#美联储联邦公开市场委员会决议 $ZEC

The question of leverage selection for perpetual contracts is the one I have heard the most in the past ten years. From novices to masters, almost all of them have fallen into this pit.

Let's be honest first: leverage itself is not a tool for getting rich, but a double-edged sword. If you use it correctly, it will be an accelerator, and if you use it wrong, it will become a meat grinder.

What is the biggest difference between perpetual and futures? There is no expiration date. It sounds free, but this freedom hides risks - you can enter if you want, you can flat if you want, the benefits are doubled, and the risks are doubled. The temptation lies in this flexibility.

A while ago, a trader told me that he often opens 30~50 times leverage. I asked him why he didn't just drive 100 times? He replied, "It exploded too fast." I laughed – because that's the problem.

The same principal is on BTC, 30 times requires 16U margin, 50 times requires 10U, and 100 times only requires 5U. When the multiples change, the entire risk-return model changes. 1 times like an old cow is stable but slow, 100 times like a rocket but must have a complete stop loss system, otherwise a slippage point will bottom.

What really makes people liquidate is often not how high the leverage ratio itself is, but the chaotic position management and too thin margin setting. If you take a few hundred U and want to pry dozens of times the large position, you will be swept out when you encounter normal fluctuations. The most uncomfortable thing is that the direction is right, but it is liquidated in advance.

So the core problem is not that I am afraid of high leverage, but that I have not left buffer space for myself. The margin must be able to withstand normal market shocks on a daily basis.

To avoid being taught a lesson by the market, I summarize three iron rules:

First, use the isolated warehouse mode, don't move to go full at every turn. Warehouse by position makes the risk controllable, and the full position is the gambler's game.

Second, the stop loss must be set. Carrying an order is essentially signing an agreement with the liquidation, and there is no way out without stop loss.

Third, don't be too greedy for goals. With a principal of 5000U and a stable 50~100U per day, the power of compound interest is stronger than most people think.

In the final analysis, leverage amplifies not the market trend, but your mentality and executive discipline. Most people lose not to the market, but to their own greed.

The last sentence remembers: it is safer to control 100 times the loss than 5 times without a stop loss. Perpetual contracts do not rely on luck, but on the trading system. The leverage itself is right, loss of control is the problem.