Many people ask me a question: why do so many contract traders end up losing everything?

I usually only reply with one sentence: not because they can't understand the market, but because they don't know how to cut losses.
Really, there are too many people around me who have been wiped out.
Yesterday, a fan also sent me a message, saying they opened a position with 10x leverage and didn't set a stop loss.
He said he had only one thought at the time: wait a bit, it should come back.
And as everyone guessed,
the market accelerated and went to zero instantly.
I'm not surprised at all by this kind of thing, because I used to die like that myself.
In 2023, I have one memory that is especially deep.
At that time, BTC was surging from 28,000, and I opened a short with 5x leverage.
I was very calm and kept reassuring myself: it will pull back after a rise, then I’ll close the position.
But it kept rising to 35,000.
And then—there was nothing after that.
It was wiped out instantly.
Another time was SOL, when it just broke above 120, and I chased a long with 10x.
Thinking it would break the previous high and then I’d exit.