#美国就业数据不及预期 The day before yesterday, a friend of mine reached out to chat, looking pretty down.

He said: "I was on the right track, held on for a few days, but in the end, the funding fees ate away at my profits like a slow-acting poison. When I got liquidated, the market actually started to go up."

I told him a harsh truth: "You didn't get the direction wrong; you were killed by the rules."

Many people trading contracts have only one thought in mind—if the direction is right, then they’ve won. But those who truly survive are never relying solely on their market predictions; it’s the small details that most overlook.

There are invisible knives in contract trading, cutting away one slice at a time.

**Funding fees are the most typical.** It may seem insignificant, but this is the real boiling frog scenario. No matter how correct your market direction is, as long as you are on the side of the outflow of funding fees, the longer you stay, the more your principal diminishes. Some people aren’t defeated by the market itself—they’re worn out by time.

**And then there’s the liquidation price trap.** You think you’re still far from your stop-loss, but in reality, the fees and slippage have already been factored in. The display shows plenty of margin left, but in truth, you’re already on the edge of the cliff.

**Leverage, don’t even get me started.** It’s not some cheat device; it’s a magnifying glass—amplifying your gains, but also magnifying all costs and risks. When the market fluctuates slightly, you disappear.

So, in this market, those who last the longest aren’t necessarily the ones with the strongest prediction skills—they’re the ones who understand their own boundaries. When to exit, when to reduce positions, when to let market rules work for them—that’s the core.

The market isn’t afraid of you making money; it’s afraid that once you understand it, you can stay calm and composed.