The current state of most people in the market is that they

are losing money and trading frantically all day long, making dozens of trades in a single day, and losing a lot just in transaction fees.

They stubbornly hold onto their positions, constantly mumbling that "the bull market is coming," but what they actually get is not a bull market, but a total loss. Seeing others flaunting their profits from Dogecoin, they impulsively jump in with all their capital, only to wake up and find their accounts almost wiped out.

During that time, he stayed up late watching the market until two or three in the morning, even all night, with ashtrays piled high, and his eyes nearly going blind. Eventually, he slumped in his chair and asked me, "Am I being cut like chives?"

Later, I advised him to do three things: First, he needed to learn to be patient and not operate like a headless fly. Stop fixating on one-minute candlesticks and look at larger timeframes of four hours or more. It’s better to miss ten opportunities than to make a wrong trade. Limit yourself to a maximum of three trades per day, and if you feel restless, go work out instead of touching the trading software.

Secondly, learn to build positions in batches, never opening more than 10% of your capital at a time; increase your position gradually as you make profits. Once you’ve made 20%, sell half and set a stop-loss for the remaining to let it continue to rise. If you’re down 5%, sell quickly and don’t think about averaging down or fantasizing.

Most importantly, always set your stop-loss; if you lose two times in a row, stop trading immediately, and don’t engage in revenge trading. You must review your trades daily, understanding your losses clearly and your gains thoroughly.

This guy gradually recovered his losses, and later asked me, "Why didn’t anyone tell me this earlier?" I laughed and said, "Because most people who lose everything are unwilling to admit they are just gamblers..."

Want to turn things around? First, protect your principal! Before losing everything, practice setting your stop-losses well. Remember, following discipline is more important than technical skills. Those who get wiped out, 99% of the time, are due to the wishful thinking of 'just hold on a bit longer, and I’ll break even.' Now, do you dare to open your trading records and take a good look at how you lost your money?