#数字资产市场洞察 My fren suddenly visited on the weekend, before even stepping through the door, they shoved their phone right in front of my eyes - the screen was full of red.

"180,000 principal, now it's less than 10,000..." His voice was very low, and then he asked again, his eyes full of confusion, "I'm doing spot trading, not using leverage, how can I still lose like this?"

I am not surprised at all.

Speaking of which, when he first entered the crypto space last year, he patted me on the shoulder like this and confidently said: "I don't mess with leverage, I'll just steadily hold spot, making money is that simple."

This sentence is something that almost every newbie would say.

But reality is often very harsh -

Although spot trading won't lead to liquidation, it can gradually drain you.

The pit he fell into was not due to choosing the wrong track, but rather stepping into the most concealed trap of the spot market:

When the market is rising, one hesitates to close the position, always hoping it can go even higher; when the market is falling, one immediately adds to the position, self-hypnotizing by saying it's "lowering the cost." The position becomes heavier and heavier, but the confidence is actually supported only by empty fantasies.

It looks like "long-term value investment", but in reality, it's just being forced to hold on after being trapped.

The most heartbreaking thing is that spot trading has no mandatory mechanism at all. There are no warning lines, no forced liquidations, just time passing second by second, with capital, willpower, and judgment being eroded little by little.

By the time you really want to cut the meat, the account has long been unrecognizable.

Looking at the curve that was dropping down, I suddenly understood—

That's not a trading record; it resembles a gently sinking trajectory.

What can truly endanger lives in the crypto world has never been the leverage itself.

but rather that kind of self-deception of "should be fine"—

Unknowingly, going from a small position to a full position, and from a full position to a dead position.

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