I asked a friend who trades cryptocurrencies: "Do you still hold onto your positions?"

He said: "Right now, I only have 30k yuan left in my account, my contracts have blown up twice, and I still owe 50k on Jiebei. If nothing unexpected happens, this is already my last principal.
Why should I hold onto my positions? That would make me get liquidated to zero, and I’d have to pay trading fees to the exchange, even help the market makers take the losses. If the market turns against me, I’ll never be able to turn things around in this lifetime.
By the end of the month, I won’t be able to pay rent, friends won’t lend me money, and I don’t even dare to answer my parents’ calls.
Finally, he asked me back: “Do you think I’d be that stupid? To ruin my hard-earned chance to turn things around just for a little bit of floating profit? It’s simply not worth it. I know very well that, although I’m suffering big losses now, at least I’m still alive.”
Then he turned around and opened a position with more than 5x leverage, setting the stop loss at 3%.