In early December, the crypto market staged another heart-stopping liquidation drama.

The protagonist this time is a trader named Maji. At 8 AM, the price of ETH suddenly plummeted like a kite with its string cut. His long position account instantly turned from profit to loss, and then—liquidation notification popped up.

Here's the thing: a few days ago, Maji made a bold move by investing 1 million dollars. With an aggressive strategy of continuously adding positions, the account balance ballooned to 2.08 million like a blown-up balloon. The doubled return must have made him feel like he has deciphered the market's secrets.

However, this morning's large bearish candle ruthlessly shattered the illusion. The account with 2.08 million now has only 360,000 left. In just a few hours, over 80% of the funds evaporated.

This kind of plot is actually not uncommon in the crypto market. Leverage is like a double-edged sword; when the wind is at your back, it makes you feel euphoric, but when the wind is against you, it sends you straight into the abyss. Many people, after continuous profits, develop the illusion that they have mastered some kind of "sure-win strategy," and thus they play bigger and bigger.

But the market never follows the script. It will teach you a lesson in the coldest way when you are the most inflated.

The story of Maji reminds us: in this 7×24 hour non-stop battlefield, risk management is always more important than chasing profits. Today you are the hunter, but tomorrow you might become the prey.