Ten times leverage is an ice cream cone, just lick it a couple of times and it melts, don’t treat it as a meal.

Last night at eleven o'clock, my cousin Ajie sent a screenshot: 20 times short position, BTC 96.8k→95.2k, made 3400U in twelve minutes, captioned 'found the ATM'.

At two in the morning, he voice messaged with a crying tone: 'I got liquidated, only 87U left.'

I am not surprised at all — the futures market plays the same movie every day, only the lead roles change names, but the plot stays the same.

Why does everyone jump into the fire pit knowing full well? I summarized 'three stimulants':

① Huge profits are like drugs.

A 10% rise in spot feels nothing, but a 10 times leverage can instantly be 100%, adrenaline kicks in immediately.

On December 8, ETH surged 8.4% overnight, screenshots of high-leverage long positions doubling in one night exploded on Twitter, as if everyone was a stock god, yet no one shared the -70% liquidation order the next day.

② You can make money even when it falls.

Spot is like a dull knife cutting flesh, but a short position can be opened with one click.

On the 9th, altcoins collectively dropped -15%, short sellers were so excited they couldn't sleep, but most forgot that a 3% spike could take them away — the two-sided sickle can always cut you on one side.

③ The rhythm is fast enough to make your heart race.

Win once and think you’ve figured it out, lose once and immediately go all in to recover, exchanges profit from transaction fees:

A certain platform's Q3 financial report showed that futures transaction fees accounted for 58% of revenue, and the anxiety of retail investors is their cash flow.

Want to live longer? Weld 'three small vests' onto yourself:

1. Write a will before opening a position: profit-taking and stop-loss should be on a chain, don’t let yourself hesitate at the moment.

2. Position size ≤ 30% of principal, leverage ≤ 3 times, anything higher is just working for the platform.

3. If the market is unclear, don’t open a position; if the direction is unstable, don’t increase your position, treat 'missing out' as the norm.

Ajie woke up this morning and recharged 2000U, saying he wants to recover his capital. I replied with one sentence:

'If you don’t pick up discipline, don’t come to me for money when you get liquidated next time.'

Futures are not unplayable, but remember: just lick the ice cream cone a couple of times for satisfaction, anyone who treats it as a meal will be waiting for a stomachache.

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