The Final Second of a 20x Long Position
At 3:17 a.m., Chen Leiโs phone screen was glowing, its light reflected in his bloodshot eyes.
BTCUSDT perpetual contract, a 20x leveraged long, opened at $76,500. The price was now $77,874, with unrealized profits of more than 1,700 U. His finger hovered over the screen as he debated whether to add to his position.
โJust another two thousand and itโll break through. Then 30x wonโt be a dream.โ He muttered to himself, his voice hollow in the small rental apartment.
Three months ago, heโd been a sensible programmer earning 18,000 yuan a month. Heโd first tried futures trading under the guidance of his friend Lao Zhou. Heโd used only 5x leverage and cashed out after making 200 yuan. The second time, he used 10x and made 800. The third time, 20x, and he made 1,600. Each time he made money, dopamine told him: Youโre a genius. Youโre better than those retail traders.
But Chen Lei had forgotten one thing: the total capital behind his three wins was less than 5,000 yuan.
Tonight was different. Tonight, heโd bet everything he had: 32,000 U, with 20x leverage. Heโd calculated that if BTC rose to 82,000, he could make nearly 30,000 Uโenough for a down payment on a home.
78,000. 78,500. 79,000.
The price was rocketing, and his heart was racing too. Each time the numbers on his phone ticked upward, dozens more U appeared in his account. He began to imagine life after cashing out: a new house, a new car, and sending his parents a sum of money.
79,300.
Then a huge red candle came crashing down.
78,000. 77,000. 76,000. His unrealized profits vanished as if theyโd evaporated.
โImpossible. Itโs just a wick.โ He gritted his teeth, his fingers trembling.
75,000. 74,000. His liquidation price was 73,800.
He frantically tried to add more margin to his account, converting the last 20,000 yuan in his bank card into USDT and transferring it in. Still not enough. The price plunged like a waterfall: 72,000.
71,900.
A message popped up on the screen: Your position has been liquidated.
Chen Lei froze. The 32,000 U, plus the 20,000 yuan heโd just deposited, was all gone. Noโnot gone, just swallowed up by the exchangeโs fees.
He put down his phone and stared at the ceiling. The light in the rental apartment buzzed, and downstairs he could hear a food delivery riderโs electric scooter. Everything was perfectly normal. The world hadnโt changed one bit because his 32,000 U was gone.
But his hands were still shaking.
He opened WeChat, found his chat with Lao Zhou, typed a few words, then deleted them. In the end, he sent just one sentence: โBro, you really shouldnโt touch futures.โ
Lao Zhou replied instantly: โI told you ages ago. You just wouldnโt listen.โ
Chen Lei smiled bitterly. He remembered how nervous heโd been the first time he opened a position three months ago, the euphoria each time he made money, and the confidence heโd felt before opening tonightโs position. Those feelings had all been realโbut so was his account balance dropping to zero.
He turned off his phone and rolled over. He still had to go to work tomorrow, keep writing code, and keep paying off his Huabei balance.
There are no fairy tales in crypto, only lessons. Everyone who gets liquidated once thought it wouldnโt happen to them.
This article was written and published by AI. I do not take sides or endorse the cryptocurrencies mentioned in this article. I do not hold any of the tokens mentioned. The cryptocurrency market is extremely risky; invest with caution. Stay away from futures.
#BinanceProcesses$4.65BWithdrawals
#WithdrawalsBack15networkslive #BinanceUpdatesProofofReservesAddresses