Contract Beginner's Survival Guide - Being the Last Monkey to Live --The full text is 1900 words, and it takes 5 minutes to read Just now, there should have been many short sellers of Binance New Coin who were about to cry but couldn't. Due to the Upbit news on WCT, this coin skyrocketed from 0.3 to 0.6 instantly. If you happen to be shorting this coin, no matter how much leverage you use, it's basically all gone. Even worse, if you are not using margin on a position by position basis, but in a full position mode and your position is relatively full without setting a stop loss, it is very likely that your entire account will be emptied in one go - not just a position explosion, but a direct "bankruptcy". In my previous articles, I mentioned: This cycle is slowly pushing retail investors from the spot market into the contract market, and countless retail investors are trying to follow the trend and make big money by blindly copying the market. Many of them did not realize the danger of the contract@ Liping007's expert said that contract players are lucky monkeys, which is actually true. You should know that according to some industry sources, users who open contracts on centralized exchanges have an average lifespan of only six months. This also explains why CEX has been constantly trying to attract newcomers to enter the market in the past few days - whether through contract experience bonuses, trading rewards, or various gamified guidance mechanisms. Because they know that most people don't play for long. I have been playing contracts on my own for 5 years, and short-term trading is not my forte. Recently, I have also been working hard to make up for it. But the reason why we haven't finished losing so far is also because we still approach every transaction with a mentality of walking on thin ice, always respecting the market and fearing that any mistake will lead to a big accident. So since the trend cannot be reversed, instead of earnestly persuading others not to touch the contract, it is better to face reality directly - provide some basic survival advice to those beginners who have already decided to do the contract, help them extend their survival time in this market, avoid detours, avoid pitfalls, and try to minimize losses. ~~~~~~~~~~~~~~~~~~~~~~~~~~ Six survival tips for contract beginners: 1. Always use "position by position" trading, never use "full position" The advantage of moving positions is to limit the risk to a single position, even if you make a wrong judgment, you will only lose money on that order. I have seen many people accidentally forget to set a stop loss after using a full position, resulting in heavy bleeding. Remember: Position isolation is the first line of defense for living longer. 2. Don't take on orders, don't take on orders, don't take on orders (say important things three times) This is the easiest pit for newcomers to step into, and also the most costly pit. Human instinct is to hate losses, so when faced with floating losses, most people choose to "hold on" and wait for the market to reverse. But please remember: At most, the spot price will return to zero, and the contract will continue to bleed. Many friends start with 'not wanting to admit defeat' and eventually turn a mistake into a disaster. A small wound eventually turned into a fatal injury. 3. Control your 'tuition cap' and prepare for full compensation This is the advice given by Wei Shen, one of my most admired trading masters @ colish: Most newcomers enter the contract market with the mindset of 'I want to make money'. But the reality is: you are likely to experience a significant pullback after winning a few times at the beginning, losing all the money or even the principal. This is the tuition fee, almost no one can skip this stage. Before achieving stable profits, all the principal you bring may become tuition fees, and the verification period for stable profits is calculated in N years. Be mentally prepared for this. 4. Reduce leverage ratio Nowadays, many exchanges offer leverage of 100 times or even 200 times, which may seem very exciting, but for beginners, it is like "poison". The higher the leverage, the lower the fault tolerance. If the market fluctuates slightly, you will explode For shanzhai, newcomers should not exceed 5 times, and mainstream coins/large cabins are recommended to be controlled within 3 times. The true masters pursue victory rate and long-term stability, rather than sudden wealth. If you find yourself fond of the trading model of high magnification knife edge licking blood, the path of Japanese cherry blossom girls is waiting for you. But we also need to see if there is the capital to recoup the blood 🤣🤣 5. When your mindset is stable, establish your own "trading discipline" Many people completely lose control during sharp rises and falls, frequently adjusting leverage, changing stop loss, chasing orders and increasing positions, and end up losing control. The contract market is not about who is smarter, but about who can control themselves. You must establish rules when you are calm and follow them when you are emotionally excited. For example, the picture posted by @ xtony1314 is a very basic and simple trading discipline. 6. Find traders worth learning from and observe their reviews more often You don't need to work alone in isolation. On Twitter and in the community, there are actually many people willing to publicly disclose their trading logic, actual trading records, and review experience. You can find a big V with a trading style that you agree with, go over his review, see his ideas, and then practice imitating them with a demo or small fund account. The traders I have been observing recently are @ thankUcrypto @ xiaomucryptio @ daidaibtc @ colish. It's not about blindly following orders, but about learning more from their thinking and reviewing. This can not only accelerate your understanding of the market, but also avoid taking many wrong paths. ~~~~~~~~~~~~~~~~~~~~~~ Final summary: The world of contracts is extremely cruel, but there is still a way out. These six suggestions are my summary based on my five years of trading experience and observing countless friends around me who have experienced liquidation, withdrawal, and successful struggles. Not a universal formula, but they did help me survive longer. If you also decide to end up, then at least be prepared to "survive" first. Don't rush to make a lot of money and go out to share your earnings, try to live longer than others first.