Over the years in the crypto world, I have become increasingly convinced of one fact: truly consistent traders who can play contracts stably for a year without liquidation are almost nonexistent. Not a single one.

This morning, many probably experienced that familiar nightmare—your position drops to zero.

The key point is, no matter how much leverage you use, once you mess with leverage, liquidation becomes like a timed bomb in your account—when it explodes, you can't predict. For example, if you have 1 million USDT in your account and use 30,000 USDT to leverage 10x, it might seem like the risk of liquidation is much lower, and the risk appears controllable. But think about it—if you already have 1 million USDT, why bother with this? Instead of gambling on contracts, it’s better to accumulate coins at the bottom of a bear market, then do grid trading when prices rise to the middle, and take profits at high points. This approach can already outperform most people in the market. Why bother with that tiny profit from contracts?

People in the contract market can generally be divided into three categories:

The first are professional institutions engaging in low-risk arbitrage and hedging—they are managing risk, not gambling. The second are true trading experts—big players who genuinely have the ability to take money out of the market. The third are pure gamblers, living on face value and luck.

Honestly, most retail traders belong to the third category. And what about those professional players? They often collaborate with exchanges to harvest retail traders like weeds. What can you rely on to fight them? Rely on luck to turn things around? If luck could really change your fate, there would be no need to fight desperately in the contract market.

Retail accounts are like eggs—crack easily. The final outcome is often becoming cannon fodder in a bull market, with all the money ending up in others’ pockets. Instead of calculating others’ wallets, it’s better to protect your own principal first. Otherwise, you might end up being drained by others.

I only do spot trading, not virtual stuff. For friends who truly want to avoid pitfalls and steadily increase their assets, don’t walk alone in the dark in the crypto world. Find the right direction, use practical logic to earn steadily—that’s the long-term way.