That trade was indeed frustrating. The market suddenly surged, and after hearing the analysis in the live streaming room saying spot trading was bullish but actually a bearish signal, I thought about going long at the dip. I was actually bullish on this coin anyway, and when it dropped to 0.16 there was a 5-minute rebound. I got anxious about missing the move and directly entered with 15u to test the waters.

But the spot price kept getting hammered. I thought since the position wasn't large, I'd just hold it. Didn't expect it to break through the previous low today and pierce the support level. I set a stop-loss at 0.12, was thinking I'd just cut it and be done with it, but it directly dropped through and liquidated me at the lowest point. Then inexplicably it rallied in the evening—that feeling is truly brutal.

**Reflection on this trade:**

First, I shouldn't have had lucky thoughts about holding the position just because the position size was small. Previously I always traded isolated margin with light positions, but this time I went all-in and my entire strategy fell apart. Second, without an obvious rebound trend, I shouldn't have jumped in directly. This is a lesson I need to remember.

**I'm still confident about this coin** for these reasons:

First, as the first Chinese-language coin to launch futures, it has inherent momentum. Second, the exchange backing it has significant scale and influence, and with such a visible coin name, there should be room for appreciation. Third is the key data—92% of the chips are already locked in the on-chain black hole, indicating that the circulation chips in the market maker's hands are actually quite limited.

In summary, I need to be more cautious next time.