From a college fan who played until he had nothing:
A student's real experience in the cryptocurrency circle
When I was a student, I first stepped into the cryptocurrency circle, a land full of unknowns and opportunities. At that time, I had an initial capital of 2000u and wanted to explore some extra income here. This decision came from the recommendation of a friend. He told me that Ouyi's usdt Yubibao had an annualized interest rate of 10%, and each account could invest up to 2000u. For me at the time, this interest rate was much higher than Yu'ebao, so I decided to give it a try.
At that time, I had some understanding of virtual currency, but not in depth. At the suggestion of my friend, I saved my living expenses by eating frugally, and except for 1,000 yuan for daily expenses, I changed all the rest into u and deposited it in Yubibao. However, the volatility of the cryptocurrency circle is much greater than I imagined. Under the shadow of the bear market, I saw that almost all currencies on the software were falling every day. At the same time, my friend made a lot of money in the short position, which made me have a strong interest in contract trading.
Although the interest of Yubibao is stable, it seems insignificant compared to the income from contract trading. Under the guidance of a friend, I began to learn contract trading. At first, I knew nothing about it, but soon discovered its simplicity and excitement. My first order was to short an unpopular altcoin, which actually brought more than 200u of income, which is more than the interest I get from Yubibao in a year.
Having tasted the sweetness, I began to transfer all the funds in Yubibao to the contract account and devote myself to trading. I studied K-line, technical indicators, paid attention to various news, joined various contract circles, and even began to imitate my friends' trading behavior. I adopted a special method of opening a position: entering the market when my friends were losing money. This reverse indicator strategy has a high winning rate, which allowed me to achieve rapid growth of funds in a short period of time.
However, trading is not smooth sailing. I have many common mistakes of novices: I like to carry orders, increase positions with floating losses, and rarely stop losses. But fortunately, I seem to have a novice protection period, and I can carry back every time I carry orders, and my winning rate has remained above 90%. This made me start to feel a little euphoric, and I even thought about making money by taking orders.
In two months, my 2000u tripled to 6000u. I went from a novice who knew nothing to a trading master in the eyes of my friends. However, just when I thought I had found the password to wealth, the market gave me a heavy blow.
One night, my friend suddenly told me that his account was liquidated. I took a look at the altcoin he placed an order on and thought it was a good opportunity to go short. So, I opened a short order 20 times above his liquidation price. As I expected, the currency began to fall sharply. I kept going all the way, and a week later, my assets increased 10 times, reaching 60,000 U.
I excitedly withdrew the initial 2000u principal invested in the currency circle, spent a lot of money, and even bought an Apple mobile phone. However, the good times did not last long. I think the market has reached the bottom, and I plan to go long. The goal is to stop buying spot without touching the contract at 100,000 u. But this time, my luck seemed to have run out.
I started to make losses as soon as I bought it. Since I was used to carrying orders, I wasn't too anxious. However, the market didn't move the way I wanted. On the first night, I only had less than 40,000 yuan left of my 60,000 u. I still thought the market would rebound, so I added another position. But soon, the K-line began to stabilize the downward trend and fluctuated within a range.
By the second night, I started to feel uneasy and kept watching the market until the early hours of the morning. However, the currency price did not rebound as I expected, but continued to fall. When I realized that my position was about to be liquidated, I panicked and closed it. At this time, my account only has more than 10,000 u left. This was a huge retracement that I had never experienced before and I was in disarray.
I was not willing to fail like this, so after the K line fell again for a while, I decided to buy the bottom. I took out my last over 10,000 u and opened a long position at 125 times the market price with all my strength. However, my luck really ran out. I invested such a large sum of money, and the market didn't even give me a correction. Soon, I was sold out. For a moment, I felt like the sky was falling.
What makes me even more distressed is that shortly after I liquidated my position, the market began to violently rise. I calculated afterward that even if I only opened a leverage of 30 times, as long as I didn't liquidate my position, my more than 10,000 u could be turned into 150,000 u, which is almost one million yuan.However, this is all just if.
I had already withdrawn my principal, and even if I lost money, it would only be a waste of several months of hard work. But at that time, I had already lost my mind and was eager to make money like a gambler. So, I sold my new mobile phone and my previous laptop, and listened to a friend in the group and bought a Dogecoin. However, the ending was naturally bleak, and I was at zero again.
This experience made me deeply understand the cruelty and ruthlessness of the currency circle. Although I briefly stood at the pinnacle of success, I was eventually knocked down by the market. This also made me realize that trading is not easy and needs to be treated with caution. In the days to come, I will work harder to learn and accumulate experience, hoping to find my own place in the currency circle.