In the adjusted market after the ETH merge, the total liquidation scale across the network surged to 180 million USD in 4 hours, with nearly 80,000 traders being liquidated overnight. One case is particularly typical — a retail investor's account had only 8000 U as the principal, could withstand a maximum drawdown of 400 U, but ended up forcefully investing 24,000 U with 6x leverage. On the surface, the multiple doesn't seem outrageous, but from another perspective, the actual leverage has quietly climbed to 48x. Ethereum only fell by 3.5%, and the account was instantly wiped out.

In contrast, those who have survived in the market for a long time play by completely different rules. They do not treat contracts as casino chips, but rather as risk hedging tools. Most of the time, they lie in wait, only making precise moves when the candlestick structure is clear and market sentiment is in place. Once they place an order, the take-profit and stop-loss positions must be clear; they exit immediately once they have made enough profit, and they do not trade frequently to hand over fees to the platform.

The secret to truly surviving in the contract market can be summed up in one word: restraint. Keep a single loss locked within 5% of your account, and when making profits, be generous and take the profits and run. This is the strategy that aligns with the logic of capital management.

The argument that contracts are just gambling actually fails to distinguish the essence. What is gambled is the luck of heavily investing in chasing uptrends and selling on downtrends, while survival relies on scientific position allocation, strict stop-loss discipline, and probabilistic thinking. Blindly rushing in is destined for a dead end; having methods and rules is necessary to go far. To change the situation of losses, the first step must be to establish a risk control framework.