The recent operations in contract trading have exposed many issues that are worth a deep analysis.

First, let's discuss the trading process. BTC opened a 5% initial position at 91,000, then added another 5% at 92,200. When it retraced to 90,100, only a 5% floating profit was closed. Afterwards, positions were added up to 15%. Logically, being bearish makes sense, but the fatal mistake occurred with the 5% position at 93,500 during the T+0 trade — no stop-loss was set. This was the biggest operational mistake in recent months. A T+0 position should have its cost immediately protected once profit is realized; this is fundamental. There were two opportunities between 93,600 and 93,000 to do so, but I failed to react and held on until reaching 97,900.

On the morning of the 15th, I also took a 10% T+0 position at 97,500. Looking back now, the risk level was really high. The liquidation price was pushed to 108,600, which completely violated my long-standing risk control system — luckily, I guessed the direction correctly, and closed the 97,500 T+0 position at 95,200, temporarily avoiding liquidation risk, but the psychological pressure during the process was immense.

Through this round of operations, the core logic of contract trading can be summarized as follows:

**First realization: Contracts are a probability game, not a faith war**

Accept the inevitability of limited losses. The market always contains uncertainty; even the most perfect strategy has its expiration. It’s necessary to set a maximum loss limit per trade (recommended no more than 10% of the position) to prevent a total wipeout from a systemic failure. Learn to distinguish between strategic floating losses and emotional holding. Within the preset stop-loss range, normal fluctuations of the trading system are tolerable, but once emotions take over, constantly adjusting stop-loss levels and replacing risk management with hope, you’re not far from liquidation.

**Second realization: Building psychological defenses**

Losses have already occurred and cannot be changed. What needs managing is the remaining capital, not the sunk costs. This mental shift is crucial.

**Practical stop-loss psychological techniques:**

Scenario visualization — imagine that you have already stopped out now; if the market continues to move in the opposite direction after three days, you will be glad about your decision. Conversely, if you hold on and eventually break even, the hidden opportunity costs and time losses are often overlooked.

Position mirroring — think in the opposite direction of your current position. If you were to open a counter-position now, would you be willing? If not, it indicates that this position is no longer suitable for holding.

A truly excellent contract trader is not someone who has no fear, but someone who can decisively hit the stop-loss button even when their fingers tremble. Every rational stop-loss lays a foundation for future profits. The market’s door is always open, but your capital is not infinite — protecting it is protecting your right to continue participating in the game.