来看点真东西--顶级交易员、Papertrade 创始人 Jez @izebel_eth 90 分钟的访谈
如果你这轮牛市总觉得自己“看对了方向却一直在亏钱/被洗下车”,建议把这个看完,我不发垃圾内容。别看什么乱七八糟的薄肌/大水理论了👇
Jez :“绝大多数人根本不该碰衍生品,哪怕方向完全看对,8 倍以上杠杆也是纯负期望(Minus EV)。”
Jez :如果大家只买现货,世界会美好得多。散户最致命的死法不是看错大盘,而是开了高杠杆,在真正的大行情爆发前就被微观噪音和插针清算了。消磨本金的速度远超你的想象
Jez :“大盘到底是牛是熊已经没那么重要了,能持续赚钱并回购的协议已经走出了独立的曲棍球棒。”
过去加密协议靠散户情绪和纯空气叙事,牛熊周期极度脆弱;而现在头部 Perp DEX(如 Hyperliquid 等)沉淀的是做市商和机构真金白银的流动性,依靠 TWAP 协议回购和真实手续费分润,长期持有者甚至根本感觉不到牛熊的差别
Jez :“没有经历过毁灭性爆仓(Blowup)的交易员谈不上风控。”
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