After being in this line for so many years, the question I get asked the most is: “Why are you still here?”
Yes, why am I still here? I've seen too many people come and go; the stories always start with great ambition but often end in disappointment. To put it bluntly, there’s no such thing as innate talent; it’s just that after being beaten down by the market a few times, I finally learned how to coexist with it. What I'm discussing today isn't a get-rich-quick scheme, but rather how to avoid falling into despair and tips for survival. Purely personal experience, take it or leave it.
The first rule: Don't be afraid of missing out; be afraid of making mistakes.
FOMO (Fear of Missing Out) is the most expensive emotion in this industry, bar none. A few years ago, I was the same; when I saw a coin suddenly surge, messages in the group would flood in quickly, and my heartbeat would race, my finger would uncontrollably want to jump in. What was the result? Eight times out of ten, I ended up standing guard at the peak. Now I have a bunch of things in my watchlist, but 95% of the time I'm just watching. I only trade those few types I've thoroughly researched, ones I can roughly predict where they're going. Can't understand? No matter how lively the market is, it has nothing to do with me. Remember, what the market lacks the least is opportunity, but your principal, once it's gone, is gone for good.
The second rule: The stop-loss line is your lifeline.
This is the 'iron rule' in my trading system, non-negotiable. Before entering any trade, I must think: If this trade goes wrong, at what point will I cut my losses? Generally, I will strictly limit this to 1%-2% of my total capital. When the price hits that point, do not hesitate, do not make excuses; act decisively and walk away immediately. This is not giving up; it's a tactical retreat. You must first ensure that you can still sit at the table before you have the right to talk about how to win the next hand. Those who cannot cut losses will eventually be taken out by a wave.
The third rule: After making money, pay yourself a bit of a 'salary.'
This is the best way to combat greed and maintain your feel for the market. Unrealized gains are just numbers; only what you withdraw to your wallet and can spend is yours. I have a habit that whenever a trade has a good profit, I force myself to take out a portion to buy something I've always wanted but hesitated to buy, or just go out for a nice meal. This is not just for enjoyment; it's a strong psychological cue: I'm trading to make life better, not to become a slave to candlestick charts. When you truly feel the tangible benefits of profits, you can approach the next trade with a clearer mind.
The fourth rule: Don't believe in myths; believe in what you have verified yourself.
The noise in this circle is too loud; today it's this 'king project,' tomorrow it's that 'wealth code.' After hearing too much, it's easy to get dizzy. My experience is to filter out 99% of the noise and focus on researching the 1% of logic that you can truly understand. Historical trends have repeatedly proven that the decisions that can make you money are often simple ones based on your own understanding, not some 'big shot's' sensational prophecy. You can't earn money outside your understanding; if you make money by luck, you will likely lose it by skill.
The market is like a sea; when it's calm, it can also be stormy. An old sailor survives not because he can predict every storm, but because he knows to put on a life jacket and when to lower the sails.
My system is not sexy at all; in fact, it’s a bit rigid. But it has kept my mind stable and my account secure in this wildly fluctuating industry. In this place, living longer is more important than how fast you can run in the short term.
I am Analyst Lao K, an old soldier still floundering in the market. If you're also tired of those superficial things and want to see something real, feel free to come and check it out. Together, we can maintain clarity amidst the chaos.
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