Last night, a new member in the group asked me what to do about his long positions that were trapped. His cost basis had dropped from 73200 to 72100, and he sent me a screenshot showing a 10,000 USDT loss. He asked if there was any way to get out of the situation. Being a helpful person, I can answer most questions, as long as they're not too difficult.
I told him that 72100 wasn't a high price, and the market could easily bounce back. I advised him to watch the market closely and exit if things looked bad, even at a loss, rather than risk a margin call. At 11:30 PM, I told him the price had briefly stopped falling, and at 1:46 AM, I reminded him to be careful and exit. At 2:18 AM, I checked on him but received no reply, so I assumed he had left.
However, this morning he told me he had been liquidated and had fallen asleep yesterday… I don't know what to say. In this market, if you don't treat money like money, the market will give you the worst possible outcome. I've encountered many people like this: opening positions that are too large and not using stop-loss orders. I've also learned this the hard way. I'm sharing my experience to help you avoid pitfalls, but some people still choose to take the wrong path…