#数字货币市场洞察 I've seen a very counterintuitive research finding:

Taleb (the author of "The Black Swan") specifically wrote a paper analyzing stop-losses. He used mathematical tools like Brownian motion and absorbing barriers to run the numbers, and the conclusion is pretty sobering—your stop-loss line in a high-volatility market may actually be a "money-losing machine."

Why? Because the market has noise. The price wobbles and triggers your stop-loss, so you sell. Then it bounces back up.

Repeat this a few times, and the losses just accumulate like that. What's even worse is the fat-tail effect: when a real big move finally happens, you've already been forced out by those small fluctuations. $ETH When the underlying asset is highly volatile, this problem becomes even more obvious.

So it's not that you can't use stop-losses, but don't blindly believe they can "perfectly control risk." Sometimes, they're actually the risk themselves.