The truth always becomes clearer the more it is debated.

CN
14 hours ago

The truth always becomes clearer the more we debate it.

But in the end, it may not necessarily lead to a fair outcome…

On September 7, 2021, the cryptocurrency market crashed. I suffered a direct loss of over 5 million due to Binance's downtime preventing me from closing my positions, resulting in a total loss of over 10 million that day.

I escaped the crash in November 2018 because I had just entered the market and had no money…

I also avoided the continuous declines on March 12 and May 19, as well as the subsequent crash.

But I couldn't escape the crash on July 9, which was the only Waterloo in my trading career.

Due to the emotional turmoil from the massive losses, I ended up losing another 10 million in the following half month.

In just over half a month, I lost over 20 million.

This might be a hurdle I can never overcome in my 13 years of trading.

I, too, need a truth.

At that time, aside from the 6-7 hours of sleep, I was fully immersed in the market, so my market sense was probably the best it had ever been.

After a round of one-sided gains on July 9, I was actually ready to hedge and reduce my positions at any time because the risks were increasing.

When the market broke through a small technical level, I immediately cleared out the investors' Huobi accounts.

Then I logged into my Binance account to close my positions, but due to increased market volatility, Binance crashed, preventing me from closing my positions. I directly messaged Binance staff, and while we were going back and forth, I watched helplessly as my account's margin was completely wiped out, resulting in a loss of over 2 million (I was using the isolated margin mode).

However, because I was busy dealing with the issues on my Binance account, I only realized afterward that FTX had much larger leverage positions.

At that time, I was only trading BTC and ETH contracts, and my large positions were only in these two, with not much leverage.

So, it was just a severe cut…

I didn't directly get liquidated 🥹🥹🥹

It's been over four years, and I still can't escape this shadow.

Perhaps many old followers know that FTX gave me a 1000 USDT trial fund.

I treated it like play money.

I lost as low as 245 USDT, until the last bull market, during which I withdrew some, ultimately reaching 2.2 million USDT.

One Waterloo took away my spirit.

It took me several years to recover, and I am no longer the person I used to be.

Some trading wounds may never heal with time.

I tend to look inward.

If I had put a little less margin in the isolated margin mode at that time, even if my Binance account got liquidated, my losses would have been smaller.

If I had hedged with FTX immediately, perhaps the losses could have been better controlled…

I brought this matter up directly with Binance staff, but it was left unresolved…

I used to share with others:

Understand yourself, understand the market.

But this market is far more complex than we imagine.

In battling with oneself and the market, you also need to contend with the rules set by potential game-makers that we cannot see…

Let me share a thought from after the March 12, 2020 crash:

The path of trading is too difficult, filled with hardships, pain, and torment, and each stage has its own challenges.

But we always need to do something in this life that we can look back on with fondness and pride when we are old, simply loving it, cherishing it, and gradually turning it into a passion, not for the results.

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