When I first entered the market, I made all the mistakes that new traders tend to make: chasing highs and selling lows, blindly bottom-fishing, and stubbornly holding onto losses. It wasn't until I repeatedly fell into traps that I realized surviving in this market doesn't require intelligence, but rather an understanding of 'fear.' These eight lessons, learned with real money, may help you avoid some detours:
1️⃣ Focus is essential for longevity.
At first, the principal was not much, but I was simultaneously focused on four or five varieties, each of which I only partially understood. A slight fluctuation in the market would throw me into chaos. Later, I forced myself to focus on at most two varieties, maintaining restraint even in the so-called bull market. The more I experienced, the more I understood that money outside of my cognitive range, even if earned, would eventually be returned.
2️⃣ Let go of the obsession with predictions
I used to think about bottom fishing and topping out, but the result was either constantly getting hurt during a downturn or exiting too early during an upturn. Now I just follow the trend and no longer contend with the market— the market is always right; the only wrong is our judgment.
3️⃣ Learn to coexist with loneliness
In the past, even when the market was stagnant, I operated frequently, later realizing that those inexplicable operations were just sending commissions to brokers. Now, I only engage when clear signals appear in the market, and most of the time, I prefer to stay in cash and wait. Remember: doing nothing is also a strategy.
4️⃣ Set a red line for losses
The most painful loss once made me afraid to look at my account for three months. Now, I set stop-loss levels before every position, and if touched, I exit immediately without hesitation. When in profit, I also take profits in batches; preserving profits is equally important. The market shows no mercy to anyone’s lucky thinking.
5️⃣ Procrastination is a gentle poison
Hesitation has made me miss the best stop-loss opportunities several times, watching small losses turn into heavy blows. Now I deeply understand: delaying at the moment of decision is equivalent to tightening the noose around your own neck.
6️⃣ Adding positions is not a lifeline
I once naively thought that thinning costs could turn losses into profits, but ended up sinking deeper in the wrong direction. Now I understand: if the direction is wrong, stopping is progress, and continuing to double down is just compounding the mistake.
7️⃣ Stay away from the temptation of the screen
I once stayed up all night watching the 15-minute chart, which not only harmed my health but also made my account increasingly thin. Later, I switched to looking long-term while trading short, and instead found my rhythm. Overtrading is like shaking champagne; in the end, only bubbles remain.
8️⃣ The market has no 'impossibilities'
Three experiences of bottom fishing and getting buried made me understand that what is considered a bottom is only seen in hindsight. Never bet your entire fortune on a certain position; the market often teaches a lesson in an instant.
These seemingly conservative habits are actually survival wisdom formed through countless lessons. The market specializes in various forms of disobedience; only by maintaining a sense of awe can one survive for a long time in this cruel game.
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