After working in the crypto space for so long, the most common question newbies ask is this—what leverage should I open for perpetual contracts?

But honestly, this question is a bit偏. What truly determines whether you can survive is not the leverage倍数, but how well you control risk.

The threshold for trading contracts is actually very low; you can enter at any time, but you can also be directly wiped out by the market at any moment. High leverage is indeed tempting, with profits skyrocketing, but losses can be just as fast. Many people think that low leverage is safer and high leverage will lead to liquidation, but the reality isn’t that simple.

Leverage, frankly, is an amplifier of price fluctuations. What really threatens your position is the size of your position and your margin ratio. Using a few hundred dollars to control a position worth tens of thousands looks exciting, but a small market move can wipe you out instantly. What’s the most heartbreaking? It’s not misreading the direction, but actually being right about the direction, yet due to overbetting and not setting proper stop-losses, getting shaken out repeatedly.

So the true essence of contract trading is一句话：it’s not about how high a倍 you can open, but whether you can survive until the next trade.

These practical principles are much more important than obsessing over leverage倍数:

First, only use isolated margin mode; absolutely don’t touch cross margin. Isolated margin can lock risk into a single position, while if the entire account is wiped out, it’s game over instantly.

Second, always set your stop-loss orders in advance; never think about holding through a position. Once you start fantasizing "the market will turn around soon," you’re basically standing on the edge of liquidation.

Third, don’t set your profit targets too high each time; consistent profits are the real key. For example, earning 50 yuan a day on 500 yuan capital may seem small, but over the long term with compound interest, it’s much more reliable than trying to double your money in one shot.

Leverage is like a magnifying glass—it amplifies not only your gains but also your greed and self-control. There’s no such thing as an absolutely合理的倍数 in contracts, only what suits your personal risk tolerance.

In the crypto world, the biggest risk isn’t leverage itself, but your inability to control your desires. Steady and cautious is the way to go if you want to go far.