Regarding the risk management mechanisms of different futures trading systems nnnw I want to discuss an interesting phenomenon from the perspective of trading systems.

The mature futures markets in Europe and America have a "negative balance protection system." For example, suppose you have 200,000 yuan in your account; even if you lose up to -60%, you won't be liquidated immediately, and even if you lose up to -80%, you can still continue trading. The system settles entirely based on the actual account status.

Compare this with the logic of some leading exchanges and domestic futures markets. When the margin reaches 100%, it is already a high-risk state—your 200,000 yuan will be liquidated as soon as you lose an additional 1,000 yuan. To be more straightforward, some leading exchanges turn 200,000 directly into 0; domestic futures, on the other hand, leave you with a few thousand yuan after losing most of your capital, giving you a chance to recover.

What I want to say here is: discussing the pros and cons of trading systems themselves, basically only truly profitable traders can clarify the logic. For 99% of losing traders, the difference in systems doesn't really matter—it’s just about losing a bit more or a bit less.

Here's an interesting comparison: if in the crypto world, the top 5% of traders really engage in traditional futures (like Dow Jones, gold, crude oil), the results are basically instant kills. It’s like a lightweight boxer weighing 150 pounds fighting a professional; they get wiped out within minutes. The trading level in the crypto space is actually higher than in the stock market—because stocks are at the bottom of the financial food chain. But top-tier players using 200x leverage futures? That’s truly the ceiling of this industry.