Newcomers to trading always have a dream—buying the dip and rebounding, turning things around in one wave. But reality is often cruel: stop-loss points are inexplicably hit and immediately rebound, or if no stop-loss is set, you get liquidated directly; after finally winning ten small trades, a big fluctuation wipes everything out. I've seen this many times, and frankly—you're not losing to market conditions, but to the design of this game itself.

**Information asymmetry is the real killer**

Don’t think you’re competing against the market. In reality, your opponents might be the exchange, market makers, or big players. They hold two powerful tools:

On-chain data is fully transparent. Your stop-loss points and liquidation lines are clearly visible in the system. Large traders can precisely monitor retail traders’ bottom-fishing ranges on-chain and then deliberately "bottom out" to harvest a wave.

Creating volatility traps. During turbulent markets, they artificially sweep out most traders’ stop-loss orders, then bring the trend back to its original state. You might feel like you’re "stuck," but in fact, your cards have long been seen through.

I’ve seen this happen: a small coin suddenly drops 20% after a positive announcement, causing a bunch of long positions to be liquidated, only to rebound ten minutes later. It looks like an accident, but it’s a typical operation to wipe out retail stop-loss orders.

**High leverage is essentially an elimination mechanism**

In the crypto world, leverage can go up to 50x, 100x, or even 125x, something traditional finance can’t even imagine. But the real purpose of this isn’t to help you get rich; it’s to accelerate the淘汰 of players with poor risk resistance:

Market volatility can crush you at will. Bitcoin’s daily volatility exceeding 10% is common; with 125x leverage, a 1% move against your position can wipe out your principal.

Psychologically, you’re being manipulated. Once you use leverage, the obsession with "must recover" is amplified infinitely.