At three o'clock in the morning, the cold light of the mobile phone screen hit Lao Zhang's face - he had just received a message from the exchange saying that his position had been liquidated, and his 200,000 yuan principal instantly became zero. This was the third time he had been forced to close his position this year, but the next day he still quietly recharged 50,000 yuan into his account, ready to fight again. ...
This is not an isolated case. Open any contract community, and the screen is full of carnivals of "doubling overnight", but in the corner there is always the silence of countless liquidated people. Knowing that this is a "cannibalistic" game, why are there so many people throwing themselves into the fire?
1. Gambler's psychology: In the face of the temptation of getting rich quickly, no one thinks of themselves as leeks
"10x leverage, a 1% fluctuation equals a 10% profit" — The exchange's advertisement precisely hits the weak points of human nature.
Last year's bull market, someone showed off a contract account: turning a 5,000 principal into 800,000 in just 12 hours. Such stories spread virally in communities, creating the illusion for everyone: "If he can do it, why can't I?"
But no one tells you that the 'big shots' showing off their trades might have opened 10 accounts, with only 1 betting in the right direction.
Survivorship bias + leverage temptation constitute the most deadly trap in the crypto world.
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2. Zero-sum game: Every penny you earn is someone else's painful loss
In May 2024, Bitcoin plummeted 8% in half an hour, with $320 million liquidated across the network. Someone wailed in the group: "I just added 10x leverage to buy the dip, and I got liquidated..."
And at this moment, professional traders are coldly laughing: "Finally waiting for the longs to get liquidated, it's my turn to pick up blood-soaked chips."
The contract market is a battlefield:
- Novices fantasize about getting rich by looking at K-lines
- The dealer precisely aims at the liquidation line
- Exchanges consistently profit from transaction fees
There are no winners here, only bare harvesting. Those KOLs teaching you 'sure-win strategies' might be waiting for you to enter as fuel.
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3. Anti-human game: Those who survive are 'cold-blooded animals'
The most ruthless trader I’ve seen set three iron rules for himself:
1. No single loss should exceed 5% of the principal
2. Never operate between 2-4 AM
3. Immediately withdraw 50% of profits
He said: "In the contract market, those who act on emotions are dead."
But what about ordinary people? They stubbornly hold on when it drops, chase high when it rises, and when they lose their minds, they go all-in with 100x leverage. Those influencers shouting trades on Weibo have long figured out retail psychology — the more you want to recover losses, the easier you are to be cut off by the dealer.
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4. Dark forest rule: What you think is the bottom may be the dealer's fish pond
In 2023, Trump-themed coins skyrocketed by 200%, with 400,000 retail investors following suit. As a result, the project party suddenly withdrew the pool, and the price dropped to zero in just 3 minutes.
Old hands understand:
- Sudden good news? It might be a trap for you
- Everyone is bullish? Beware of a double explosion
- Pinning market behavior specializes in treating disbelief
In this market, **technical analysis is not as important as understanding human nature, and watching the news is not as crucial as following capital flow.**
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5. Blood and tears lessons: Remember these 4 rules to stay alive
1. Leverage should not exceed 3 times (100x leverage is seeking death, not investing)
2. Divide the principal into 10 parts (only use 1 part each time; even if you blow up 9 times, you can still recover)
3. Lock in profits immediately (if you earn and don't withdraw, you'll eventually give it back)
4. Stay away from contract communities (many boast, but those who make money are quietly getting rich)
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The most ironic truth in the crypto world:
> Making money in spot trading during the earning cycle
> Making money from human nature in contracts
> And exchanges make money off everyone
So next time you want to open a contract, ask yourself:
What makes you think you're not the 90% fuel?