The long-term losses of retail traders stem from misunderstandings and cognitive biases about the leverage mechanism. This article provides an in-depth analysis of three major blind spots: the time loss of leverage amplification, slippage as an inevitable product of the market microstructure, and the difference in risk perception between simulation and real trading. Revealing the key to sustainable participation: shifting from profit-oriented to survival-oriented, and establishing a transaction framework that prioritizes risk control.