When we face losses;

Most people can stop losses when the loss is within 20%;

But once the loss exceeds 50%, we first assume that we should increase our positions, because we have already lost half, and subconsciously it is hard to accept stopping losses. At this point, the idea of increasing positions can override the thinking of stopping losses;

This is why many people in the crypto space can lose 80%-95% close to zero. It's not that they can't understand the trend, but after losing too much, they start to resist the trend. Losing too much makes it easy to stop losses at the lowest point, and they develop a sense of luck, ultimately leading to even greater losses.