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.
If someone expects 10% profit from his investment from spot trading, then he gets 100% from future trading and sets TP accordingly. Because most traders use futures trading like gambling due to which his entire investment is at high risk. The higher the leverage he takes, the faster his TP and liquidation will hit. In futures trading, most traders set TP but do not set SL. This leads to more liquidations. Futures trading allows you to accept risks and losses like a gambler. So SL is not used much here. Most traders are overconfident here and instead leave their profits to their luck.