The recent short-selling incident with MYX has dealt a heavy blow to me, with a total loss of 55,000 USDT across two accounts. A month prior, I had earned 70,000 USDT through contract trading, which should have been a cause for joy,
This 70,000 USDT profit came from accurately predicting the trends of BTC and ETH multiple times and gradually accumulating gains of 30%-50% from over a dozen altcoins. Unexpectedly, nearly all of it was lost in the MYX operation. The results of over a dozen consecutive profitable trades were completely wiped out by a single short-selling blowout in a volatile coin market.
Why did I insist on shorting MYX? The reason is rather ironic: I sold my long position in MYX too early. When the price of MYX was only 1.3 USDT, I held a long position of 30,000 USDT but gradually closed it between 1.8 USDT and 2.4 USDT. If I had held on until now, that long position could be worth 320,000 USDT. A potential profit of 300,000 USDT turned into a massive loss of 55,000 USDT; a single thought made all the difference.
After selling off, I turned to shorting and then fell into impulsive trading. The more volatile the MYX market became, the more aggressive my trading was, and the faster I incurred losses. One must accept the consequences of gambling; the losses cannot all be blamed on the market makers; the main reason lies in my own lack of respect for the market. The trend of MYX is unique in Binance's history; I did not expect that a coin could experience a short-term surge of 30-40 times in the first wave of the market with huge trading volume, followed by a second wave of increase. The second wave soared more than ten times within 48 hours, with both price and volume rising, and the speed of increase was so fast that those holding short positions could not react in time and faced liquidation.
Historically, there are similar cases like TRB, but TRB quickly fell back after a spike. The "demon" of MYX lies in the current stabilization of the coin price and the rise in funding rates, which completely disrupted my entry strategy; ultimately, I may have to wait for the market bears to dissipate before it can drop.
Analyzing the reasons for MYX's surge:
- First, Binance only offers MYX contracts without spot trading, while Bitget only has spot trading without contracts, leading to high control by market makers;
- Second, most players reversed their thinking; the rise in coin price attracted more retail investors to short, which in turn fueled the rise;
- Third, the market manipulation by market makers has become increasingly rampant.
This massive loss has prompted me to reflect:
- First, shorting altcoins with large positions has extremely low cost-effectiveness, as the potential for losses is limitless under market maker control, exposing retail investors to risks;
- Second, one must decisively cut losses when shorting altcoins; those who hesitate often end up at zero and face liquidation;
- Third, high-leverage contracts need to be withdrawn in a timely manner; impulsive trading is hard to avoid, and failing to withdraw will ultimately lead to zero; withdrawing is necessary to preserve profits.
from @无产阶级和尚
Limited-time benefit - New users register to receive a guaranteed 20+ USDT Bitcoin blind box 🎁#
🎁 Register on mainstream exchanges such as OKX, Binance, Huobi, Bitget, Bybit, Gate, Backpack, etc., and bookmark all mainstream exchanges' latest anti-loss domain names on one webpage 👉🏻: https://vlink.cc
Solving the issue of accessing OKX, Binance, Huobi, and other exchanges in mainland China#
Many exchanges' original domain names may be restricted or experience access delays due to overseas servers, leading users to mistakenly judge it as a platform failure, which is actually caused by the network environment. To address this, OKX, Binance, and others regularly update backup domain names to ensure users can continuously access the official website.
Can't open the link? Try other domestic mirror lines! 👉🏻 OKX domestic backup domain line without VPN or proxy
-
- OKX backup domain Overseas OKX - requires VPN or backup link
-
- Binance backup domain Binance
-
- Bitget backup domain Bitget
-
- Bybit backup domain Bybit/Bybitglobal
-
- Huobi HTX backup domain Huobi/HTX
-
- Gate backup domain Gate.io
Related Reading#
🔥🔥🔥 Useful tools for finding gold dogs#
1️⃣ Axiom dog-charging tool https://axiom.trade
2️⃣ Gmgn dog-charging tool https://gmgn.ai
3️⃣ dbot dog-charging tool https://app.debot.ai
4️⃣ Morelogin multi-account fingerprint browser www.morelogin.com
Everyone is searching for#
MYX 300 times, Binance alpha MYX, buying Bitcoin in China, cryptocurrency exchange rankings, is OKX reliable, is Binance reliable, OKX download registration, domestic OKX recharge, Binance App registration, Binance App download, Binance platform buying coin tutorial, Binance registration, Binance airdrop registration, Binance iPhone download, how to buy presidential coins, how to buy Dogecoin, buying Bitcoin with RMB, how to download OKX, Web3 earning, Web3 zero earning, Bitget mainland download registration, OKX passport registration, OKX download, Binance download, cryptocurrency side business, OKX contracts, how to recharge RMB in OKX, how to recharge in OKX, NFT wallet setup, how to recharge RMB in Huobi, cryptocurrency beginner tutorial, btc8848.com, contract trading Tony's mindset, contract leverage bit wave, DeFi mining, cryptocurrency earning, feasibility of cryptocurrency airdrops, responding to contract liquidation, buying presidential coins on OKX and Binance, buying Ethereum on OKX and Binance, DeFi staking mining operations, NFT market status, Web3 airdrop earning, cryptocurrency Web3 zero earning guide, inscription minting, rune minting, cryptocurrency beginner's guide, cryptocurrency trading strategies, cryptocurrency profitability, cryptocurrency beginner tutorial btc8848.com, cryptocurrency earning potential, contract leverage definition, DeFi mining mechanism, cryptocurrency earning gameplay, OKX Binance airdrop, node staking, liquidation risk, path to financial freedom, night investment heiyetouzi.xyz