Financial markets are not a level playing field. This article analyzes the impact of efficient market hypothesis, information hierarchical transmission chain and behavioral bias on retail traders. Only by recognizing structural disadvantages and establishing a "bounded rationality" self-positioning can sustainable participation and risk control be achieved.

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.