The market really teaches people some lessons.

Many only realize after suffering losses—that stories of accounts growing from 100 to 10,000 and then returning to zero mostly stem from the same mistake: refusing to cut losses.

People tend to blame unfavorable market conditions, sudden bad news, or bad luck. But upon closer reflection on real liquidation experiences, a harsh truth emerges: 99% of dead accounts die from stubbornly holding on.

Recently, I encountered a case where a friend was trading contracts and didn’t set a stop-loss level when opening a position. A normal counter-move occurred, and the account was wiped out immediately. I’ve seen this story too many times.

What’s most heartbreaking are those accounts that were on the way up. They grew to a decent size but lost everything due to stubbornly holding a single position. I’ve fallen into this trap myself. Back then, I kept thinking, "Just wait a bit longer, it should rebound," but the market gave me a cold answer: you might get lucky many times, but it only takes one mistake.

Almost every liquidation starts from that phrase "Just wait a bit longer."

Only later did I truly understand—survival isn’t about having a high win rate, but about protecting the stop-loss line.

The current approach is straightforward: before opening a position, think through the worst-case scenario. Once the loss hits your acceptable limit, exit immediately. Contract trading isn’t about making a big comeback in one shot; it’s about not getting wiped out in one move. Keeping the account alive is the only chance.

When there’s unrealized profit, start trailing your stop-loss. Lock in the profits gradually; the market can pull back, but there’s no need to give all the gains back. Many overlook another dimension—emotional stop-loss. After a series of losses, step away from the charts; after a series of wins, reduce your position size or withdraw funds when overly excited. Many decisions made in high emotional states don’t hold up under calm reflection.

To be honest: stop-loss is never surrender; it’s a tactical retreat. Those who can truly go far are not those who never make mistakes, but those who can afford to make mistakes, exit quickly, and most importantly, stay in the game.

Market opportunities are always there, but what’s truly lacking is the capital to survive until the next opportunity arrives.