Opinion
|5 min ReadTrading Perps for a Month: The Roller Coaster of Crypto
Jax Morales
Senior Analyst
Published
Jan 16, 2026
The Boredom and the Meta
Trading perps for a month wasn’t exactly planned. It was a mix of boredom and chasing the current trend. Everyone was diving into the "perpdex meta," aiming to stack points across different platforms. At first, there were only four main players: Hyperliquid, Lighter, Aster, and Apex. Looking back, I probably should’ve gone with Lighter, as their points program was still active and token-free, but I chose Hyperliquid because it felt like the safest bet.
The Lucky Start
I kicked things off with XPL, trading exclusively long positions. My first trade? A total fluke. I opened a max leverage long with no stop loss, fell asleep, and woke up to find my account doubled. Pure beginner's luck, or maybe just stupidity that worked once. For a moment, I thought I was a genius. But my pattern remained the same—max leverage, no stop loss, and quick trades. I do not recommend this.
Somehow, the account kept growing.
Discovering the “Edge”
Things took a turn when I discovered the Hyperliquid liquidation bot on Telegram. I didn’t know it at the time, but that bot would become the core of my “strategy.” My Telegram was now flooded with news bots and liquidation alerts. The idea was simple: when the bot pinged, I'd check the charts and jump in.
Surprisingly, it worked. Most of the time, I was in profit right away. When it didn’t work, I’d cut my losses fast and wait for more pings. It wasn’t smart trading, but it was enough to keep me hooked.
The Temptation of Size
Eventually, I branched out to other platforms, enticed by Hyperliquid's insane leverage on major pairs. I realized I could technically trade millions. The temptation was real. But after a few reckless attempts, I quickly learned those positions could spiral out of control too fast. Reducing my position size was the smartest move I made all week.
The First Bad Day
Then came the first real loss.
I was addicted. I’d wake up, force trades, and chase every candle like it owed me something. And of course, that led to losing a third of my account in a single day. It hurt. I had to step back. My account was still up overall, but the high was gone. It hit me: I wasn’t trading. I was gambling.
10/10: The Wake-Up Call
And guess when that loss came? Yep, 10/10—the day the market got absolutely nuked.
I didn’t lose during the crash itself, though. I’d already taken my L earlier in the day. But later that night, the liquidation bot went crazy. The pings kept coming—hundreds, maybe thousands. Then, silence. Telegram had auto-deleted the bot for spam.
By then, I was back on the charts, buying with everything I had left. Somehow, I made back the third I lost earlier, catching perfect entries along the way. That day was pure chaos. Some of the best traders got wiped out. It was the biggest wake-up call I’ve had since diving into perps. The market doesn’t care who you are. It’ll chew through everyone eventually.
Post 10/10 Reflections
After that, I slowed down. Call it shell shock, or just relief for having made it out alive.
I was grateful to have recovered the losses and felt like the training wheels had finally come off. I started trading with a tighter stop loss and experimented with TWAP orders.
What Did I Learn?
That month helped me define my trading style. I’m a scalper, shaped by the chaos of 10/10. The constant reminder to take profit and walk away is now embedded in my trading mindset. I’ve stopped forcing trades. Now, it can be days, even a week, before I enter a new position.
Final Thoughts
If there’s one thing I’d recommend, it’s finding a community. A group of people who do what you do—ideally ones smarter than you. People who trade for real, not just post charts for engagement. The ones who’ll call you out when you're being reckless and remind you to take profits when greed kicks in.
The slow days become easier, and the wins hit harder. It’s the community that keeps you grounded. Trading alone quickly leads to tunnel vision, and that’s when you start forcing trades that don’t exist.
The account is up, but that’s not the point. The real win was not blowing it all up. I’ve learned when to stop, when to size down, and when to walk away.
Still standing. Still learning. Still here to tell the story.
Disclaimer: This document is intended for informational and entertainment purposes only. The views expressed in this document are not, and should not be taken as, investment advice or recommendations. Recipients should do their own due diligence, taking into account their specific financial circumstances, investment objectives and risk tolerance, which are not considered here, before investing. This document is not an offer, or the solicitation of an offer, to buy or sell any of the assets mentioned.