I'm screwed! The DOGE contract went long and directly lost 25 points. I want to share my lesson with everyone from the bottom of my heart.

Just finished cutting my losses, and I still haven't recovered mentally. I'm posting this live trading record as a wake-up call for myself and to warn my brothers who trade contracts.
This morning around 9 o'clock, I closed my DOGE long position, with an average opening price of 0.0847. I held on until 0.08247 but couldn't take it anymore and cut the position, losing 25.73% of my gains in one trade, nearly a quarter of my principal was gone. Seeing this number really makes me feel worse and worse.
Initially, I entered the market purely out of impulsiveness. During that period, DOGE kept dropping, and I kept thinking it would rebound. Holding onto the idea of bottom fishing for a rebound, I opened a long position without carefully analyzing the overall trend or setting a strict stop-loss.
When it dropped a bit, I comforted myself that it was just a small correction; when it dropped again, I told myself I could hold long-term and recover the loss, so I stubbornly held on through the floating loss.
With leverage on the contract, even small opposite fluctuations can multiply losses. The more it dropped, the more reluctant I was to cut, and the losses kept growing. Eventually, watching my account shrink, my mindset completely collapsed. I had no choice but to close the position in tears.
Sharing my real lessons learned from this loss:
1. Never go against the main trend; counter-trend bottom fishing is just giving away money.
The market was clearly bearish, and everyone could see the price was continuously falling. I stubbornly believed it would reverse, thinking I could catch the bottom. Contracts are completely different from spot trading—spot traders can hold with the maximum floating loss, but with contracts, holding a position only increases losses. There’s no room for luck.
2. Stop-loss is not just a decoration; it’s a life line.
The biggest problem this time was not strictly executing the stop-loss. I kept holding onto the hope that “it will come back if it drops,” allowing losses to keep expanding. Trading shouldn’t rely on feelings; before entering a trade, you should know how much loss you can tolerate. When the price hits your stop level, you must decisively exit. Don’t be reluctant over small losses, or you’ll end up with big ones.
3. When trading contracts, control your position size; don’t gamble heavily on the market.
Back then, I didn’t control my position well. A slight reverse fluctuation caused my account to shrink significantly, leaving no room for error. The market never moves according to your expectations. Betting heavily on a rebound is essentially gambling—once the trend reverses, there’s no buffer space.
4. Don’t let subjective emotions influence your judgment.
During trading, I was completely driven by greed and frustration. After losing, I refused to admit my mistake and didn’t cut my losses in time. As a result, a small loss turned into a big one. The biggest taboo in trading is stubbornly holding on to face-saving.
A warning to all contract traders:
1. Contract leverage is extremely risky; it’s inherently high-risk investment. Those without a stable trading system or who can’t control their emotions should avoid it, as it’s easy to lose most of your principal overnight.
2. Never blindly bottom fish or open counter-trend positions. Following the trend is the foundation for long-term survival. Subjective guesses about the market are the primary cause of losses.
3. Before each trade, plan your stop-loss and position size in advance. Stick to your rules strictly. Don’t hold onto any “the market will turn back and save me” illusions. The market won’t accommodate anyone.
4. If your position is already showing large floating losses, don’t fantasize about holding to recover. Cut losses promptly to preserve remaining capital, giving yourself a chance to re-enter later. Holding stubbornly will only deepen the trap.
This 25-point loss has been a harsh lesson for me. The market never lacks opportunities, but once the principal is lost, everything is gone. I will definitely change my bad habits of holding and going against the trend. Trade steadily, respect the market.
I also hope that friends reading this share take my loss as a warning. Approach contracts rationally and don’t repeat my mistakes.