#美国贸易赤字扩大 How to choose the leverage multiple for perpetual contracts? This is the answer I’ve gained from six years of market ups and downs. Leverage is never a printing press; it’s a magnifying glass — amplifying gains while ruthlessly magnifying human greed and fear.

Many traders always think about using high leverage to "gamble big," but end up trapped in a vicious cycle of losing more and trying to make it back, losing more and trying to recover. Today, I want to share my blood and tears experience to explain how to use leverage to survive longer.

**Leverage is a math problem, not a test of courage**

100x leverage sounds exciting, but a 1% price fluctuation can wipe out your position. The logic of leverage is simple: use a small margin to control a large position. But high leverage is like a drug for gamblers — addictive quickly, hard to quit.

So why did I once dare to use 5x leverage and make 350,000 in a day? The secret isn’t in leverage itself, but in position management and market judgment. My approach is "small position testing → trend confirmation → gradual position increase," starting with a small amount to test the waters, then adding as the trend and expectations align. The most important principle is: after making profit, withdraw the principal first, and let the remaining profit run. This keeps your mindset stable and helps you hold onto your positions.

**Different leverage configurations for different account sizes**

• **Small retail accounts** (<1000U): 10-20x is the life and death line; don’t open more than 20% of your account per trade
• **Medium accounts** (1000-10000U): 5-10x is more balanced; always set a trailing stop-loss
• **Large accounts** (>10000U): 1-3x is enough; use leverage to amplify gains, but hedge risks with sufficient capital

**Six iron rules for trading volume**

1. Rapid rise with low volume indicates accumulation by the market maker; rapid fall with low volume suggests funds are absorbing the sell-off
2. Slow rebound after a flash crash is often a trap
3. Sideways movement at high levels without volume usually signals an impending sharp drop
4. Bottoms should be confirmed by continuous shrinking volume, then gentle increasing volume
5. Volume is the market’s thermometer; candlesticks are just the result
6. The highest level of trading is "nothing": no obsession, no greed, no fear

**Stop-loss is not losing, it’s survival**

The art of stop-loss is: not to make money, but to stay alive. I use the ATR indicator to set stop-loss levels, take profits in stages, and most importantly, never let a profitable trade turn into a loss.

**The overlooked harvesting machine: funding rate**

Many ignore the funding rate, but it’s invisible blood. Avoid entering during periods with extremely high rates. Once the rate turns positive without a strong breakout signal, close your position immediately. Don’t fight the funding rate.

**Three survival rules**

1. Capital is the bottom line; never go all-in
2. Leverage should match market volatility
3. Feeling itchy to trade? That’s a sickness, treat it

Perpetual contract trading is essentially a survival game. The market runs 24/7, but only those who survive can laugh last. Remember: slow is fast. Incorporate the worst-case scenario into your plan, trade with confidence when it’s time to buy, be decisive when it’s time to hold, and be sharp when it’s time to sell — only then will your profits grow steadily.