The increasing number of liquidation news in exchanges shows that there are always people losing everything. Having been in this industry for over ten years, I’ve seen too many people treat full-margin leverage as a shortcut to turn things around, only to end up becoming market "chives." Let’s talk straightforwardly: the true winners and gamblers differ mainly in risk control.

**What Do Liquidation Data Tell Us**

During the Bitcoin dip below $85,000 in December, over 120,000 traders were liquidated worldwide within 24 hours, with $500 million evaporating directly. Looking back at previous records, there was a similar event in November last year, with 140,000 liquidations and $36 million wiped out—most of these were long positions chased and then crushed. These numbers may seem cold, but each one represents real capital lost.

Some borrow money to leverage, others sell their houses to bottom fish, but ultimately, none can escape the lessons of the market. Why is it hard to dissuade them? Because people always have a luck illusion—"It won’t be me who gets unlucky." When the market heats up, various voices shout "$100,000 is just around the corner," who remembers the words "position management"? But the reality is, cryptocurrencies have no daily limit up or down, and volatility is like an earthquake—high leverage is like building houses in a danger zone. Even if your first 9 judgments are correct, just one black swan event—such as a sudden Fed policy change, exchange malfunction, or whale dumping—can wipe out your account in minutes.

**Small Capital Requires More Strategic Care**

People often say, "With such a small principal, how can I turn things around without taking a risk?" This sounds motivating, but gambling is not the same as strategic investing. True betting involves using methods to improve win rates, not just going all-in.

For example, with a principal within 300,000, you might consider the "713 strategy"—allocating 70% of your position to highly certain assets, such as those supported by policies or with solid fundamentals (like Bitcoin, Ethereum); the remaining 30% is for exploratory positions. This way, even if your overall direction is wrong, losses are limited to what you can bear. Small capital doesn’t mean you should be more aggressive; it calls for more rationality.