Having been involved in the crypto space for so many years, I’ve watched wave after wave of newcomers flooding into the contract market, all driven by the dream of “turning things around” with a single shot. And almost nine out of ten will come to the same conclusion — “If I had another chance, I’d never touch leverage again.” The current market is so volatile it’s absurd; Bitcoin can swing over 5% in a single trading day, and high-leverage contracts? Basically, it’s like playing a game with sharks. You think you’re surfing, but in reality, you’ve already been targeted.

Many people’s first experience with contracts is pretty much the same: try with a small amount of money, catch a wave of market movement, and within a few days, their account might multiply dozens of times. That feeling is like taking steroids — incredibly exhilarating, but afterward, it’s impossible to return to a normal mindset. The problem is, the market’s hunting game has only just begun.

Looking at real data makes it clear: in October this year, Bitcoin’s sudden crash wiped out 15% in one go, with $19.3 billion in contracts liquidated in a single day; by early December, another wave hit, with over 190,000 people being liquidated, 87% of whom were long positions. The money earned by luck ultimately has to be paid back at face value, along with a growing gambling mentality that’s hard to shake.

Why is contract trading so addictive? The core reason boils down to two words — compression. It compresses the volatility that would normally take months in traditional stock markets into just minutes. But what’s the cost behind this stimulation?

First, there’s almost no room for error: if you open a 10x leverage position and the price moves just 10% against you, your margin is wiped out instantly — no room for negotiation. Second, emotions completely hijack rational judgment: staying up late to monitor the market becomes routine, and when you see losses, you want to double down, add more positions, and keep adding — until your entire account is unrecognizable. Under this high-pressure environment, people easily lose their judgment. They know the risks are high, but they feel anxious and just want to gamble to get back what they lost.

This is the most terrifying part of contract trading — it’s not just a financial tool, but also a test of human vulnerability. Luck will eventually run out, but the psychological dependence it leaves behind is very hard to break.