Contracts Ruined Me Lost $500000 Life Savings in Just 4 Days

A month has gone by, and today I'm sharing my story as a warning. Let my experience be your lesson: never gamble!

On June 2nd, the Backpack S1 season had ended just days prior. With $135,000 in cash, I suddenly felt idle with nothing to occupy my time.

I thought, since hedging on Backpack was no longer an option, I should try short-term trading on Lighter. Perhaps I could grow my capital a bit before S2 began.

Then I started gambling on contracts. My positions grew larger and larger. At $1 million per position, a mere 1% move meant $10,000 – an absolute thrill.

🔸 On the first day, by nightfall, I had lost $25,000. My capital dwindled to $110,000.

I resolved to be cautious the next day, avoiding blind high-frequency trading. If I could make $5,000 daily, I could recover in a week!

🔹 On the second day, I gained over $4,000. Quietly pleased, I thought that in a week I'd break even and quit gambling for good.

🔸 On the third day, I woke up eager to trade. Before 8 a.m., I opened an ETH position and immediately got trapped. It was agonizing. I sweated over the numbers all day, watching my stop-loss approach.

By night, the stop-loss triggered. Another $25,000 loss. Strangely, being stopped out brought relief – like a prisoner released from false hope. The actual loss felt like freedom.

🔹 On the fourth day, with $95,000 left, I was mentally exhausted but still desperate to recover. I opened another trade.

At noon, a shorting opportunity arose, but I hesitated and missed it. Around 2 p.m., expecting a rebound, I went long – and got trapped again. By 5 p.m., I was stopped out, losing another $10,000. Only $85,000 remained.

Then, I went all-in. Seeing ETH break support, I shorted at 6 p.m. with my phone, without a stop-loss! I shorted the absolute bottom. On my way home, I stared at my phone, sweating as the price bounced.

But I convinced myself, "It's been ranging so long – if it drops 7% tonight, I'll recover everything. I must hold on!"

By 8:30 p.m., I pretended to watch TV but couldn't focus, checking my phone every minute.

By 9 p.m., ETH had rebounded nearly $30. My losses mounted, and I broke down completely. My mind went numb.

I rushed to the bedroom, desperate to close the position. Lighter said mobile access was restricted in my region. Frantically, I switched VPN nodes on another phone, trying everything to close that stop-loss-free short.

When I finally closed it, relief washed over me. In just a few days, I had lost over ¥500,000. I collapsed on the bed, speechless, and fell into a haze before 10 p.m.

🔸 On the fifth day, at 7 a.m., I instinctively checked the price. ETH had crashed 7.6%. I didn't know why at the time (later learned Musk had a fallout with Trump).

If only I hadn't closed that short... it would have been exactly as I imagined – a 7% crash, and I'd have recovered everything.

But life has no "ifs." No do-overs. You just face the consequences.

That was my first week of June. For the next 7 or 8 days, I barely ate – just two bites of vegetables per meal. No appetite. Depressed. Mentally shattered.

Now, looking back, it feels like fate was toying with me. Even seeing K-lines now makes me nauseous – physically sick.

What did I gain? Perhaps Lighter gave me 310 points that week – my all-time high score.

But I'm grateful for that experience a month ago. Now, if a position isn't hedged, I feel ill. I'm done with contracts. I've quit gambling.

✅ People live because we have hope.

Thanks to mental coach @Metabape and the wise bro @dominolu for helping me out of the shadows. Life is long. I still have some capital. I still have @Backpack_CN points. I can still earn it back through farming. As long as I'm alive, there's hope. If we learn from our lessons, we grow.

Let's work hard together and achieve financial freedom in two cycles. With my bros, no more gambling, no turning back!

Let's go!

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