Reviewing the short position on Binance's alpha altcoin MYX resulted in a loss of 55,000 USDT.

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The recent short-selling MYX liquidation incident has hit me hard, with a total loss of 55,000 U across two accounts. Originally, I had made a profit of 70,000 U from contract trading over the past month, which should have been a joy, this 70,000 U profit came from accurately predicting the trends of BTC and ETH multiple times, as well as the accumulation of 30%-50% gains from over a dozen altcoins. Unexpectedly, almost all of it was lost in MYX operations. The profits from several successful trades were completely outdone by a single loss from a short-sell of a volatile coin.

Why did I stubbornly short MYX? The reason is quite ironic: I sold my MYX long position too early. When the price of MYX was only 1.3 U, I held a long position of 30,000 U but gradually closed it between 1.8 U and 2.4 U. If I had held it until now, its value could have reached 320,000 U. From a potential profit of 300,000 U to an actual loss of 55,000 U, a single thought made a world of difference. Because of selling too early, I turned to shorting, and coupled with emotional trading, the crazier MYX's trend became, the more impulsive my actions, leading to quicker liquidation losses.

The result of the loss must be borne by oneself and cannot be entirely blamed on the market makers; it mainly stems from a lack of respect for the market. MYX's trend is unique in Binance's history; I did not expect a coin could surge 30-40 times in a short period during the first wave of the market with huge trading volume, and still have a second wave of increases. The second wave soared more than ten times within 48 hours, with both volume and price rising, causing those holding short positions to be unable to react in time and get liquidated. Historical similar cases include TRB, but TRB quickly fell back after its surge, while MYX stabilized its price and raised the funding rate, making it impossible for me to intervene, and it may only drop when the market bears disappear.

There are three reasons for MYX's surge:

First, Binance only offers MYX contracts without spot trading, while Bitget only offers spot trading without contracts, leading to high control by market makers;
Second, most players have rigid thinking; the rising coin price attracts more retail investors to short, which in turn fuels the rise;
Third, market makers' manipulative behavior is becoming increasingly rampant.

This huge loss has led to the following reflections:

First, large positions shorting altcoins have very low cost-effectiveness; under market maker control, losses are unlimited, and retail investors' risks are fully exposed;
Second, shorting altcoins must involve decisive stop-losses; those who hesitate often end up at zero and get liquidated;
Third, high-leverage contracts must be withdrawn in a timely manner; passionate trading is hard to avoid, and unwithdrawn profits will eventually return to zero; withdrawing is the way to preserve capital.

from @Proletarian Monk