After years of fighting in the exchange world, I've seen many people enter with dreams only to leave in disappointment. Every time someone asks me "Why do I always lose money," I tell them the same four lessons—these are real lessons learned from countless margin calls, and 90% of losers have stepped on these mines.

**First Pitfall: Treat trading like gambling, being restless makes you lose more**

I've seen too many people enter and exit ten times a day, staring at K-line charts, afraid to miss any fluctuation. On the surface, they're trying to catch the difference, but if you carefully calculate fees and slippage, your principal quietly shrinks. Truly worthwhile opportunities are few and far between; patience is needed to wait. The more eager you are to "do more trades," the easier it is to be led by the market, ultimately becoming someone who works for the exchange. Holding no position isn't a loss; it's preparing for the next opportunity.

**Second Pitfall: Over-leverage with high leverage, it's a gamble with your life**

I know a guy who once doubled his funds with leverage in a short period, but later he put most of his assets into a shanzhai coin, using 10x to 20x leverage. When the project team ran away, his account was wiped out instantly. Leverage can amplify your gains, but it can also infinitely magnify your losses. If the market moves against you by just 5%, your account could be wiped out. In crypto, there's no such thing as a "sure-win gamble," only "greed that will inevitably lead to loss."

**Third Pitfall: Take profits early, hold on through big losses**

This is probably the most common trap. Take a 5% profit and rush to close the position, afraid the profit will slip away; but if you lose 30%, you stubbornly refuse to admit defeat, always hoping for a rebound to recover your losses, even adding more to the position. The result? You lose 80% of your capital, with no chance to bounce back. The market isn't afraid of you taking profits early; it's afraid of you holding on too late. The trading pattern of "small wins, big losses" will eventually get you eliminated.

**Fourth Pitfall: No stop-loss, like driving without a seatbelt**

Too many traders make decisions based on intuition, never planning their risk tolerance in advance. They always think "the market will go as I expect." But in crypto, there's no guaranteed trend—one piece of bad news or a sudden plunge can cut your position in half. Without a stop-loss, it's like driving without a seatbelt—seems fine most of the time, but one accident can be deadly.

Those who survive long-term in crypto almost all treat "stop-loss" as an iron rule. Even if they get shaken out by the market occasionally, it's much better than losing everything in a margin call. The simple truth is: making money in this market is about reducing ineffective trades, avoiding the temptation of high leverage, knowing when to take profits and cut losses, and respecting every bit of risk. Preserving your capital is the top priority; with capital intact, you have the right to wait for the next real profit opportunity.