Dear trading friends, today I want to share a recent trading experience with you. To be honest, this round of operations left me both exhausted and frustrated—I lost money again, and that feeling really has a bit of "heaven is against me" flavor.

Here's what happened. A new coin was launched on spot trading. I conducted thorough project research, and the credentials looked decent. Plus, there were signs of a market rebound recently, so I judged that it might have some upward potential. So when it went live at 8 PM during a new coin issuance event on a major exchange, I stayed glued to it.

After it became available on spot, I bought in immediately. Not long after, the price was hammered down—after a brief selling pressure, the coin's price did rise somewhat, reaching 0.436 at one point. I used 900,000 RMB with 1x leverage to buy full position. What happened next? It immediately dropped. When it hit 0.37, I was already down 20,000 USDT.

This is a key point. The old me would probably have kept holding and fought it out, but this time was different—maybe I adjusted my mindset, or maybe trading discipline was kicking in—I decisively cut the position.

After cutting, the price immediately rebounded. I re-entered at 0.3835, this time opening a 2x leveraged long position. At the peak, I made a profit of 15,000 USDT, almost covering my previous loss. I thought I could expand my position further with this momentum, but the market quickly turned around again.

I reduced my position by 25% at my cost basis, locking in a relatively safe liquidation price. It was already late, so I went to sleep with it on a Korean exchange, full of expectations.

Unexpectedly, around 4 AM, I woke up multiple times to see the price had dropped to 0.32. The loss on this position surged back over 20,000 USDT. Afterwards, I kept waking up and falling asleep repeatedly. Fortunately, the liquidation price was still safe, so I continued holding.

This experience made me realize a few things: First, thorough research on project credentials is necessary, but market sentiment and liquidity are equally important. Second, sometimes cutting losses promptly isn't giving up but preserving capital for the next opportunity. Third, be extra cautious when doubling down, as emotions can amplify risks. Lastly, lack of sleep really affects judgment—sometimes letting go is more patience-testing than stubbornly holding on.