#美SEC推动加密创新监管 I've seen quite a few people asking recently: can contracts be touched at all? To be honest, the question itself is already wrong.

The real question is - how do you plan to play?

I have seen two types of people. The first type treats contracts like a slot machine, going all in with 100x leverage and wiping out in three minutes; the second type uses contracts as a hedging tool, making sure to earn every penny in a volatile market by holding spot on one hand and short positions on the other. What's the difference? The former relies on luck, while the latter calculates probability.

Let's clarify what a contract is first. Simply put, you don't actually need to buy and hold coins; you just need to judge whether the price will rise or fall. If you expect a rise, you open a long position, which is equivalent to "buying" low and "selling" high; if you expect a fall, you open a short position, "selling" in advance and then "buying" back at a lower price. The profit comes from the price fluctuations, and it doesn't matter whether you actually hold any coins. This is also why some people can still make money in a bear market—if the direction is right, a drop can also be profitable.

Beginners need to understand two basic types. Perpetual contracts have no expiration date, can be opened and closed at any time, have good liquidity, and won't get stuck; futures contracts have a fixed settlement time and will be forcibly liquidated upon expiration. It is recommended to start practicing with perpetual contracts - the rules are straightforward, and there's no need to keep an eye on the calendar to calculate time.

The key point is coming: how to avoid liquidation? Remember three critical points.

**First, leverage is capped at 5 times.** Don't believe in the nonsense of "125 times overnight wealth." 5 times leverage means that a 20% price reversal will lead to liquidation, while 10 times only leaves a 10% buffer. What beginners need is not to run fast, but to survive.

**Article 2: Limit a single stop-loss to within 3% of the principal.** Taking 10,000 as an example, the maximum loss in one transaction is 300. This way, even if you get it wrong three times in a row, you still have 9,100 left to turn things around. Many people lose 50% in one go, and no matter how hard they try afterwards, they cannot make it up.

**Article 3: Only trade mainstream cryptocurrencies like BTC and ETH.** Major currencies have deep market depth; both pumping and dumping require real capital, and their price movements are relatively logical. What about those small coins with a market cap of a few tens of millions? A couple of big players can control the market, and price manipulation is a common practice. Newcomers entering are just giving away money.

Lastly, to put it bluntly: if you still see contracts as a "gamble to turn things around," then no matter how many guides you read, it won't help. The market won't go easy on you just because you're short on cash. However, if you're willing to treat it as a skill that requires learning costs—setting stop losses, controlling positions, and only engaging in trends you understand—then it can be considered a relatively fair battleground.

Directions may be wrong, but the rules must not be chaotic. This is the only survival rule for contract trading.