This wave of Bitcoin's rapid surge has turned me into a cautionary tale. From confidently shorting in parts at 91,000 to sweating when holding a position at 97,900, the entire process has been a documentary of "self-destruction." Today, I want to share this experience in detail, hoping to help beginners avoid detours and to give veterans a wake-up call.

Let's start with the specific process of the failure. At 91,000, I lightly shorted with 5%, then added another 5% at 92,200. When the price retraced to 90,100 that day, I took half profit and closed the position. This already revealed a problem—if I was bearish, I should have stuck to it firmly, but instead, I added another 5% at 93,500 to trade T. That 5% was the fatal mistake because I didn't set a stop-loss.

What is the core principle of trading T? Take profits when the market is favorable, use the gains to gamble, and never let profitable trades turn into losses. From 93,600 to 93,000, the market clearly gave two chances to lock in profits, but I foolishly thought "I must hold firmly," watching the price soar to 97,900, with unrealized losses exploding past expectations. At that moment, I didn't even dare to calculate the liquidation price.

What hurt even more was that on the morning of the 15th, I added another 10% position at 97,500 to trade T. Afterward, I realized the liquidation price was pushed all the way to 108,600. This was completely dancing on the edge of my risk control red line—purely driven by a gambler's mentality. Position management, profit locking, and cost protection—any failure in these three areas would come at a cost.