Many people say 'trading cryptocurrencies should not involve contracts' because of the high-risk nature of contract trading, especially under high leverage, where risks can be extremely amplified. This can be understood from the following aspects:
1. Leverage amplifies risks, easily leading to liquidation.
Capital utilization ≠ no risk: The leverage of contracts (like 100X, 125X) can amplify profits, but it also greatly increases losses. For example, under 100X leverage, a 1% fluctuation in coin price could wipe out the entire capital, and market 'spikes' (significant price fluctuations in a short time) are common; liquidation can be triggered in just a few seconds, leaving no time to react.
Assuming you buy 10,000 units of Bitcoin with 100X leverage, if the coin price drops by 1%, the entire 10,000 units of capital is lost; but if it’s spot trading, a 1% drop only results in a loss of 100 units, showcasing a huge risk disparity.
2. Trading costs and mechanisms increase risks.
Perpetual contracts incur 'funding fees' daily (both sides pay each other, which can be positive or negative, but costs accumulate over long-term holding). Settlement contracts have a 'premium' (the difference between contract price and spot price), and the longer the position is held, the higher the costs, equivalent to 'implicit losses.'
Many people trade contracts without setting stop-losses, thinking 'it’s fine if the spot drops 30%,' but under contract leverage, a 30% fluctuation could directly reduce the capital to zero (for example, with 3X leverage, a 33% drop leads to liquidation), and while holding a position, one may be forced to liquidate due to margin call pressure.
3. Most people lack a trading system and discipline.
Treating contracts like gambling: Under high leverage, short-term market fluctuations are highly random, and many people go all in without understanding the rules; essentially, it’s betting on price movements rather than engaging in rational trading. For instance, believing that 'support levels won't break' leads to full positions, and once it breaks, liquidation occurs without considering risk tolerance.
Long-term is not suitable for contracts: Long-term investment should ignore short-term fluctuations, but contracts have holding costs (funding fees, premiums), and if held long-term, price fluctuations + cost accumulation lead to risks far higher than spot trading, even resulting in 'price increases but losing money.'
4. Prerequisites for reasonably trading contracts.
If one must trade contracts, it is essential to meet: a clear maximum loss range: for example, using $100,000 as capital, being able to endure a $10,000 loss, then calculating position based on leverage (like 20X leverage, at most opening a position of 5,000 units, stopping loss at 20%, resulting in a loss of exactly 1,000 units).
Low leverage + strict stop-loss: Leverage should not exceed 3X, and stop-loss must be set for every trade without holding positions; considering contracts as tools to 'increase capital utilization' (like lightly investing in a bull market), rather than as a gambler's method for 'getting rich quick.'
Contracts are essentially tools for professional traders to hedge risks or optimize capital efficiency, but for ordinary players, factors like high leverage, trading costs, and market fluctuations can turn them into 'graves for gamblers.' Without a mature trading system, strict discipline, and risk tolerance, trading contracts, especially with high leverage, is almost equivalent to 'gambling with capital,' and liquidation is just a matter of time.
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