#美联储重启降息步伐 After eight years immersed in the digital asset market, I've seen too many investors go from passionate enthusiasm to quietly exiting the scene.

Whenever someone complains to me, "Why am I always losing money?" I throw out four points—these were all summarized from the ruins of liquidated accounts, and almost every losing story fits into one of these four traps.

**Trap One: Can't stop trading.**

Many people treat trading like gambling, thinking "doing nothing is a waste." They stare at candlestick charts and make over a dozen trades a day, thinking they're "chasing volatility." But if you calculate the cost of fees and slippage, your principal can shrink by 30%. Real opportunities are rare; the more you try to earn, the easier it is to be led by the market.

**Trap Two: Excessive leverage.**

A lot of people dream of "making it all back in one go," putting 80% of their principal into one coin, and then stacking 10-20x leverage. I know a guy who did multiply his money several times with leverage, but later, almost sleepwalking, he went all-in on a meme coin, the project team disappeared overnight, and his account went straight to zero. Leverage is a double-edged sword—it can amplify your dreams, but also your nightmares. Even a 5% move against you can wipe out your account overnight.

**Trap Three: Take profits quickly, hold onto losses.**

This is the easiest psychological trap. As soon as they make 5% profit, people get anxious and have to cash out; but when they’re losing, they get a gambler’s mentality, waiting for a "rebound" even after a 30% loss. Some people watch the price break through support and still double down, only to lose 80% of their principal with no chance of recovery. The biggest risk in the market isn’t taking profits too early, but cutting losses too late.

**Trap Four: Not setting stop-losses at all.**

Too many trades are made on gut feeling, with no risk planning in advance—always believing "the price will go my way." But the crypto market has no guaranteed trends; one piece of bad news or a market crash can cut your position in half. Not setting a stop-loss is like driving without a seatbelt—it’s fine when things are calm, but when something happens, it can be fatal.

Almost everyone I know who has survived in this market treats "stop-loss" as a strict rule. Even if they occasionally get shaken out, it’s much better than their account being wiped to zero.

In recent years, with the Fed restarting rate cuts, volatility has increased, making risk management even more critical. Many newcomers make these four mistakes even more easily in such uncertain environments.

To put it simply, the logic of making money in crypto assets isn’t complicated:

Trade less, stay away from high leverage, learn to take profits and cut losses, and always respect risk.

If you can protect your principal and avoid liquidation, you'll have a chance to wait for a real profit cycle.