The phone ringing at three in the morning shattered the tranquility of the night. On the other end was my cousin's almost broken voice: "Sister, my 6000 yuan account is completely gone." Looking at the screenshot she sent, I was instantly frozen—5800 USD was all thrown in at once, using 5x leverage to go long, without even setting the most basic stop loss. With just a 3% market adjustment, the account was completely wiped out. This wasn't trading at all; it was like jumping off a cliff with your eyes closed, while hoping someone would catch you in mid-air.

How many people around you have been brainwashed by the phrase "full margin quick wealth" and do not understand a fundamental truth: full margin is the biggest illusion in the market. It creates a false sense of full-speed sprint while completely removing the most critical brake in your trading.

We often hear stories like this: someone used leverage on their entire account and made a huge profit, achieving a surge in wealth. These stories spread like a virus among the crowd, constantly stimulating everyone’s desire for sudden riches. Behind the all-in bets, there is actually an obsession with quick wealth and the psychology of a gambler at play.

In the inherently volatile market of cryptocurrencies, trading with a full position amplifies the market fluctuations infinitely, causing your gains or losses to appear extreme. According to trading data statistics, accounts that adopt a full position betting strategy can experience a maximum drawdown of negative 54%, with a win rate at a very low level.

Do you remember the incident when Bitcoin plummeted 8% in a single day? A total of 1.64 million investors faced liquidation during that market event, with total losses reaching up to 19.2 billion dollars. Even more alarming is that among these liquidated investors, approximately 87% chose to engage in full margin trading. Once a large fluctuation strikes, all positions are cleared in an instant, leaving no opportunity for a reversal.

What truly ends the account is not the leverage itself.