Liquidation is something I fear the most in my trading history, because no matter how sure you are about a trade, the market can decide to go otherwise. If you've only set a take-profit (TP) without setting a stop-loss (SL), you'll surely face liquidation at the end of the day.
A seasoned trader once said it's better to hit your SL than to liquidate, because you'll have something to fall back on to recover your losses.
A word of caution is enough for the wise. I'm sharing this because of a close friend who saw me trading a few days ago and thought it was easy after watching some YouTube videos. He bought XRP futures and lost up to $1,000. Ironically, he later came to confess to me, which was already too late, as his overconfidence had led him to neglect setting an SL. I helped him fight for liquidation protection, and he managed to get $100 back
here due to his larger trading volumes.
Now, he's back to learn from me. What advice should I give him?
Don't let yourself get liquidated and don't think its normal scenario in trading since if you have that mindset to win or lose everything then you might suffer from lots of issues on your trade.
So better set stop loss so that you can possibly minimize the damage you got especially if the market falls. Also don't ever think about its easy to earn money on trading and don't be so greedy trying to hit huge gain because sometimes those wrong expectation would provably put us on huge troubles. Also better learn more about future trading and don't go there if you don't have enough knowledge since that trading option is so risky.