I was chatting with a group friend a few days ago, and he said that he has been in the circle for several years and has been tossing around in the cryptocurrency circle, paying attention to the mainstream and various opportunities.
I asked him about his overall profits over the past few years, and he said he lost everything, not even his pants, and lost nearly 3 million in total contracts.
Another sad story.
I also saw a story about a girl on Twitter who lost 2.5 million in contract trading. She is now single, in debt of 570,000, and has to work to pay off the debt.
She started paying attention to the crypto market in 2020, and gradually invested more and more from her initial interest in it.
At the beginning, everything went smoothly. I thought I was the chosen one, invincible, and gradually I became more and more addicted.
In the end, I invested all my savings, mortgage payments, loans, and my parents' retirement money, and I kept losing more and more.
Contract players always want to make the last attempt, having lost so much, and make up for it with the last all-in;
Or you may think you will stop playing after making a certain amount of money, but you cannot stop, and in the last extreme market situation, all your profits and principal will be returned to the market.
In the three years since Chuxiaolian entered the cryptocurrency circle, the most common and magical stories I have heard are about who has become rich or poor overnight.
I started by learning the key words in the cryptocurrency circle and understanding what spot and contracts are. Then the old players told me not to play with contracts and not to gamble on uncertainty, as no one can get out of a contract unscathed.
I honestly learned from the experience of my predecessors and did not play with contracts. I did not become rich overnight, but I accumulated experience in the market and increased my wallet balance bit by bit.
The final result of the contract is zero.
From the contract friends I have seen myself, to the personal experience shared by the old hands in the group, the final result of all contracts is zero.
Some lost hundreds of millions, some lost tens of millions, some lost millions, and some lost hundreds of thousands. Some bigwigs lost everything from financial freedom to having to go back to work.
Contract players all start out small, slowly investing more and more, becoming more and more irrational, and finally find that their wallets are emptied.
The process of playing contracts is very exciting. The returns are hundreds of thousands, and the wins and losses are just happy beans.
It was only when the game was reset to zero that I realized it was all a dream.
In a group I belong to, there are some big guys who have been paying attention to the crypto market since 2013.
They have already achieved financial freedom and hold large amounts of BTC and ETH at low prices. Those who hold on to their coins are the biggest winners.
They also suffered setbacks in contracts in the early days, and some lost hundreds of BTC. At that time, the price of BTC was low, so the loss was not so painful.
The most common saying nowadays is that you should not play contracts. No matter how good a contract player is, he will not be able to get away with it unscathed.
There are also big guys in the group who have earned hundreds of millions from contracts, but now their wealth has dropped to zero and they have to start a new business to make a living.
These are all real contract cases, but many people still continue to do so.
During the contract process, many people experience a large amount of happiness from dopamine secretion, the surprise of random rewards, high excitement, and stimulating experience, and they simply cannot stop.
Contracts can bring short-term extreme happiness. Sometimes you feel like an invincible general, and sometimes you feel restless and afraid that your position will be liquidated at any time. When you have a contract order open, you cannot sleep well.
A friend of mine said that after spending several nights adding to his positions and carrying out his orders, he could finally sleep well on the day his position was liquidated.
The contract process is thrilling and you can experience wonderful feelings, but the result is zero; it depends on whether you want to make money in the end in the market, or just want to experience the exciting process and not care about the result.
Everyone has different ways of playing, some people focus on the experience, some people care about the results and how much profit they get. Some people say that slow is fast, and some people can't wait and want to get rich overnight.
There are many ways to play in the market and many bubbles to enjoy. Contracts may be a temporary shortcut, but they are ultimately a dead end.
The above is just my personal opinion, not investment advice. I am Chu Xiaolian, and I am paying attention to the crypto market and web3.
