When I first started trading contracts, I blew my account every day and almost lost everything. Later, I realized that to survive in this market, I had to learn these few things—
1. Taking profit and cutting losses should be as natural as breathing.
- Take profit: Don't always think about selling at the highest point. I've seen too many people not take their profits and end up losing. Remember, what you have in hand is the real deal!
- Stop loss: Accept losses; don't stubbornly hold on. Once, I couldn't accept defeat and ended up halving my capital. Now? I cut losses at 5% immediately, no talk.
2. Don't open positions as frequently as a gambler.
I used to think 'both long and short can make money', but I couldn't even pay the transaction fees. Later, I learned to be smart: no more than 3 trades a day; run when I make enough, and accept losses. Less hassle leads to steadier profits.
3. If you don't understand, stay out; missing out isn't embarrassing.
The worst time for me was when I stubbornly traded in a market I couldn't understand, losing 30% in half an hour. Now? If the market is unclear, I just relax and watch; I'd rather miss out than make a mistake.
4. Small profits are still profits; don't look down on them.
With a capital of 100, using 10x leverage, a 1% increase earns you 10, enough to buy a cup of milk tea. Making a few guaranteed trades a day is better than working. Don't always think about doubling your money; that's basically looking for trouble.
5. Heavy positions = suicide, don't follow my example.
I once heavily bet on a direction, and then a piece of news hit, causing my account to go to zero. Now? No single position exceeds 10% of my capital; living longer is the key.
6. Unity of knowledge and action is the hardest yet the most valuable.
Knowing does not equal doing. It took me two years to change my habit of 'itchy hands opening trades'. Now? Planned trades, trading plans, no impulsiveness, no fantasies.
The last piece of advice:
Contracts are not a casino; it's a battlefield. First learn to survive, then think about how to make money. These rules were bought with real money, and I hope they help you avoid detours.
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