The WeChat video call at 2 a.m. changed a friend's entire life trajectory. On the other end of the screen, his face was pale, and his voice was trembling: "It's all gone, 100,000 yuan just disappeared like that." He used 10x leverage to go all-in on a position, didn't even set a stop-loss, just waiting for the market to send money. As a result, a sudden fluctuation wiped out his account.

I also recall my early days in the trading world. Following the trend and chasing high, pouring all my funds into a popular coin, still thinking about that money when the screen was red. Then a big bearish candle dropped, and the game was over.

I've heard stories like this too many times. Brother Maji was liquidated 71 times in 19 days, and over $21 million evaporated just like that. James Wynn used 40x leverage to long Bitcoin worth $1.25 billion, ultimately losing nearly $100 million. What's even more heartbreaking are the unknown players—they lost everything in minutes in high-leverage contracts.

The clear fact in the crypto world is: 90% of people will lose and be forced out. Not because they lack intelligence or effort, but because of mindset issues. Most people prioritize "how to make money" over "how not to lose."

On October 11, 2025, Bitcoin plummeted 8%. Within a day, 1.64 million investors were liquidated, and $19.2 billion in funds simply vanished. Among them, 87% used full-margin mode—one fluctuation and they were all wiped out. This is not a coincidence; it’s inevitable. Very few truly understand the value of risk management. Without experiencing that bone-deep pain, it’s hard to truly grasp this principle.

Risk control is not about setting limits for yourself; it’s about keeping you at the table. Surviving is always more important than anything else.