#美国证券交易委员会推进数字资产监管框架创新 $BEAT and $PIPPIN, I want to start the discussion from a trading psychology perspective:

The most common mistake new players make isn’t lacking technical skills, but immediately thinking about leverage. The logic is simple—small capital, so why not use leverage to turn things around?

But what’s the reality? Doubling down with high leverage isn’t about "possibly losing," it’s **guaranteed to lose**—it’s just a matter of time.

Why is it so absolute?

Many people see leverage as a profit amplifier, but in reality, leverage never amplifies returns—it amplifies **volatility itself**. 99% of the market time is just oscillation, with truly trending markets being rare. During oscillations, constantly sweeping liquidity and hitting stop-losses is the norm.

You might have experienced this: you see the right direction, your trend analysis is correct, but you just don’t catch the moment when the market explodes. You get stopped out or get liquidated directly. This isn’t a matter of your analysis skills; the root cause is that your position structure was off from the start.

Think about what the exchange most wants from its users.

It’s not the ones who can profit steadily, but these four types—full-position traders, high-leverage players, frequent traders, and those who like to hold positions without stop-loss. Why? Because:

Stop-loss liquidity → the exchange’s counterparty
Liquidation funds → stable cash flow
Frequent trading → continuous transaction fees

You think you’re trying to "take a big shot," but in reality, you’re just fueling the market.

Those who truly survive long in this industry often have these traits:

• Trading with small positions to avoid a single catastrophic drawdown
• Using low or no leverage, able to withstand normal market fluctuations
• Making "staying alive" their top priority
• Valuing certainty over odds

It’s not that they don’t want to make big money, but they understand: opportunities always outnumber capital. The next big trend is always waiting for you, as long as you’re still in the game.

If you’re still thinking: relying on one or two big reversals, using 20x or even 50x leverage to solve problems—then you’re not trading, you’re speeding up your exit.

Let’s be straightforward: what you will eventually learn through experience—**the lessons you pay tuition for**.

And one practical final tip: since you’re trading, choose a platform with low fees. It may seem insignificant, but it’s actually the most basic and crucial decision. Long-term success or failure in trading often hinges on transaction costs.