#密码资产动态追踪 From 300,000 to 3 million, then down to only 600,000 — that Christmas, I learned what a merciless market really is in just three days.

That experience in Shenzhen in 2018 changed my understanding of leverage. Using 20x leverage to go long on ETH, I made 400,000 in a single day and thought I had found a cash machine. But the two hours of liquidation on May 19th wiped out 600,000. My heart was pounding like it was about to jump out of my chest, and I finally realized that "waiting a bit to break even" is just self-hypnosis.

Since then, I’ve summarized a few ironclad rules that all surviving traders understand:

**Leverage is not wings; at most, 3x can see the light of day.** The volatility of the crypto market kills your reaction speed in seconds. Using more than 3x leverage is gambling your account on luck. I learned this lesson the hard way and arrived at this number.

**Control each position within 5% of your account.** Even the most promising coins aren’t worth going all-in on. Mainstream coins like BTC and ETH make up 85%, and the remaining 15% is for lottery-like altcoins. Fireworks that fade in two seconds shouldn’t be considered treasures. I once chased a "domestic Ethereum" from 250,000 to 1,500,000 without reducing my position, only to watch it go to zero in the end.

**An 8% stop-loss is your bottom line; you must wear it.** Cut your losses when it hits the limit—no excuses. Ask yourself: can I calmly enjoy hotpot if my account is wiped out? If not, set a stop-loss order obediently. This is the minimum cost to survive.

After five years, my capital curve finally stopped plunging vertically. The biggest victory in the market isn’t making the most money, but surviving the longest.