Suckers' Diary ②: The bull run has arrived, yet some are secretly crying.

Someone always has to pay for the feast, but I didn't expect to be the waiter.

Written by: Leek, Foresight News

Stimulated by the easing of tariffs between China and the United States, BTC rushed to $106,000, ETH soared 40% in three days, and rushed to the first place in Douyin's hot search in a short time. It can be said that the rise makes the hearts of those who get on the bus happy, and the rise makes the bears dizzy. The coin holders are winning again.

Even my friend and I said: going out for dinner at night, walking on the street, suddenly I had a feeling that I owned the world. Spent 300 on dinner, checked the exchange after eating and found I had gained 3000u, which means I spent nothing at all. This is the confidence that the crypto world has given me!

I opened the wallet homepage, refreshed the asset balance a few times, and no longer replied to my friend.

Degen teaches me how to be a person

On May 13th, I spent the entire morning trading DEGEN, which was at the top of the gainers list with 20x leverage. Coincidentally, DEGEN translates to "gambler" in English. As the reward token of Farcaster, a Web3 social application that was once promoted by Vitalik Buterin, and the native token of the Degen L3 chain, it is expected to perform well in 2024 (I had once bought in at a high point). However, after experiencing more than a year of decline, in my view, its original technical background and investment team have lost their significance, and it has now transformed into one of the "quality" altcoins that have not yet seen a pump.

Last night before bed, I actually noticed the signs of DEGEN eager to break through at the bottom of the gainers list, but due to sleepiness, I missed it. This morning at 7:30, I woke up and saw the big candle breaking through the sky, claiming the top spot on the gainers list, so I broke my defense and went long with 20x leverage, bravely enjoying the breeze at the mountain top.

After cutting losses, I noticed that BTC and other mainstream coins had a tendency to pull back, so I reluctantly went short, being tormented repeatedly by the fluctuations between profit and loss. Finally, within half a minute after the official drop began, I quickly closed my position, and in an instant, I broke through my own defenses, so I continued to short. However, every time there was a rebound, I panicked and closed my position. Therefore, even though DEGEN had a 20% pullback, and despite my basic shorting strategy, I still didn’t gain much profit.

In the end, BTC rebounded, while I continued to short DEGEN out of habit. After a violent surge in DEGEN's minute-level trading, I could only defensively cut losses in place. After tallying up, after a busy morning, I incurred a 50% loss on my contract positions.

Similar losses have cycled N times in the past few days.

When the whole network is shouting "the bull is back", there is always a group of contract players like the author staring blankly at the liquidation emails. They are not ordinary retail investors, but rather loss-making heroes who have evolved with the "reverse operation gene", interpreting the philosophy of loss with real money: "When others are greedy, I am even greedier; when others have small losses, I go bankrupt."

They had the words "No Regret" welded onto their trading accounts, and "Stop Loss at Liquidation" is no joke here. When BTC was at 86,000 USD, they opened a short position, firmly believing they were the "Reincarnation of Soros"; when BTC broke through 90,000, they shouted that a technical correction was imminent. When BTC broke 100,000, their voices became quieter, and even though their positions were nearly at zero, they still struggled to survive.

Opening the position records, the frequency of manual traders opening positions is somewhat shocking, with the 15-minute chart of a single asset filled with "BS" (Buy & Sell). Upon reviewing the contract analysis, the losses far outweigh the profits. When they analyze Powell, the US stock market, US bonds, and gold trends with great insight but end up shedding tears at the liquidation notice, they will say, "See, I told you the big players would crash the market, I just opened too early!"

The most vivid example is still the "Kangdan Laopao" in the contract group that I joined, who immediately opened a 500x short position by transferring all USDT into a low-quality coin when BTC broke through 100,000 USD, and broadcasts the anti-order diary live in the group every day:

"Day 1: Margin remaining at 70%, Bollinger Bands top divergence, RSI overbought, Air Force One assembled";

"Day 2: Used the wedding anniversary red envelope to add margin, my wife scolded me for being obsessed with trading cryptocurrencies, she knows nothing about it."

"Day 3: The last message before liquidation is 'It's all the exchange's manipulation, I want to defend my rights.'"

After the liquidation, the old-timer felt more relaxed: "Now it's fine, I don't have to explain to my wife every day why my phone is still on at three in the morning."

Another post-00s crypto friend boasted to me: "I never look at candlestick charts when trading contracts, I only watch sentiment indicators — when others shout to buy, I short; when they shout to sell, I buy. It's as thrilling as bungee jumping without a safety harness!"

That night when ETH surged, he turned his 300U principal into 5000U in half an hour, and posted a screenshot in the group before it even got warm. After 15 minutes, he sent a message - "Brothers, goodbye, I'm out."

Every bull market feels like a grand Ponzi dance, where everyone dances on the K-line. Those crying over liquidation text messages and those who feel lost in the revelry are not lacking in intelligence; rather, they are blinded by greed — stop-loss, leverage, risk. Before the real profit/loss numbers start wildly fluctuating, we must admit that we are all basically dizzy.

So, when you want to share your profit screenshot each time, it is often the best time for you to cash out.