Suckers Diary ②: The bull run has arrived, but some are secretly crying.

Written by: Leek, Foresight News

Under the favorable news of the easing of tariffs between China and the United States, BTC surged to 106,000 dollars, ETH skyrocketed by 40% in three days, briefly topping Douyin's hot search list. Established altcoins and MEME tokens flourished in response to the market momentum, with daily large bullish candles exceeding 30% being commonplace. It can be said that those who got in are overjoyed, while those who are short are dizzy. Holders have once again made a fortune.

Even my friends and I say: Going out for dinner at night, walking on the street, suddenly I have a feeling of owning the world. I spent 300 on dinner, and after the meal, I checked the exchange and found I had increased by 3000u, which means I spent nothing at all. This is the confidence that the crypto world has given me!

I opened the wallet homepage, refreshed the asset balance a few times, and never replied to my friend.

Degen teaches me how to be a person

ON MAY 13, THE AUTHOR OPERATED DEGEN ON THE LIST OF GAINERS WITH 20 TIMES LEVERAGE IN THE MORNING, AND IT HAPPENED THAT DEGEN WAS THE ENGLISH TRANSLATION OF GAMBLERS. As the reward token of Farcaster, a Web3 social application that was once carried by V, and the native token of the Degen L3 chain, it has a good performance in 2024 (the author took over at a high point), but after more than a year of decline, in the author's opinion, its original technical background, investment team, etc. have all dissipated, and it has become a member of the "high-quality" altcoin.

Last night before going to bed, I actually noticed signs of DEGEN eager to break through in the lower positions of the gainers list, but due to sleepiness, I missed it. This morning at 7:30, I looked and saw a big bullish candle breaking through the sky, climbing to the top of the gainers list, so I broke my defense and chased it with 20x leverage, bravely enjoying the breeze at the top of the mountain.

After cutting losses, seeing that BTC and other mainstream coins have a tendency to pull back, I reluctantly went short, being tormented repeatedly between profits and losses while watching the market in a volatile state. Finally, I quickly closed my position within half a minute of the official decline, and the market instantly broke through my defenses, so I continued to chase the short position, but every time there was a rebound, I panicked and closed my position. Therefore, even though DEGEN had a 20% pullback, and despite my basic short positions, I still did not gain much profit.

In the end, BTC rebounded, while the author still habitually shorted DEGEN. After a violent surge in DEGEN on the minute chart, I could only cut losses defensively. After counting, I realized that I had lost 50% of my contract position after a busy morning.

Similar losses have already cycled N times in these few days.

When the whole network is shouting "The bull is back", there is always a group of contract players like the author who stare blankly at the liquidation emails. They are not ordinary retail investors, but rather loss-making heroes who have evolved a "reverse operation gene", demonstrating the philosophy of loss with real money: "When others are greedy, I am greedier; when others have small losses, I go bankrupt."

They had the words "not admitting fault" welded onto their trading account, and "liquidation means stop loss" is no joke here. When BTC was at 86,000 USD, they firmly believed they were the "reincarnation of Soros" when opening a short position, and when BTC broke through 90,000, they shouted that a technical correction was coming. When BTC broke through 100,000, although the voices were quieter, seeing the nearly zero positions with bloodshot eyes, they still struggled to survive.

Opening the position records, the trading frequency of these manual traders is somewhat frightening, as the ups and downs of a single asset on the 15-minute chart are filled with "BS" (Buy & Sell). However, upon looking at the contract analysis, the losses far exceed the profits. When they analyze Powell, US stocks, US bonds, and gold trends with great detail but end up wiping their tears in front of the liquidation notice, they will say, "See, I told you the big players would crash the market; I just opened my position too early!"

The most vivid example is the "Old Cannon" in the contract group I joined, who immediately opened a 500x short position by transferring all USDT into a scam when BTC broke through 100,000 USD, and he daily live-streamed his anti-position diary in the group.

"Day 1: Margin remaining at 70%, Bollinger Bands top divergence, RSI overbought, Air Force One assembled";

"Day 2: I used the wedding anniversary red envelope to deposit margin, and my wife scolded me for being obsessed with trading coins, she doesn't understand a thing."

"Day 3: The last message before the liquidation was 'It's all the exchange's fault, I want to protect my rights.'"

After the liquidation, the old-timer felt relieved: "Now it's good, I don't have to explain to my wife why my phone is still lit up at three in the morning every day."

Another post-00s crypto friend boasted to me: "I never look at K-lines when trading contracts, only at sentiment indicators - when others shout long, I short; when they shout short, I long. It's as thrilling as bungee jumping without a safety harness!"

As a result, on the night when ETH skyrocketed, he rolled over his capital of 300U to 5000U in half an hour, posted a screenshot in the group and before it even got warm, 15 minutes later he sent a message - "Brothers, goodbye, I’m out."

Every bull market feels like a grand Ponzi dance party, where everyone dances on K lines. Those crying over liquidation messages and those who feel lost in the revelry are not lacking in intelligence, but rather blinded by greed—stop-loss, leverage, risk. Before the real profit/loss figures start wildly fluctuating, we must admit that we are all basically dizzy.

So, every time you want to showcase your profit screenshots, it is often the best time for you to cash out.