I've summarized the following key reasons:

1. Cognitive level determines strategy:

Most people trading spot are those who have already 'proven' themselves off-market.

They have large amounts of capital, are not in a hurry to achieve results, and can live well whether or not they are in the crypto space.

So being able to hold on and see clearly allows one not to be thrown off by short-term fluctuations.

And those who trade contracts often have funds below $100,000, making it easy to lose balance in their mindset.

Wanting to reach the sky in one step and thinking about 10x returns can easily lead to starting over from zero.

Leverage trading without risk resistance is essentially gambling.

Different cycles have vastly different margins for error:

Spot trading is long-term investment with a high margin for error. No matter how big the pullback, as long as the asset is high quality, it is likely to recover over the years, even double.

Contracts are short-term trades with extremely low margins for error. Funding rates are high, stop-loss levels are small, and one must judge the direction correctly in a short time; once wrong, it leads to real losses or even direct liquidation.

3. The gap in psychological pressure is huge:

Can't sleep well at midnight, even dreaming of liquidation.

Watching the market makes my eyelids twitch, adding margin feels like paying 'life insurance'.

Spot trading offers time and freedom:

Sleep when you want to, do whatever you want.

Looking back, I surprisingly made quite a bit while 'lying flat'.

So the question arises: how to ensure steady profits in spot trading?

1. Achieve 'understanding before investing': Don't be an emotional investor.

Many people heavily invest in Ethereum and curse when it doesn't rise—this shows that you really don't understand what you've bought.

You need to truly study its mechanism, logic, development path, and core value, and clarify where its long-term growth power lies, otherwise, you won't be able to hold on.

'Don't invest without understanding' is not just a slogan, but the first principle of survival in spot trading.

2. Patiently waiting for the right opportunity: Don't blindly chase just because 'it's good'.

Chasing a good project when it skyrockets only helps others carry the sedan chair.

True opportunities always arise in low emotional areas.

When others throw it away as a 'hot potato', you dare to catch it steadily;

Instead of joining the frenzy when everyone is scrambling.

Investment is not based on emotions, but on cost-effectiveness. Truly excellent hunters know how to wait for prey to come closer.

In summary:

The core of making money in spot trading is the combination of understanding and timing.

Understanding what you buy is 'value';

Finding the right entry point is 'price'.

The combination of both is the key to navigating bull and bear markets.