(These are just personal experiences shared and do not constitute investment advice)

Having been in the industry for over four years, I’ve experienced all kinds of market ups and downs—my account has multiplied tenfold, and I’ve also seen situations where everything vanished within a few minutes. Today, I want to share some honest thoughts about why this market looks like a casino, yet still attracts a continuous influx of people.

**The temptation of leverage is compressing a decade of dreams into ten minutes**

You’ve probably done the math: opening a 100x contract with 10,000 yuan capital, a 1% market move can earn you 10,000 yuan. In just a few minutes, it’s equivalent to a year’s worth of work. Indeed, this is not a fantasy—but that’s only the first half of the story. A 0.5% move in the opposite direction can wipe you out entirely.

What is the essence of leverage? It turns "a decade of accumulation" into "instant results." An ordinary worker might take ten years to save a million, but in the crypto world, a single market wave can do it in a short time. Sounds exciting, but math is ruthless: losing half requires doubling up to break even, losing ninety percent requires ninefold leverage to recover. In high-leverage games, liquidation isn’t a low-probability event—it’s a high-probability one.

So why do people still rush in? Open social media, and you’ll see screenshots of traders showing off 230% returns, with captions saying "Crypto is the last chance for ordinary people to break through the social class." No one posts screenshots of accounts that got wiped out. Casinos only promote winners; losers quietly fade into the background.

**Those who survive rely not on luck, but on cold discipline**

Over the years, I’ve seen many people—some treat contracts as gambling, others see it as a probability game. Those who truly survive in this market are the latter. My trading framework has three iron rules:

**First, the maximum loss per trade is 2% of total capital.** Sounds simple, but executing it kills the greed inside. For example: with 100,000 yuan, a single stop-loss is at most 2,000 yuan. Even if you lose ten times in a row, that’s only 20,000 yuan lost, leaving 80,000 yuan in the account. Such a setting helps you stay alive longer.

**Second, even with a 99% win rate, prepare for that 1% black swan.** History has shown many flash crashes, policy changes, exchange incidents—all black swans. Many realize at that moment that “something that will never happen” suddenly does.

**Third, emotional swings are the easiest way to destroy an account.** Wanting to increase position size after three wins, or trying to double up after a setback—this is gambler’s psychology. The professional approach is: systems are systems. Don’t change the rules because you’re winning, and don’t add to positions because you’re losing.

This market can indeed create wealth stories, but only if you survive long enough. Most people’s problems aren’t lack of intelligence, but poor discipline, weak risk control, and being driven by emotions. Leverage amplifies not just gains, but also human greed and fear. Recognizing this might be the first step toward truly understanding this market.