The Cost of 50x Leverage
At 3:00 a.m., Chen Ming stared at his phone screen, his eyes bloodshot.
His contract account showed an unrealized profit of 120,000. His palms were drenched in sweat, yet he couldn’t bring himself to close his position. MUBARAK surged from 0.04154 to 0.05666. He opened a long with 50x leverage, and the numbers on his screen climbed like a rocket.
“Wait a bit,” he told himself. “QI is up nearly 20% today too. The whole altcoin market is pumping. MUBARAK has to hit 0.08.”
Three days ago, in the square, Chen Ming heard someone shouting a trade call for MUBARAK—supposedly a Middle East-themed meme coin, and it was “about to go viral.” He hesitated for a long time, but ultimately went long at 0.042. At first, the market churned slowly. He even floated at a loss of 30,000 for a while, nearly getting liquidated. Only after he chased margin again was he able to survive that washout.
Now, he had finally made it through.
His phone buzzed—another message from the contract group. Someone shouted: “PHA is about to explode—from 0.049 to 0.086. Get on the train now!” Chen Ming switched over and glanced. Sure enough, PHA’s candlestick chart looked like a green pillar thrust straight into the sky.
Greed, like a snake, coiled around his heart.
He made a fateful decision: close the long on MUBARAK and open a short in the opposite direction.
“It’s gone up too much. It’ll definitely pull back,” he told himself.
The moment he closed MUBARAK, the unrealized profit of 120,000 became his to keep. He let out a breath and felt like a genius. Then, at 0.056, he opened a short on MUBARAK—again with 50x leverage.
For the next two hours, he watched MUBARAK rise from 0.056 to 0.057, then to 0.0578.
His short position’s floating loss turned from 2,000 into 20,000, and from 20,000 into 50,000.
A system alert popped up: the margin ratio is insufficient—please add margin in time.
Chen Ming’s hands began to shake. He frantically transferred USDT into the contract account, but the moment the funds arrived, they were eaten up. The price kept climbing. Every second it climbed.
At 4:17 a.m., the line of text he feared most appeared on the screen: Your position has been liquidated.
200,000—120,000 earned over three days plus 80,000 principal—everything was wiped out.
He slumped in the chair. Outside the window, the sky had only just begun to lighten. The phone screen was still on; MUBARAK’s price stayed at 0.05666, as if mocking him.
Chen Ming turned off his phone and lay down on the bed. There was a crack in the ceiling. He stared at that crack and replayed one question in his mind again and again: if he had closed his position when it was at 120,000, what would have happened?
There is no “if.”
In the futures/contract market, there is no “if.”
Later, Chen Ming withdrew all the funds from his contract account, leaving only 100 U. With that 100 U, he bought a little PHA on the spot and left it there. He didn’t set a stop-loss, and he didn’t set a take-profit.
He said he finally learned one thing: in this market, living longer matters more than making money quickly.
#合约爆仓 #MUBARAK #Cryptocurrency
At 3:00 a.m., Chen Ming stared at his phone screen, his eyes bloodshot.
His contract account showed an unrealized profit of 120,000. His palms were drenched in sweat, yet he couldn’t bring himself to close his position. MUBARAK surged from 0.04154 to 0.05666. He opened a long with 50x leverage, and the numbers on his screen climbed like a rocket.
“Wait a bit,” he told himself. “QI is up nearly 20% today too. The whole altcoin market is pumping. MUBARAK has to hit 0.08.”
Three days ago, in the square, Chen Ming heard someone shouting a trade call for MUBARAK—supposedly a Middle East-themed meme coin, and it was “about to go viral.” He hesitated for a long time, but ultimately went long at 0.042. At first, the market churned slowly. He even floated at a loss of 30,000 for a while, nearly getting liquidated. Only after he chased margin again was he able to survive that washout.
Now, he had finally made it through.
His phone buzzed—another message from the contract group. Someone shouted: “PHA is about to explode—from 0.049 to 0.086. Get on the train now!” Chen Ming switched over and glanced. Sure enough, PHA’s candlestick chart looked like a green pillar thrust straight into the sky.
Greed, like a snake, coiled around his heart.
He made a fateful decision: close the long on MUBARAK and open a short in the opposite direction.
“It’s gone up too much. It’ll definitely pull back,” he told himself.
The moment he closed MUBARAK, the unrealized profit of 120,000 became his to keep. He let out a breath and felt like a genius. Then, at 0.056, he opened a short on MUBARAK—again with 50x leverage.
For the next two hours, he watched MUBARAK rise from 0.056 to 0.057, then to 0.0578.
His short position’s floating loss turned from 2,000 into 20,000, and from 20,000 into 50,000.
A system alert popped up: the margin ratio is insufficient—please add margin in time.
Chen Ming’s hands began to shake. He frantically transferred USDT into the contract account, but the moment the funds arrived, they were eaten up. The price kept climbing. Every second it climbed.
At 4:17 a.m., the line of text he feared most appeared on the screen: Your position has been liquidated.
200,000—120,000 earned over three days plus 80,000 principal—everything was wiped out.
He slumped in the chair. Outside the window, the sky had only just begun to lighten. The phone screen was still on; MUBARAK’s price stayed at 0.05666, as if mocking him.
Chen Ming turned off his phone and lay down on the bed. There was a crack in the ceiling. He stared at that crack and replayed one question in his mind again and again: if he had closed his position when it was at 120,000, what would have happened?
There is no “if.”
In the futures/contract market, there is no “if.”
Later, Chen Ming withdrew all the funds from his contract account, leaving only 100 U. With that 100 U, he bought a little PHA on the spot and left it there. He didn’t set a stop-loss, and he didn’t set a take-profit.
He said he finally learned one thing: in this market, living longer matters more than making money quickly.
#合约爆仓 #MUBARAK #Cryptocurrency