Don't give up. I almost made a million with only ten thousand in just three months, and then it was all gone in one day. Why can't you touch the contract?
This is my real experience. When I first entered the cryptocurrency circle, I was still a student. I started playing with 2000u directly. Why 2000u? Because OUYI USDT YuBiBao has an annualized interest rate of 10%, but each account can only invest 2000u at most. Now it should be called simple coin earning. I wanted to make some money at the time, so my friend recommended that I change the money into u and deposit it in OUYI’s YuBiBao.
My friend is a second-generation rich man. He started trading in cryptocurrencies very early. He brags to us all day long about how much he earned yesterday and today. He also shows us his profit chart, which often shows several times the profit.
I actually knew what virtual currency was a long time ago, so I decided to give it a try. At that time, I thought that the interest rate was three or four times higher than Yu'e Bao. It happened that I had just saved 2,000 U from my family's savings by eating frugally, leaving 1,000 yuan for food. I registered an OuYi account, converted all the money in Alipay into U and deposited it in Yu'e Bao.
At that time, the cryptocurrency market was in a bear market. I saw that almost all the coins on the software were falling every day. My friend was shouting that he had nothing, so he made a lot of money. Although the interest rate of Yubibao was very high, since the principal was more than 10,000, my daily income was just the money for a bottle of drink. Seeing my friend making a lot of money by shorting, I asked him to teach me how to play contracts. In fact, contracts are very simple, just like gambling on the size of the bet. I was also a gambler at the time. After learning how to play, I used full leverage for the first time. The first order I opened was to short a garbage altcoin. After opening the order at night, I went to bed without paying attention to it. When I woke up, I saw that the account was profitable and closed it immediately. This order brought me more than 200u of income, which is more than the interest of Yubibao in a year.
At that time, I thought that this money was as easy to make as if it fell from the sky, so I directly transferred all the money in Yubibao to the contract account and started my contract trading career. At that time, I studied K-line, technical indicators, read all kinds of news, joined various contract groups, and listened to the serious nonsense of those who led the orders. Except for sleeping, attending classes, and eating, I was watching the market all the time.
My position management is to use 25% position and 10x leverage. In addition to the normal method of opening a position by looking at the K-line, I also have a special method of opening a position. I follow my friend's account on Ouyi, and I can receive information when he opens a position. My friend is actually a half-baked person in trading. When he makes money, he brags to me, and when he loses money, he keeps silent. He just wins and loses, and overall he has not made any money. Instead, he loses a lot.
If you follow his buying, you will basically lose more than you win, but I won’t buy against his buying. Instead, I like to enter the market when he is cutting his losses. To be honest, this strategy has a really good winning rate. I can say that I started playing with reverse indicators very early.
I am not suitable for trading like a normal person. I not only like to carry orders, but also like to add positions when there is a floating loss. I rarely stop loss. But maybe it is the protection period for novices. My luck is really good. Every time I carry an order, I can carry it back. The winning rate is maintained at more than 90% (I was particularly concerned about the winning rate at that time). I also thought about making money by carrying orders. In less than two months, my 2000u tripled to 6000u. I went from a novice to the level that my friend, an old leek, had to learn a few tricks from me. But my friend is the kind of person who doesn’t learn good things but learns bad things. He doesn’t learn technical indicators and still opens orders by his own feelings. He learned carrying orders clearly from me! Very quickly, you know?
I actually know what the final outcome of the contract will be. My earliest goal was to stop playing with contracts and only buy spot when I made 10,000 u. After I successfully made 10,000 u, my second goal was to stop playing with contracts and only buy spot when I made 30,000 u. The third goal was to buy spot when I made 100,000 u. The fourth goal was to make my money back.
One night, my friend suddenly sent me a WeChat message saying that all the money in his account was gone, and he didn't even have time to add margin before his position was liquidated. I had to comfort him with a few words. I took a look at the altcoin he opened an order for, and immediately opened a short order 20 times above his liquidation price. After a while, the coin fell sharply. I continued to short like this, and after a week, my assets almost doubled 10 times to 60,000 U. I felt that there was a risk in shorting, so I closed the position, and withdrew the 2,000 U principal that I had invested in the cryptocurrency circle at the beginning, and ate and drank for a few days, and also bought an Apple phone.
After a few days of rest, I thought the market had reached the bottom and planned to go long. My target was 100,000 U and then I would stop touching contracts and buy spot. But this time my luck ran out. I started to lose money as soon as I bought in. I was used to holding on to singles, so I was not in a hurry. I went to bed as usual on the first night, and on the second morning, only 40,000 U was left out of the 60,000 U. I still felt that the market would rise soon, so I added another position. Soon the K-line began to stabilize the downward trend and began to oscillate in a range. On the second night, I began to lose sleep and kept staring at the market until the dawn. In the morning, the price of the currency began to fall again, and it was about to explode. I was really panicked and closed my position immediately. At this time, I only had more than 10,000 U in my account. My account had never had such a big retracement. My mind was in a mess at the time, but I still didn't give up. After the K-line fell for a while, I felt that I could buy the bottom again. I took the last more than 10,000 U and opened a long position at 125 times the market price. But my luck was really used up. Such a large amount of money could not make a splash, not even a callback, and I was blown up. In an instant, I felt that the sky was falling. Not long after I exploded, the violent pull began... I calculated afterwards that even if I only opened a 30x leverage, as long as it didn't explode, my more than 10,000 U could be turned into 150,000 U, which is almost one million RMB.
I had already withdrawn my principal, so at least I didn’t lose money, just a few months of work for nothing. But at that time, I was as desperate as a gambler, so I immediately sold my new mobile phone and my old laptop on Xianyu to get some money. I listened to a friend in the group and bought a local dog. The result was naturally zero. I was completely confused for a while at that time. It happened to be the final exam of college. When the test paper was handed out, my mind was blank. When it was time to hand in the paper in advance, I guessed the multiple-choice questions and handed it in directly. I forgot to fill in the admission ticket number. Basically, I failed all the questions that should have been answered. My life suddenly lost its direction. Fortunately, I never like to borrow money from others. I have never touched online loans. This is also an important reason why I can get back on my feet.
There is always good fortune after surviving a disaster. After getting through the trough, I started looking for other opportunities. By chance, I joined an airdrop group and met a group of friends who specialized in airdrops. This made me realize the airdrop industry. By learning little by little, I gained a lot. I started by creating 5 accounts of my own, and finally opened a professional airdrop studio with them. I scooped airdrops every day, got some spot goods, and saved some money. In the last wave of arb airdrops, I got 200,000. Until now, I have never touched a contract. I feel that everything is moving in a good direction.
I share this experience to say that failure is not scary. There are many opportunities in the cryptocurrency world, not just contracts. If one doesn’t work, change tracks and never give up. Airdrops, NFTs, coin hoarding, defi, quantitative, and various arbitrage activities. In comparison, local currencies and contracts are really the worst options.
I hope more friends who have experienced the same thing as me can turn things around. Everything is the best arrangement.
