The Night of Liquidation
At 3:17 a.m., Lin Hao’s phone vibrated.
Still half-asleep, he picked it up. A notification appeared on the screen: Your AVA/USDT short position has been forcibly liquidated. Loss: 12,847 USDT.
Lin Hao was wide awake in an instant. He sat bolt upright and opened the Binance app with trembling fingers. His positions page was completely empty, and his margin balance showed zero. Just twelve hours earlier, it had held 23,000 USDT—three months’ wages plus money he’d borrowed.
It all began that afternoon.
AVA had climbed steadily from 0.28 USDT. Lin Hao stared at the candlestick chart, thinking: It’s gone up so much. It has to pull back. At 0.41, he opened a short position with 50x leverage, betting that AVA would fall back to 0.35. He even told people in the group chat that shorting this rally was a sure thing, and that he’d treat everyone to hot pot once the price dropped.
For the first two hours after he opened the position, AVA did indeed hover around 0.40. Lin Hao watched his unrealized profits and felt pleased with himself. He calculated that if the price fell to 0.35, he’d make almost 10,000 USDT on the trade.
Then, at one in the morning, a huge green candle shot up out of nowhere.
The price surged straight from 0.40 to 0.42, and his margin ratio was suddenly in danger. Lin Hao panicked and manually added more margin, reassuring himself that this was just normal volatility and the price would soon fall back down.
But the price didn’t turn back. 0.4227—the day’s high. His liquidation price was triggered.
The system carried out the liquidation without mercy, giving him no chance to catch his breath.
Lin Hao slumped onto the bed, staring at the ceiling. His phone kept vibrating. In the group chat, people were posting congratulatory memes about their long positions. He turned off his phone and closed his eyes, his mind filled with that number flashing over and over: 12,847.
That was the money he’d set aside for next month’s mortgage payment.
He remembered what he’d told himself when he first got into crypto: Only invest money I can afford to lose. Never use high leverage. But when the market started moving, those rules were like words written in the sand—one wave was all it took to wash them away.
The sky outside began to brighten. Lin Hao picked up his phone and saw that AVA had fallen back to around 0.39. If he hadn’t been liquidated, if he’d been able to hold on, this trade would almost have broken even.
But there are no what-ifs in the market.
He opened his notes app and typed one line: Never use borrowed money to trade with 50x leverage.
Then he turned off his phone and decided not to look at the charts today. Some lessons only need to be learned once.
#合约爆仓 #AVA #Leveraged Trading
At 3:17 a.m., Lin Hao’s phone vibrated.
Still half-asleep, he picked it up. A notification appeared on the screen: Your AVA/USDT short position has been forcibly liquidated. Loss: 12,847 USDT.
Lin Hao was wide awake in an instant. He sat bolt upright and opened the Binance app with trembling fingers. His positions page was completely empty, and his margin balance showed zero. Just twelve hours earlier, it had held 23,000 USDT—three months’ wages plus money he’d borrowed.
It all began that afternoon.
AVA had climbed steadily from 0.28 USDT. Lin Hao stared at the candlestick chart, thinking: It’s gone up so much. It has to pull back. At 0.41, he opened a short position with 50x leverage, betting that AVA would fall back to 0.35. He even told people in the group chat that shorting this rally was a sure thing, and that he’d treat everyone to hot pot once the price dropped.
For the first two hours after he opened the position, AVA did indeed hover around 0.40. Lin Hao watched his unrealized profits and felt pleased with himself. He calculated that if the price fell to 0.35, he’d make almost 10,000 USDT on the trade.
Then, at one in the morning, a huge green candle shot up out of nowhere.
The price surged straight from 0.40 to 0.42, and his margin ratio was suddenly in danger. Lin Hao panicked and manually added more margin, reassuring himself that this was just normal volatility and the price would soon fall back down.
But the price didn’t turn back. 0.4227—the day’s high. His liquidation price was triggered.
The system carried out the liquidation without mercy, giving him no chance to catch his breath.
Lin Hao slumped onto the bed, staring at the ceiling. His phone kept vibrating. In the group chat, people were posting congratulatory memes about their long positions. He turned off his phone and closed his eyes, his mind filled with that number flashing over and over: 12,847.
That was the money he’d set aside for next month’s mortgage payment.
He remembered what he’d told himself when he first got into crypto: Only invest money I can afford to lose. Never use high leverage. But when the market started moving, those rules were like words written in the sand—one wave was all it took to wash them away.
The sky outside began to brighten. Lin Hao picked up his phone and saw that AVA had fallen back to around 0.39. If he hadn’t been liquidated, if he’d been able to hold on, this trade would almost have broken even.
But there are no what-ifs in the market.
He opened his notes app and typed one line: Never use borrowed money to trade with 50x leverage.
Then he turned off his phone and decided not to look at the charts today. Some lessons only need to be learned once.
#合约爆仓 #AVA #Leveraged Trading