#美联储回购协议计划 "Is it true that if you have a small principal, you need to play with high leverage to turn things around?" I've heard this argument a lot. But to be honest - using Full Position with high leverage doesn't turn things around, it flips the vehicle.

Many people think that leverage can magnify profits, but this idea itself is wrong. What leverage magnifies is not your profits, but the market's fluctuations. Market fluctuations are like waves; you may have bet on the right direction, but a small pullback can wipe out your gains – it's not that you misjudged the direction, but that your position simply couldn't withstand the real market explosion.

Guess who is most easily drained by the market? It's those traders who operate with Full Position, use leverage, frequently enter and exit, and stubbornly hold on even when losing. You think you are trading, but in fact, you are contributing liquidity to the exchange. Every time there is a sharp fluctuation, it is a transfer of wealth—your money flows directly into someone else's pocket.

In contrast, the traders who survive until the end are not gambling, but rather playing a steady game. A light position is the way to go, and low leverage provides room for error. Every step is solid, and there is always a way back. Do you think they don't want to get rich quickly? They simply understand one truth better—opportunities come every day, and losing the principal is the real loss of everything.

Don't be obsessed with a comeback. First, think clearly about whether you want to invest or accelerate your exit. Keep a steady rhythm and live long enough; that is the highest level of operation.