The "Simplicity" and "Difficulty" of Speculative Investment

The logic of speculative investment seems simple: buy when prices are low, sell when prices are high, avoid margin trading, and do not engage in short selling.

However, in practice, there are challenges everywhere: first is the "difficulty of judgment"—how to define "cheap" and "expensive"? This depends on your cognitive ability; next is the "difficulty of waiting"—can you endure and wait for the right moment that truly meets the criteria of "cheap" or "expensive"? This tests character and patience; finally, there is the "difficulty of perseverance"—when others do not recognize your judgment or when other assets show higher growth potential, can you maintain rational belief and not easily waver?

Every breakthrough requires "insight," and this understanding cannot be separated from the accumulation of repeated profit and loss practice and deep reflection.