The contract market in the crypto world is like a huge black hole. Every day, people go in, and every day, some are swallowed up. You hear too many stories—some doubling their money in a week, others losing everything overnight. Cases of liquidation circulate in groups, but few truly learn from them.

Why are contracts so attractive? I think there are mainly three reasons.

**First, the thrill.** Using 10,000 yuan of margin to operate with 10x or 20x leverage, the numbers in your account jump rapidly. When the market rises, you see your assets double; when it falls, the same applies. This rush is something spot trading can't provide. It's like gambling—small investments for big returns, and the temptation is hard to resist. Many beginners taste the sweetness once and can never go back.

**Second, the illusion.** The market fluctuates daily, and contracts give you the chance to bet both ways. When it rises, go long; when it falls, go short. Every market move seems like an opportunity to make money. Coupled with all kinds of news and analysis flooding in, you always think you can see through this round of market trends. "This time is different," is what many say before jumping into the trap.

**Third, survivor bias.** Your feed is full of profit screenshots—"Tripled in 10 days," "One trade paid for a house down payment." No one screenshots their liquidation accounts. So what you see are only success stories, and you don't see those who quietly exit. Over time, you start to believe this is replicable and normal. Those who fail are either lacking skills or unlucky. Anyway, it won't be you.

This is the real danger.

The most brutal aspect of contracts lies in their "fairness." Leverage amplifies your gains but also your losses. An unforeseen black swan event or an extreme market fluctuation can instantly wipe you out. The market won't soften for your caution, nor will it show mercy because you like a certain coin. The risk is always there, fixed and unchanging.

Many only realize at this point—that it's not really a technical or luck issue, but that the structure of this game itself causes most people to lose money. Contracts are like a mirror, reflecting human greed, luck, and the desire to prove oneself. Without strict stop-loss discipline, rational position management, or clear bottom lines, participation becomes a self-destructive process.

Knowing that contract trading is risky doesn't necessarily keep people away. What truly makes people stop is often having experienced losses firsthand. Some wake up after paying a few thousand yuan in tuition; others only realize the truth after losing tens of thousands or even millions.

If there's anything to learn from contracts, it's not "how to make money," but a simple and honest warning: don't bet your fate on tools you can't control. The market is always there, but life only happens once. Opportunities are daily, but bankruptcy can really happen too.