The 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 profit of 70,000 USDT 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, almost 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 liquidation in a volatile 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, those long positions could be worth 320,000 USDT. A potential profit of 300,000 USDT turned into a massive loss of 55,000 USDT; a moment's decision made all the difference.
Due to selling too early, I turned to shorting, which led to impulsive trading. The more volatile the MYX market became, the more aggressive my trades were, and the faster I incurred losses from liquidations. One must accept the consequences of gambling; the losses cannot all be blamed on the market makers, as 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 a coin to surge 30-40 times in the first wave of market activity with huge trading volume, followed by a second wave of increases. The second wave surged 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 face liquidation.
Historically, there have been similar cases like TRB, but TRB quickly fell back after a spike. The "strangeness" of MYX lies in the current stabilization of its price, the rise in funding rates, which completely disrupted my entry strategy, and ultimately, I may have to wait for the market's bearish sentiment to dissipate before it can decline.
Analyzing the 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 reversed their thinking; the rising price attracted more retail investors to short, which in turn fueled the rise;
- Third, the market manipulation by market makers has become increasingly reckless.
This significant 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 with zero and face liquidation;
- Third, high-leverage contracts must be withdrawn in a timely manner; impulsive trading is hard to avoid, and failing to withdraw will ultimately lead to zero; withdrawing is essential to preserve profits.
from @无产阶级和尚
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