Once again, I taught myself a painful lesson: not admitting defeat, holding onto hope, will only expand losses in the end!!

Let's review this time

I. Specific situation
On the afternoon of May 5th, with a position of 100U, position price at 424, 10x leverage, short position

1. The ex software trend was upward, and the slope was not small. Not trading according to the trend, thinking of catching the top (435) - trading against the trend

2. Before going to bed at night, looked at the heat map, estimated an upward spike to liquidate (the previous night estimated a spike to 435, but it actually hit 436, order successfully placed), placed a 300U order at 448, and added another 300U margin, with a forced liquidation price reaching 655 - continuously trading with successful estimates, expanding, altcoins not watching the screen and daring not to set stop-losses

3. Woke up in the middle of the night and saw the position price soaring to 491, thought it had topped out, added 200U to the position, shortly after it surged again to 553, added another 200U between 540-550, finally averaging the position at 471, cut losses and closed 35-40% (loss about 320U), remaining 500U in the position, and topped up the funds from the closed positions into the margin, reaching about 1500 in total. Soon after, the price fluctuated between 510-520, felt it had already risen 120 points and gone high enough, expecting a big pullback, and without any action, just went back to sleep. - Not admitting defeat and taking losses, still fantasizing about a pullback to recover losses and continue making profits, ignoring the principle of risk first, profit second, and again holding onto hope without setting a stop-loss.

4. Woke up around 11 am, saw the price still fluctuating around 520, thought it was fine and would go down, then continued with my own affairs without watching the screen or setting a stop-loss

5. Suddenly, it started surging sharply, kept holding onto hope and not stopping loss, only thought of stopping out at 613 (forced liquidation price), finally lost a total of 1558 in the entire position

II. Lessons learned
1. Trading against the trend to catch the bottom is not advisable, especially with altcoins
2. Blind confidence without basis, excessive optimism are to be avoided
3. Altcoins must have stop-losses set
4. Admit defeat when wrong, do not hold onto hope, remember the principle of risk first, profit second
5. Try to avoid or minimize trading altcoins, as they have no clear top or bottom, and cannot be grasped

Additionally, attached are screenshots of the recent two times I got wrecked on ZEC