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 read the market, but because they don't know how to cut losses.
Really, there are too many people around me who have been liquidated.
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 longer, it should come back.
And as everyone guessed,
the market accelerated and went straight to zero.
I'm not surprised at all by this kind of thing, because I used to die like that myself.
In 2023, I have one particularly deep impression.
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—nothing happened.
It went straight to liquidation.
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.