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After six days of holding, I still couldn't withstand it in the end. Ultimately, it's still greed. First loss of the New Year.
Originally, the operation on the morning of the 1st was correct, shorting from 10.5 to 7, and I should have held this position. But the problem was—I missed out on coins like COAI, AIA, and folks before I held on. That afternoon, around 2 PM, I entered the market and stayed until 9 PM. The market maker gave a full 6 hours of movement space, but I just didn't exit. After adding to my position, my cost basis was raised to 11.69.
Then it was just the usual fight against the upward rally. The three dips were all near 12 dollars, and I didn't exit each time. The reason was weak—I felt I had already endured so much funding fee, I couldn't just give up. Five days and nights of poor sleep, watching the market at midnight for fear of liquidation due to funding fees, sleeping during the day. Only today did I finally reach my limit.
On paper, this trade shows a total loss of 1542U. Of which, funding fees accounted for 493U, direct loss of 828.51U, and long hedge losses of 220.49U.
Thinking back now, the problem is very clear. I actually know how to set stop-losses. Last month, my contract win rate was still 90%, everything was heading in a good direction. But I was blinded by this victory, thinking I had figured out the market. Especially with highly controlled coins, greed is even more dangerous. One mistake, and nearly half of the principal was wiped out. These funds were accumulated bit by bit through airdrops and trading.
Everyone, please don't learn from me. Exit when you should, set stop-losses properly, and don't wait. Especially don't compete with highly manipulated small coins.