#MSCI未排除数字资产财库企业纳入范围 $CLO Everyone! Frequent liquidation of contracts has many blaming the market, but the real issue lies in a shallow understanding of trading mechanisms.

Recently, a friend analyzed himself: he saw the right direction, held on stubbornly, and as a result, the funds gradually drained from his account like ants gnawing on bones, until he was forcibly liquidated. Just as he left, the market surged.

This kind of story has played out countless times in futures trading—what kills you isn't necessarily the market, but often the silent erosion caused by exchange rules behind the scenes.

**Rules are the real cost**

People obsess over K-line charts but ignore the true killers of contracts—funding fees, transaction fees, and liquidation mechanisms, these three mountains.

Funding fees are deducted every 8 hours. Going all-in on a position is essentially gambling on time. My strategy is simple: in markets where funding fees are rising, I mainly take short-term positions, prioritizing being on the paying side. Mid-term positions? Absolutely avoid holding through. Correctly predicting the direction but seeing the account shrink—that's the most costly "victory."

**Liquidation lines are much more dangerous than you think**

Does 10x leverage really require a 10% drop to be liquidated? That's an overly idealized calculation. In reality, with transaction fees and maintenance margin pressure, the liquidation line is already behind you.

My approach: prioritize isolated margin mode, keep leverage strictly between 3 and 5 times—allowing enough room for market trial and error. The market can fluctuate repeatedly, but the account must never run out of breath first.

**High leverage isn't for holding positions**

High leverage is always a double-edged sword. While profits can expand, costs and psychological pressure also double. A simple principle: the longer the holding period, the lower the leverage should be; only short-term trading deserves high leverage.

Most people don't lack the ability to trade futures; they just go astray from the very first step. Exchanges aren't afraid of your losses—they're afraid that you'll truly understand their rules.

To trade futures steadily, don't just focus on betting the direction—first, thoroughly calculate and understand your costs.