Many friends who are new to contracts tend to suffer losses easily, and the most common mistake is confusing two types of contracts. Have you ever experienced your position being suddenly liquidated? It is often because you opened a quarterly contract. These types of contracts have a clear expiration date, usually with forced liquidation and settlement on the last Friday of the quarter. Once they expire, there is no room for negotiation. If you still hold on until expiration, the system will automatically settle your position at the delivery price, and you will have to accept the loss. In contrast, perpetual contracts are much more flexible—they have no fixed expiration date and can theoretically be held indefinitely, depending entirely on when you choose to close the position. When new coins are launched, pay special attention, as many times the default is a quarterly contract. Therefore, it is recommended that beginners clarify which type they are trading before operating, so they don’t open positions blindly and end up being forcibly liquidated unfairly.