$BTC $ETH In 2020, 17-year-old Liangxi became famous for the myth of 'turning 5000 yuan into 20 million' in contracts, characterized by:
Extreme leverage: Common use of 50-100x leverage
High-frequency trading: over 100 trades daily
Emotional trading: often crying while trading in live broadcasts
Contrary indicator: jokingly called 'King of Reverse Indicators'
2. Technical aspect: Fatal triple flaws
Out-of-control leverage multiples
Liangxi often uses 100x leverage, which means:
A 1% fluctuation in Bitcoin leads to liquidation
A 1.5% fluctuation in Ethereum leads to zero
Data from 2023 shows that BTC's average daily fluctuation reaches 3.2%
Lack of risk control system
Compared to professional institutions:
| Indicator | Professional Institutions | Liangxi Model |
|------------|----------|----------|
| Single Trade Risk | ≤1% | 100% |
| Stop Loss Discipline | Strictly enforced | Often holds positions |
| Position Management | Dynamically adjusted | Always fully invested |Mistakes in selecting trading varieties
Focusing on the most volatile MEME coins and altcoin contracts, these varieties:
Poor liquidity, highly manipulable
Pinning often exceeds 30%
The purpose of entering the exchange is to gather contract players
3. Psychological aspect: The vicious cycle of gambler's effect
Dopamine addiction mechanism
Recharging immediately after liquidation
Doubling down after profit
Forming a "loss-recovery-reloss" vicious cycle
Survivorship bias at play
Only remembering a few profitable trades (e.g., 2021 DOGE contract), selectively forgetting dozens of liquidationsPerformance-oriented trading personality
The positive feedback formed by audience rewards and emotional stimulation in live broadcasts leads to:
Deliberately taking risks for the sake of program effect
Emotional trading increases error rate by 50%
4. Market environment: The 'legal harvesting' of exchanges
The brutal truth revealed by data
Contract data from a certain exchange in 2023:
Retail liquidation rate: 98.7%
Average holding time: <4 hours
Survival period of 100x leverage users: <3 days
The 'seven weapons' of exchanges
Targeted pinning (especially during delivery periods)
System downtime (during severe market fluctuations)
Slippage control (against retail investors)
Rate trap (funding rates devour profits)
False breakout baiting (63% occurrence rate)
Robot sniping (targeting large orders)
Liquidity trap (insufficient depth in altcoins)
5. Looking at the essence of the contract market from the Liangxi case
A mathematically inevitable losing game
Taking 100x leverage as an example:
10 consecutive profitable trades (1% each): 1.01^10=1.104
The 11th trade loses 100%: directly goes to zero
Theoretical win rate must be >99% to break even
Skinner box on a psychological level
The exchange is carefully designed:
Random reward mechanism (occasionally big gains)
Loss aversion trap (reluctance to stop loss)
Social identity kidnapping (copy trading culture)
6. Survival rules for professional traders
Military-grade risk control system
Leverage ≤3 times
Single trade risk ≤2%
Daily stop loss ≤5%
Profit withdrawal in batches
Cognitive upgrade path
3 brutal truths of the industry
The contract market is a zero-sum game (exchange + market makers' fees)
Long-term profit earners are less than 0.3%
Risk-return ratio >3:1 for sustainability
Conclusion: The warning value of Liangxi's curse
The essence of the Liangxi phenomenon is a reflection of the illusion of 'rapid wealth creation' in the crypto space. Its repeated liquidations are not coincidental, but rather:
The inevitable result of mathematical probability
Targeted harvesting of market mechanisms
A concentrated manifestation of human weaknesses
True trading wisdom lies in:
Acknowledging market uncertainty
Respecting the destructive power of leverage
Establishing a sustainable system #Circle扩大IPO规模 #币安Alpha上新
