Risks are never in the market itself; it all depends on how you allocate your positions.

At 2 a.m., my phone kept vibrating. A trader friend from Jiangxi sent over more than ten voice messages, clearly anxious: "Bro, I opened a 10x full position with 10,000 USDT, and it only dropped 3% before it was gone. How is that possible?" When I checked the trading record, I saw that he had directly committed 9,500 USDT without setting a stop-loss.

This is very common in the crypto world. You can hear similar stories every now and then, each time making your heart skip a beat. The original intention of full-position mode is to give traders more flexibility, but most people misunderstand it—they think "full position equals being able to withstand big fluctuations," but in reality, it becomes the fastest way to zero.

**Position size is the real killer**

This friend’s case is not an isolated example. Using 95% of the principal to open a 10x position, a 3% adverse move in the market will wipe out the account.

For comparison, with a 1,000 USDT account:
- 900 USDT opened with 10x leverage, a 5% adverse move → liquidation
- 100 USDT opened with 10x leverage, a 50% adverse move → liquidation

See the difference? The key to liquidation isn’t the leverage multiple, but how large your position size is relative to your account. Although full-position mode shares all funds as margin, seemingly offering more buffer space, if you bet too heavily, even a slight market shake can knock you out.

What’s even more painful is that full-position trading completely locks in your flexibility. When the market drops, you have no bullets left to add to your position and lower your average cost; when a good opportunity appears, you can only watch helplessly. It’s like throwing all your troops into the front line in one go, with no defenses at the back—making the chance of being encircled extremely high.