I am Alex, and I demand to stop telling sad stories about me

It all started on a Thursday evening when my friend, Alex, decided to dive into Binance Futures. He had been trading spot crypto for a few months, making some decent gains here and there, but had always been curious about the leverage and potential profits in futures trading.

Alex had heard a lot of buzz about making quick money with leverage, especially after reading a few success stories online. Feeling confident, he decided to give it a shot. He deposited 500 USDT into his Binance account and transferred 200 USDT to his futures wallet. “This is going to be easy,” he thought. “I’ve seen the market go up and down plenty of times, and I think I can predict it.”

He started with Bitcoin, and the market seemed to be in a slight uptrend. But the key mistake he made was choosing to trade with 10x leverage. “With 10x leverage, my 200 USDT will give me a 2,000 USDT position. If the market moves just a little in my favor, I’ll make a ton of profit,” he thought, not fully understanding how leverage magnifies losses as much as it does gains.

The first few hours went smoothly. Bitcoin continued its upward movement, and Alex’s position was in profit. At one point, his balance even hit 250 USDT, and he felt like a genius. But the market, as it often does, started to slow down. Bitcoin hit a resistance level, and instead of closing his position and taking a smaller profit, Alex got greedy. “I’ll ride it for a bit longer,” he thought, believing the price would continue to climb.

What Alex didn’t anticipate was the sudden dip. Out of nowhere, Bitcoin’s price dropped sharply by 3-4% within minutes. At that moment, Alex's position started to rapidly lose value. Because of his 10x leverage, the drop was amplified, and he quickly found his margin balance approaching the liquidation point.

Panicking, Alex tried to adjust his stop-loss order, but he was too late. In his haste, he had missed the best opportunity to exit before the market hit his liquidation price. The price continued to fall, and just as his screen flashed red, Binance liquidated his position. In the blink of an eye, Alex had lost the entire 200 USDT he had allocated for futures trading.

Sitting back, Alex felt a rush of disbelief. “How could this happen? I thought I had this under control,” he muttered. He had learned the hard way that leverage is a double-edged sword, and even a small market movement can lead to massive losses if you’re not careful.

It wasn’t just about the money lost; Alex felt a deeper sense of regret. He realized he had entered the trade too confidently, without fully understanding the risks of futures trading and leverage. After the liquidation, his Binance account was empty, and all he had left was a lesson learned the hard way.

This story illustrates the dangers of trading with leverage without a clear risk management plan. It's a reminder that while futures trading can be profitable, it also carries significant risk, especially if you're not cautious about the market’s volatility and your position size.

This is just a fictional story to give you warning of dangers in future trading