I finished reading it. Although many friends may not have noticed, my premise for buying spot $BTC is that my contracts had been liquidated twice in a row. Yes, my contracts were all liquidated. I had been trading contracts for 8 months, starting from $2,000 and reaching a peak of $16,000, and then starting from October 11, I faced continuous liquidations. At one point, it bounced back to $12,000, but I was just thinking about breaking even, so I didn't take profits. As a result, when it dropped below $9,900 the day before yesterday, the last bit of money in my contract was liquidated.

Fortunately, this was just part of my experiment. Even if $16,000 was my principal, the impact on me was almost nonexistent, let alone the actual principal of only $2,000. The plan I set for myself was that when the contracts were cleared, that would be the time to buy spot. So, at the same time as the $9,900 liquidation, I bought spot Bitcoin.

I've been out these days and haven't figured out how to start writing. Today, seeing this friend's tweet, I couldn't control my thoughts. This isn't my first time playing contracts; 2021 was probably the biggest time I traded contracts. I shared the story of our company's CTO clearing his account overnight. Actually, I had also faced some liquidations before that, but my personality has always been somewhat timid, trading with small positions. After the last liquidation, I didn't touch contracts for three years.

This time, on one hand, it was a social experiment, and on the other hand, I felt a bit overconfident. If I had been liquidated right after starting with $2,000, I probably would have been timid. But after making eight times my investment, I felt a bit smug. The biggest problem here is the mindset. When things are going well, everything is fine. Even with small stop losses, I could recover from rebounds. At first, I was very cautious. Many friends who watched my reviews know that sometimes I would take a profit of just $200, just to survive longer.

But after the first liquidation, my mindset really changed. All I could think about was breaking even. After the first liquidation, I had three opportunities to make over 60%, but I didn't exit. I thought it could go higher, and in the end, I left each time with just a 10% profit, which made me very unwilling. Eventually, I even broke my own rules. I used to place orders of 0.5 BTC each time, but I felt I could predict the direction correctly every time, so why open such small positions?

As a result, I kept increasing my position size, and with one unexpected event, it went straight to zero. Now there is still $8 in my contract account.

There are indeed genius traders in this world, and there are very skilled individuals who can make money from the contract market. I have been fortunate to meet many experienced traders in this learning camp, but unfortunately, not just me, many of us are not those kinds of people. We feel proud when we win, regret when we lose, get anxious when we are stuck, and feel frustrated when we miss a sell. There’s nothing wrong with that; these are the emotions that ordinary people should have. Most of us, including myself, are just ordinary people.

For me, having one liquidation has helped me calm down a lot, and I even gained a bit of Bitcoin and made some money. I can drink at night, write when I want, and it won't affect my life. But for many friends who are all-in with all their assets, it might not be as easy as it is for me.

It's not that contracts are bad and should be avoided; contracts are also a tool. The tool itself is neither right nor wrong; only people can be right or wrong. If used well, tools can help you make money. I learned about cryptocurrency in 2017 and entered this market in 2018. Now it has been 7 years. In these 7 years, I have seen countless experts and the fall of many experts. You could say that every cycle has active contract experts, but it's rare to see them in the second cycle.

I hope they all retire successfully. Not to mention contracts, the last cycle's most revered figure, PlanB, is hardly noticed this cycle. Once you fall from grace, it’s not just about how others see you; you might not even be able to get over it yourself. So, be humble, stay low-key, respect the market, respect your peers, learn to use tools appropriately, and try to live as long as possible.

Let’s encourage each other.

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