At two in the morning, the phone suddenly vibrated non-stop.

I clicked to take a look, and wow, a dozen voice messages were sent in a row: "Bro, help! My account is about to be liquidated, can you lend me some U? Just for ten minutes!"

But three hours ago, this guy was still wildly showing off in the group - he posted a screenshot of his position with the caption: "Went in with 50x leverage, I'm retiring right away!" And now? The latest news is a screenshot of a system notification, with several large characters glaring in the middle: **Liquidation completed, principal loss of 1.5 million.**

I rushed to his place in a hurry, and as soon as I opened the door, I was nearly knocked back by the smell of smoke. Old Zhang in the room was staring at the K-line chart of SOL on the screen— that red bar shot from the sky down to the ground— muttering repeatedly, "Just fifty cents more... If it goes up just fifty cents, I’m out..."

I took the mouse and flipped through his operation records, and my scalp instantly tingled. Where did this money come from? Clearly, he was the one with the knife, chopping it off piece by piece.

**First Cut: All-in style opening positions, forcing oneself into a dead end**

I really can't stand Old Zhang's recent actions—just as the market rose by 20%, he rushed in with all his funds without a second thought, claiming it was to "seize the opportunity," but in reality, he completely cut off his escape route. I've always told those around me that position management isn't about being conservative; it's about leaving yourself a way out. SOL only retraced by 1%, and his account was directly liquidated, without even having time to add margin. Isn't this just sticking your head into a noose?

**Second Cut: Leverage to the maximum, turning into a cash machine for the platform**

What is the concept of 50x leverage?