Looking at the number of likes on this answer, I will update it again. Mainly, I want to modify the second point above. In fact, there is no need to divide the remaining 500 yuan into five times, using 100 yuan each time to open five times 10x contracts. After countless tests and experiences, opening contracts at 3 to 5 times is the most I would recommend. A 5x leverage can withstand a reverse fluctuation of 20 points, while 3x can accept a reverse fluctuation of 33.3 points. If a newcomer uses 500 yuan to do a 5x leveraged contract, the probability of winning is still quite high, provided that the direction is accurately identified. Generally, altcoins rarely reverse more than 20 points during the early stages of market movements, regardless of whether the market is bullish or bearish. Therefore, as long as you don't get the direction wrong, after opening a position, you just need to wait for the closing signal during the daily segment operations. Note that there is one important point: many people cannot wait and keep switching back and forth, ultimately ending up wasting effort or even losing everything. Therefore, we need to learn to decisively open positions at the beginning of market movements; this way, we can basically see immediate profits. However, there is a mindset: no matter how long you wait, the prerequisite is that you must be able to wait. Many people cannot do this, and I often feel anxious too, but I still need to overcome this. This is the advantage of low leverage; no matter how the price fluctuates before closing, you don't need to worry; you just need to quietly wait for it to rise or fall. As long as you can wait, profit will eventually come.
On the contrary, with high leverage, you can't wait. High leverage requires that after opening a position, the price must immediately move in the direction of the position without retracing. A slight retracement can lead to immediate liquidation. Looking back at my past experiences with altcoins at 20 to 50 times leverage, I would open positions and feel quite proud, thinking I was very bold, but that was a bit foolish, haha. You often hear the saying 'the market is unpredictable,' which refers to the unpredictable fluctuations in the small cycles during price movements. You also often hear the concept of 'trend trading,' which refers to strategies that go with the trend in the larger cycles. So, personally, after many years of trading, I went from only doing spot trading to playing with high leverage contracts, and now I only do leverage or low leverage contracts. Because the maximum leverage for leveraged trading can only be 10 times, but for altcoins, even 10 times is a bit much. A few days ago, I did a 10x long position on SOL, and after liquidation, the price went up again. If I had opened at 5x, it wouldn't have been liquidated. Therefore, the safety of the principal is the priority. Leveraged trading can operate in both bull and bear markets, so there are plenty of opportunities as long as the principal is there. A happy life will always be there. So now I mostly trade altcoins below 5x leverage, and I only open high leverage positions with Bitcoin and Ethereum, but I am also very meticulous near the entry point. Five times is really quite a lot. If your monthly salary is 5000 yuan and your boss suddenly gives you 25000, wouldn't you feel it’s too much? Now we only have 5000 yuan in capital, and doing spot trading feels too little. A 5x position of 25000 yuan is quite acceptable. Why would you insist on high leverage and hand over your hard-earned 5000 yuan to the exchange? Don't you feel any pain? So, for those who read this answer, if you are continuously losing money with high leverage, why not try switching to below 5x? Perhaps your trading situation will change from that point on.
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