When browsing community discussions, you often see a heartbreaking phrase: "It爆了 again, next time I’ll definitely break even." The high frequency of this phrase highlights the widespread nature of the problem.

Honestly, many people’s understanding of contract trading is limited to a "gamble a bit" mentality. They don’t realize they have no clear idea of what they’re actually doing. The line between risk and opportunity has long been blurred.

**The Truth Behind Leverage Numbers**

The "5x leverage" marked by exchanges sounds safe, but that’s just surface-level. The real situation is often more complicated.

Suppose you have 10,000 USDT in your account, and with 5x leverage, you can theoretically control a position of 50,000 USDT. But the problem is—your actual risk tolerance might not be that high. For example, you can psychologically withstand a loss of only 500 USDT, yet you open a 30,000 USDT position. Calculating the real leverage: 30,000 divided by 500 equals 60x leverage.

It looks like 5x, but in reality, you’re playing with fire. Slight market fluctuations can wipe out your margin. You become the market’s "cash machine," a stepping stone for liquidity.

What’s more ironic is that after a liquidation, many people’s first reaction isn’t to reflect on their own mistakes, but to shift blame: "The market maker inserted a needle."