#美联储降息 The truth about liquidation:

Some people turn 100,000 into 1,000,000, then wipe out everything with a single large position.
Some select the right coins and time their entries perfectly, but die before dawn because they didn't set stop-losses.

I've experienced it myself: in 2023, I shorted BTC until it hit 35,000 and got liquidated; in 2024, I chased SOL longs and got wiped out after a small spike.

Only later did I realize that 90% of going back to zero isn't about luck, but because I never thought about how to exit alive.

**The key concept is three words: Know how to stop-loss.**

Contract traders who don't set stop-losses are essentially automatic ATM machines for the market makers. A 60% win rate is useless because one big loss can wipe out all profits. The true determinant of life or death isn't how many wins you have, but how much you lose when you're wrong.

**My stop-loss framework:**

- Set a stop-loss immediately when opening a position, calculated as the inverse of leverage (20x leverage = 5% stop-loss)
- Move the stop-loss to break-even when floating profit reaches 5%, lock in half of the profits at 10%, and at over 20%, retain 15% of the position
- After three consecutive losses, exit the market; when emotions run high, take the money out first

Real case: In May 2024, I went long ETH at 3600, using 20x leverage, risking 2%. I moved the stop-loss up as the price rose to 4100. The numbers aren't huge, but that's the price of staying alive.

**Final words: Stop-loss isn't being cowardly; it's a tactic.**

If you want to survive longer, you must admit that the first lesson in trading isn't how to win, but how not to lose too much.