#美联储回购协议计划 Over the years in this circle, I've seen too many people say they are here to "hold long-term."

A few years ago, I also deceived myself this way. My principal wasn't large, so I relied on time to buy space, waiting for a big market turnaround. But what’s the reality? The vast majority can't hold their positions. Markets come in waves—either they cash out early and cut losses, or a black swan event sends them back to zero. Have you heard of projects running away or teams disbanding? Maybe your mindset can wait, but your principal might not.

Later, I started trading derivatives. Not because I wanted that thrill—honestly, it was because the feedback is fast.

Trading on BTC and ETH, your judgment can be validated in minutes. By the way, your account immediately shows gains; if you're wrong, you just hit a stop-loss, and the loss is controlled. The low barrier of perpetual contracts combined with instant feedback allows retail traders to enter with efficiency comparable to institutional funds for the first time. Without these derivatives, the activity level and capital scale in the crypto space wouldn't be what they are now.

But there's a big premise—**only trade mainstream coins**.

Never touch altcoin contracts. Don’t ask me why—just don’t touch them. Those small coins usually end with one outcome: zero. Trading a garbage project on a contract is like voluntarily walking into a crematorium, and you’re stepping on the accelerator yourself. When the project team withdraws, the price crashes instantly—forget technical analysis or risk control models, they’re all useless.

This isn’t a tool problem; it’s that you chose the wrong battlefield.

Anyone who has been liquidated understands that feeling. At that moment, the truth becomes clear—the problem is never the contract itself, but me. Ignorance, greed, and stubborn refusal to admit mistakes.

Are there many people making big money in crypto? Yes, definitely few. But anyone who can make steady profits, whether in spot or derivatives trading, always sticks to the same red line: **only bet on assets with consensus, and keep risk within controllable limits**.

To put it simply, derivatives are both an amplifier and a mirror for ordinary people.

Use the right battlefield, and it’s leverage that allows you to make big gains with small capital; use the wrong place, and it’s a slide that gets you out quickly. Without perpetual contracts, this market wouldn’t be so active or full of opportunities; but if you don’t understand the rules and rush in, you’re just throwing money away.

Tools themselves don’t hurt people. What hurts is that heart—eager to get rich fast but unwilling to learn, unwilling to follow rules.

Finally, I ask you: are you here to trade, or to gamble?

If you can’t figure out this question, the same outcome awaits in any market.