In the digital currency derivatives trading market, perpetual contracts have become a tool for many investors chasing high returns due to their characteristic of 'never settling.' But the question that arises is: how much leverage is reasonable for perpetual contracts? This question that troubles countless traders actually hides a game of risks and opportunities.
1. Perpetual Contracts: A Double-Edged Sword that Never Settles
Perpetual contracts, as the name suggests, are contracts that do not have an expiration date. As long as a margin call is not triggered and the trader does not actively close their position, the holding can continue indefinitely. This flexibility has made them rapidly popular, but it has also caused many to overlook the underlying leverage risks — leverage can amplify profits as well as losses, and if one is not careful, they could lose everything.
2. The Debate on Leverage: High Leverage Aggressive vs. Low Leverage Conservative?
Some prefer 50x or 30x leverage, while others firmly choose 100x leverage. Taking Bitcoin as an example, the margin required to open a position decreases with the leverage multiple: 30x leverage requires 16U, 50x requires 10U, and 100x only requires 5U. Proponents of high leverage believe that since one chooses contract trading, they should maximize the use of leverage to enhance returns; opponents emphasize that low leverage is safer and that risks are controllable.
But reality is often harsher: Low leverage reduces risks, but may fall into a situation of 'earning fluctuations without making profits' due to high fees and thin returns; high leverage can cause profits to soar but also puts the account on thin ice during severe market fluctuations. For example, if a small fund trader uses a small margin to open high leverage, they may face liquidation due to slight market volatility, perfectly missing the subsequent profit opportunities.
3. The Core of Reasonable Leverage: The Art of Balancing Risk and Reward
Matching funds and positions: Avoid the dangerous operation of 'small funds holding high positions.' Be sure to reserve sufficient margin to ensure the account can withstand market fluctuations, preventing premature exit due to insufficient margin.
Utilize the isolated margin mode effectively: The isolated margin mode locks risks within a single position, so even if that position is liquidated, it will not affect other funds. Combined with strict stop-loss, it can effectively reduce overall risk.
Set clear goals: Abandon greed, and set reasonable profit targets for daily trading (e.g., 50 - 100U). Timely take profits when the target is reached to avoid profit withdrawal. Even if faced with market fluctuations, as long as the target is achieved most of the time, stable profits can be realized in the long run.
4. Avoiding Fatal Pitfalls: Holding Positions is a Road to No Return
In contract trading, holding positions can be considered a 'number one killer.' The market will not change direction based on individual will; the longer you hold, the greater the losses, and it may even trigger a chain of liquidations. Timely stop-loss may seem like 'cutting losses' and painful, but in fact, it is a wise move to preserve strength and wait for the next opportunity.
The choice of leverage for perpetual contracts does not have an absolute standard answer; rather, it is a comprehensive test of risk control ability, capital management strategy, and trading mindset. Whether choosing high leverage aggressively or low leverage conservatively, the core lies in finding the best balance between returns and risks according to one's risk tolerance. Remember: In the contract market, surviving means you're qualified to talk about profits.
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