#我的Gate交易时刻 In March 2024, BTC was trading sideways around $69,000. I opened a long position with more than 20x leverage, thinking, “How long the sideways range is, how high the breakout can be”—it was definitely going to break the previous high.

As it turned out, at 3:00 a.m., news about an anomaly involving the Mentougou wallet sparked a surge of panic in the market, and BTC plunged by 4,000 points within 15 minutes. I watched helplessly as my liquidation line was breached, and my account went from $50k to zero.

I didn’t sleep that night. But after daybreak, I did one thing: I saved screenshots of all the liquidation positions and reviewed them one by one. I found that the problem wasn’t that I misread the direction—it was that my position was too large, my stop-loss was too loose, and I had no contingency plan.

Since then, one iron rule has been added to my trading system: no single trade should lose more than 2% of the principal. The stop-loss must be set and never “hold on” through the liquidation.

That liquidation trade cost me money, but it completely reshaped how I understand risk. Looking back now, the knowledge I bought with $50k is more valuable than any profit.

Advice for newcomers: Don’t be afraid of losing—be afraid of losing and still not learning.