#数字资产动态追踪 Stop fooling yourself.

The drawdowns in your account are never a matter of luck—simply put, you just didn't control your hands well. When you're making money, it feels like you've unlocked something; when you're losing money, it feels like you're possessed.

The most common pattern is this: recently, everything has been smooth sailing, your account hits new highs one after another, and you start to think you've figured it out; then two opposite trades come in, and your funds start to decline from the peak. When you come to your senses, you realize that the gains over the past few months are gone in just a week.

Everyone talks about "controlling drawdowns," and you follow suit, but do you really know how to control them? Is it about losing less, not losing at all, or trading less? Often, you can't even articulate it because, when listening, it's just for the sake of the conversation.

So, what exactly is a drawdown?

It's not just losing a few trades; it's how much your capital has fallen from its recent high. For example: you grow from 50,000 to 80,000 (this is your high point), then drop back to 60,000—that's a 20,000 drawdown, which is 25%. Remember this—drawdowns are always compared to the high point, not the starting point.

Why do professional traders attach so much importance to the drawdown indicator, even more than to returns?

Simply put: returns show how fast you can grow, but drawdowns show whether you can survive until the end. There's a harsh mathematical reality—if 100,000 drops to 50,000, that's a -50% loss; but to go from 50,000 back to 100,000 requires a +100% gain. Losing half your capital means you need to double it just to break even—that's the toxic nature of drawdowns.

Once the drawdown becomes deep, people's mindset starts to distort: they think about recovering losses, so they increase their position sizes; but after increasing, they still can't hold on, and continue to stubbornly hold onto their trades; as a result, the drawdown deepens even further. In the end, you're either trading or using your account to vent your emotions.

So, the only real way to control drawdowns is to set a "life-and-death line" for yourself.

When you reach this line, decisively reduce your position, stop trading, and readjust—no bargaining, no false hope, just straightforward and brutal.