#美联储回购协议计划 Traders who engage in contracts are often troubled by one question—Is full position trading really safe?

Many people's answer is: Safe, because it’s less likely to blow up. The logic sounds reasonable, but reality often proves otherwise.

Let me start with a scenario you might have seen: An account has 5000U, and someone throws in 4800U at once to gamble on short-term trades, reasoning that full position mode carries less risk. But what happens? When the market fluctuates, the entire account gets liquidated, leaving no chance to escape. Why is that?

Because full position is not a shield for reckless leverage use. Whether it’s ten times leverage or fifty times, the key isn’t the multiple itself, but how much principal you’re risking each time. With the same tenfold leverage, some will cut losses early and exit, preserving remaining funds to rebound; others will hold on stubbornly until they lose everything. Where does this difference come from? Position management.

A simple example makes it clear. With a 1000U account, using 100U at 50x leverage, you can cut losses in time and preserve 900U. Conversely, putting 900U at only 10x leverage, a market shake can wipe out the entire account. See? Lower leverage doesn’t necessarily mean safer; what matters is how much principal you’re risking.

So don’t get caught up in how many times leverage is safe or not. What you should really consider is: How much of your account is used for this trade? Have you set a stop-loss? Can you withstand a move in the opposite direction?

I now also trade full position, but I stick to these iron rules:

• No more than 20% of the total account per trade
• Stop-loss must be set, with single-loss not exceeding 3% of the principal
• Avoid reckless operations in volatile zones, don’t let emotions lead to over-leverage

To survive in contract trading, it’s not about avoiding risk but about mastering it. The true meaning of full position isn’t going all-in in one shot, but leaving enough room for maneuver, so every fluctuation stays within your control.