The first time I played perpetual contracts, I almost doubted life! Leverage can make you fly, but it can also make you zero out in an instant.
The first time I encountered perpetual contracts, I was completely stunned by the professionalism. A friend patted me on the shoulder and said, “Don’t be fooled by appearances, this is an enlarged version of the spot market; it can help you make money quickly, but it can also make you lose money even faster.
In that moment, I realized—contracts are not ordinary investments; this is bungee jumping from a high place, and you never know how deep you will fall next.
I quickly tasted the power of funding fees. That time I went long, the positive rate made me pay a fee every eight hours, like continuously bleeding my position.
When I realized: the long position's money was giving money to the short position, I had already chased the high at the mountain top. When the rate was negative, the short position paid me, but the market kept falling, I finally understood: the rate is not just decoration; it often indicates the direction of the market.
Leverage made me both love and hate it. The first night I opened a 20x leverage, my funds doubled and I felt euphoric; but a small fluctuation the next day made everything go to zero. At that moment, I understood: high leverage is not a hero, but a death warrant.
Since then, I set a strict rule for myself—never exceed 5x leverage. It’s not cowardice; it’s wisdom: profits can be earned slowly, but if the capital is gone, everything is gone.
Contracts taught me three bloody truths:
1️⃣ Never be deceived by appearances; the market is always smarter than you.
2️⃣ Leverage is a double-edged sword; if used well, you can soar, but if used poorly, you will fall and be left with nothing.
3️⃣ The rate is not just a cost; it’s a weather vane. Those who understand it make money with it, while those who don’t get cut by it.
There are no nannies in the crypto circle, and there are no regret pills. A small underestimation can plunge you from a god-like operation into the abyss of zeroing out. Don’t think you’re smarter than the market; the market is ten times smarter than you. Learn to respect risk, learn to control leverage, and you’ll have the qualification to survive longer and earn steadily in this game.
Finally, I wish everyone who likes, saves, and follows this article to reap abundantly in this bull market!
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