Trading contracts without stop-losses is like gambler's self-destruction:

In high-leverage contract markets, stop-losses are never optional; they are the trader's bottom line for survival.

Countless losses and failures are caused by overconfidence. People always think the market will turn around, unwilling to set stop-losses, ultimately leading to irreparable losses.

Without a stop-loss, you first face the risk of liquidation to zero.
Contracts come with leverage, so even a slight market reversal can double your losses. Sudden news, major players shaking the market, or dumping orders—without a stop-loss to cushion the blow, your position can rapidly shrink, or even be liquidated immediately. What started as a small loss can turn into a deep trap if you stubbornly hold on, forcing you to cut losses and exit, wiping out all previous profits.

Second, it completely disrupts trading psychology, trapping you in a vicious cycle.
Without stop-loss constraints, people are easily driven by greed and fear. Watching losses grow larger, anxiety and indecision lead to blindly adding to positions and averaging down, making the situation worse. The originally planned trading strategy is completely derailed by emotions, losing objectivity, leading to repeated mistakes and chaos in trading rhythm.

Most critically, it destroys the chance for a long-term turnaround.
The market is not about quick profits but about long-term survival. The core of a stop-loss is to limit individual risk and preserve capital, leaving room for future opportunities. Rejecting stop-losses is like betting all your assets on one market move—one mistake and you lose everything, with no chance to recover.

Always remember: stop-loss is the first line of defense in contract risk management and the shield to protect your capital. No matter how accurate your market judgment, it cannot withstand an unexpected event without a stop-loss.
Respect the market, strictly follow risk control, and stick to stop-losses—these are the fundamentals for long-term success in the contract market.