
“This coin’s fundamentals are nothing special. Dropping to five bucks is no problem,” he muttered to himself, casually setting his liquidation price at $9.50. Given the market’s movement at the time, that level seemed safer than safe.
He slept especially soundly that night.
At 3:47 a.m., his phone’s vibration jolted him awake. Groggily, he picked it up. The screen was filled with red numbers.
INJ had suddenly surged during the Asian session, shooting straight from $7.30 to $8.80. His unrealized losses had already exceeded 80 percent of his initial capital. His hands trembling, he tried to add margin, only to find that barely over 1,000 U remained in his account.
“Just wait a little longer. It’ll pull back. It has to pull back.”
But he never got that pullback.
At 4:12 a.m., INJ hit $9.35. A notification popped up: the system had automatically liquidated his position. His 30,000 U had vanished into thin air. Chen felt as if something had slammed into his chest, and slumped back in his chair.
He opened his trading group and saw someone shouting, “Bought the INJ dip successfully—up fourfold!” That person had bought in at just over four dollars three months earlier and held ever since. Meanwhile, at the worst possible time to short, Chen had used the highest leverage and made the dumbest decision.
Dawn had broken outside. Chen turned off his phone and stared blankly at the ceiling. Thirty thousand yuan—enough to cover six months of rent. He remembered what his wife had said: “That whatever-coin of yours is going to wipe you out one day.”
She was right.
But Chen knew that what he’d really lost wasn’t just money. He’d also lost sight of a lesson he thought he’d learned long ago: never fight the market.
He took a deep breath, opened his notes app, and wrote a line: From today on, I’ll never touch 50x leverage again.
Then he closed Binance, headed out, and went to work.
#Injective #INJ #FuturesLiquidation
Old Chen stared at the candlestick chart on his screen, a cold smile tugging at the corner of his mouth.
INJ had been falling steadily from its peak and was already down to $7.20. He opened the Binance futures interface and, without a moment’s hesitation, opened a 50x short position, putting all the remaining 30,000 U in his account on the line.
“This coin’s fundamentals are nothing special. Dropping to five bucks is no problem,” he muttered to himself, casually setting his liquidation price at $9.50. Given the market’s movement at the time, that level seemed safer than safe.
He slept especially soundly that night.
At 3:47 a.m., his phone’s vibration jolted him awake. Groggily, he picked it up. The screen was filled with red numbers.
INJ had suddenly surged during the Asian session, shooting straight from $7.30 to $8.80. His unrealized losses had already exceeded 80 percent of his initial capital. His hands trembling, he tried to add margin, only to find that barely over 1,000 U remained in his account.
“Just wait a little longer. It’ll pull back. It has to pull back.”
But he never got that pullback.
At 4:12 a.m., INJ hit $9.35. A notification popped up: the system had automatically liquidated his position. His 30,000 U had vanished into thin air. Chen felt as if something had slammed into his chest, and slumped back in his chair.
He opened his trading group and saw someone shouting, “Bought the INJ dip successfully—up fourfold!” That person had bought in at just over four dollars three months earlier and held ever since. Meanwhile, at the worst possible time to short, Chen had used the highest leverage and made the dumbest decision.
Dawn had broken outside. Chen turned off his phone and stared blankly at the ceiling. Thirty thousand yuan—enough to cover six months of rent. He remembered what his wife had said: “That whatever-coin of yours is going to wipe you out one day.”
She was right.
But Chen knew that what he’d really lost wasn’t just money. He’d also lost sight of a lesson he thought he’d learned long ago: never fight the market.
He took a deep breath, opened his notes app, and wrote a line: From today on, I’ll never touch 50x leverage again.
Then he closed Binance, headed out, and went to work.
#Injective #INJ #FuturesLiquidation