At one o'clock in the morning, Xiao Li stares at the screen as ETH drops from $2200 to $1800, the pop-up showing a floating loss of 170,000 U flashing on his desktop.
His finger trembles above the 'stop-loss' button, while the big V's live stream loops in his ear: 'ETH is the foundation of blockchain, and a pullback is an opportunity to add positions.' Until the liquidation text message explodes at three o'clock, and the account balance drops from 1 million U to 40,000 U — this is not a story, but a real scene unfolding every day on the exchange.
Stubborn Xiao Wang: From 1 million to 40,000 in 12 hours
Xiao Li firmly believes that 'ETH will replicate the myth of 2021', refusing to close positions even if it falls below $2000.
On-chain data shows: 87% of retail investors choose to hold when their losses exceed 20%, ultimately leading to a 92% liquidation rate.
In the drawer of professional trader Lao Zhang, there is always a note: 'If a single loss exceeds 3%, it must be cut within 10 seconds — the market won't give anyone face.'
The Dead End of Leverage Addicts
Xiao Li's leverage increased from 10x to 50x; he treated leverage as a 'wealth accelerator,' not knowing it was the 'meat grinder switch' of the big players.
Little Chen in the adjacent workstation once chased SOL with 50x leverage; the price dropped 1.5% and he was directly liquidated, losing 8 years of savings — leverage is not a tool, it is a grave dug by retail investors for themselves.
Lao Zhang's trading interface is always locked below 10x leverage; he says: 'Single position not exceeding 2% of capital is the entry fee to deal with the market.'
The commission trap of the impulsive trader
Xiao Li trades 120 times a month, accumulating a total of 150,000 U in fees, equivalent to giving the exchange 'a down payment for a Tesla.'
Exchange backend data shows: accounts with over 50 trades a month have 25% of their capital devoured by fees, yielding returns worse than bank savings.
Lao Zhang only looks at the market at 10 AM, 4 PM, and 10 PM each week, saying: '90% of market fluctuations are noise; impulsive trading is like giving bullets to the big players.'
The wealth loss of the cowardly profit-taker
When ETH rose to $2400, Xiao Li was afraid of a drop and sold immediately, making $30,000 and feeling pleased, but missed the subsequent rise to $3200 — this operation cost him $870,000.
Lao Zhang's profit-taking strategy is written on the first page of his notebook:
Sell 30% after earning 20% (for down payment on a car); sell 30% again after another 20% rise (for house deposit); set a stop-loss at $2500 for the remaining 40% and let profits run.
Position Management: The Survival Code of Professional Players
Xiao Li did not understand this formula before his liquidation:
Maximum Position = Capital × 1% ÷ (Stop-loss Margin × Leverage)
With a capital of 1 million, setting a 2% stop-loss and using 10x leverage — the safe position should be 500,000 U, but he chose to fully invest 1 million U, which is equivalent to removing the insurance fuse of the account.
Before each position, Lao Zhang always recites this formula using a mobile calculator: 'Mathematics is the only teacher that won't deceive you.'
Survivor's Self-Rescue Rules for Black Swans
That night when ETH plummeted, Lao Wang from the same group spent 500 U to buy put options, hedging against a loss of 300,000 — he insured every position, while Xiao Li bet that 'the black swan wouldn't hit him.'
Lao Zhang's cold wallet always keeps 30% USDT: 'The black swan is not a matter of if it will come, but when it will come.'
Cryptocurrency Survival Guide: The Anti-Humanity Winner
Now Xiao Li often goes to the exchange hall to watch how Lao Zhang operates:
Set the stop-loss button to bold red; trigger it to close positions without any emotion; adding positions must pass 'three barriers': weekly trend, position formula, 10-minute cool-down period; print out trading records and post them on the wall, marking every loss in red.
Lao Zhang often says: 'The cryptocurrency world is a mirror of human nature; only those who can control their desires can pick up the money left behind by the big players.'
A warning to all bystanders
Xiao Li's story is not an isolated case; retail investors repeat the same mistakes every day:
Those who stubbornly hold believe 'the big players will raise the price,' not knowing that the big players are waiting for their margin; those who leverage fantasize about 'getting rich overnight,' not realizing that leverage amplifies not profits but the speed of liquidation; impulsive traders are addicted to 'high-frequency trading,' unaware that every trade is working for the exchange.
The cryptocurrency world does not believe in tears, only in discipline:
Single position not exceeding 2% is to leave a way out; cutting losses beyond 3% shows respect for the market; taking profits according to plan is a fight against human nature.
Xiao Li's liquidation bill is posted on the exchange's warning wall, next to Lao Zhang's profit record: the former is a negative example, the latter is a badge of discipline. Which one do you want to become?
(Note: The market has risks; the above is a fictional case adaptation and does not constitute investment advice. But remember: in the cryptocurrency world, discipline is the only 'anti-scythe weapon.' Those who can control their hands can grasp the wealth code.)
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