Do not average down, do not hold on to positions, do not cling to past prices

The first step to losing money is averaging down.

Averaging down is the 'emotion of wanting to break even', not a strategy.

If the position is wrong, you should cut losses, not average down.

The mentality of wanting to break even will destroy your remaining capital.

Trading is always about 'process management', not 'result fixation'.

Being trapped is due to not cutting losses, and blowing up an account is due to stubbornly holding on.

What you lose is not money, but rationality.