There’s a trader named Maji who recently put on a heart-stopping performance—he almost gave back $3.34 million in profits to the market.

Here’s what happened: this guy started with a $500,000 principal and kept adding to his long positions since ETH was at $2,840. He was rolling his positions aggressively, and at one point, his unrealized profit soared to $3.34 million!

Sounds tempting, right? But the devil is in the details.

As he kept rolling up his positions, his liquidation price also moved up to $3,000. In the middle of the night, ETH suddenly pulled back, the price broke down... Two liquidations were triggered in quick succession, collapsing like dominoes.

Now his position has shrunk to just $730,000, and almost all of his previous gains have evaporated. To make matters worse, he’s only $42 away from the next liquidation—just a few points away.

This case proves once again: high-leverage rolling is a double-edged sword.

So what if you get the direction right? When the market becomes extremely volatile, it can wipe out your profits and then some. Especially in the current environment where volatility is off the charts, high-leverage trading is like licking blood off the blade’s edge.

At the end of the day, here’s the takeaway: there are always opportunities in the market, but protecting your principal is always more important than chasing huge profits. As long as you survive, you’ll have another chance.