The recent short-selling liquidation event on myx has had a huge impact on me,
with a total loss of 55,000 USDT across two accounts.
Originally, I had earned 70,000 USDT through contract trading in the past month, which should have been a cause for joy.
This profit of 70,000 USDT was accumulated through multiple correct judgments of BTC and ETH trends, as well as precise operations on more than a dozen altcoins, capturing 30%-50% of the gains.
I never expected that this wave of profits would almost all be lost on myx.
The gains from over a dozen successful trades were completely outweighed by a single loss from shorting a volatile coin.
Why did I stubbornly short myx?
It’s somewhat laughable; the reason is that I sold my long position on myx too early. When the price of myx was only 1.3 USDT, I held a long position worth 30,000 USDT, and then gradually closed it between 1.8 USDT and 2.4 USDT.
If I had held these long positions until now, their value would have reached 320,000 USDT,
going from a potential profit of 300,000 USDT to an actual loss of 55,000 USDT from shorting,
a thought of heaven, a thought of hell.
Due to selling too early, I turned to shorting and made impulsive moves.
The more volatile myx became, the more impulsive my actions were, leading to accelerated liquidation losses.
One must accept the consequences of gambling; the losses cannot be entirely blamed on the market makers; the main responsibility lies with my own lack of sufficient respect for the market.
The trend of myx is unique in the history of all coins on Binance,
I did not anticipate that a coin could surge 30 to 40 times in a short period during the first wave of the market, with huge trading volume, and then experience a second wave of increases.
Then, in less than 48 hours, the second wave surged again by more than ten times, with both volume and price soaring, causing those who were wrong-footed to be unable to react in time and face liquidation.
Historically, there was TRB, but TRB quickly fell back after surging several times and experiencing a spike.
No wonder myx is called a volatile coin; the current coin price has stabilized, and the funding rate has risen again, making it impossible for me to find an entry point. Ultimately, it may only drop when no one dares to short the market.
Looking back now, there are three reasons why myx could surge so dramatically:
- First, myx only has contract trading on Binance, with no spot trading; while Bitget only has spot trading and no contracts, leading to high control by market makers;
- Second, most players have changed their mindset; as the coin price rises, more retail investors short, ultimately becoming a catalyst for the rise;
- Third, market makers no longer hide their actions and increasingly manipulate the market without restraint.
Through this massive loss, I need to reflect on the following points:
- First, shorting altcoins with large positions has extremely low cost-effectiveness, as market makers have severe control over altcoins; losses are unlimited when prices rise, and market makers are well aware of retail investors' bottom lines;
- Second, one must decisively cut losses when shorting altcoins; those who hesitated this time may have already faced liquidation to zero;
- Third, when operating high-leverage contracts, it is essential to withdraw profits in a timely manner; anyone can act impulsively, and failing to withdraw will ultimately lead to zero; only by withdrawing can one temporarily preserve profits.
From @Proletarian Monk
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