Bitcoin Forum

I was trading a shit coin called OG Fan token today. Its price has been increasing from below $3 last week and I decided to go short position with it today at around $6.5. But I was disappointed as the coin increased from $6.5 to $14.7 in less than 30 minutes after. My money was liquidated at $9.

I decided to deposit part of the money that I have gained from trading before but I deposited the USDT but I forgot to include the memo. I was not credited but I messaged the exchange customer care. The price of the coin was $9 at the time. If I that money was credited, I would have lost it because the coin later increased from $9 to $14.7 on the exchange.

After I have filled the necessary form so that I can be able to get my USDT back, I sent another USDT which I used to open short position at $13 and the coin fall to $10.6 and I was able to recover back my coin. Unbelievable.

Some disappointments can be blessing.

Man that's so ballsy of you to be shorting a $17m marketcap token with $3m daily volume on Binance lol. This thing's guaranteed to spike up and down.

Trading with leverage is risky.
Trading shit coins is risky.

When you combine two big risks, your trading position will have very high risk of liquidation. Because shitcoins usually don't have high market caps and it's very easily to manipulate these shit coins.

I did not know about OG fan token but checking on Coinmarketcap, I find an interesting thing from its historic price chart.
https://coinmarketcap.com/currencies/og-fan-token/

There are at least two times in the past, this OG fan token suddenly spikes like the latest spike that causes your liquidation. If you notice its past two strikes, you would have seen this risk and have been more careful to avoid shorting this token.

Sometimes mistakes can save us but not always, because more often not, because we have to pay for the mistakes we make.
You take two big risks, trading on leverage and also on shitcoins, you are lucky to get through it well, even though you made a mistake, and other times you may not survive and leverage is not something I will touch on especially on shitcoins.

You need to be lucky to make a profit from a currency that changed from $6.5 to $14.7 in less than 30 minutes, you were lucky today but you won't be lucky always (unless your trading strategy is high risk, no profit guaranteed trading)

It's clearly a hectic trading day for you, OP. It could be stressful, but it turned out great for you in the end. That's the unpredictability of life, maybe especially the deposit that you made. It's good that there are recoveries for those wrongful deposits.