In the period from January to August 2025, only 18.9% of retail investors in A-shares made a profit, with an average loss of 21,000 yuan, while accounts with over 500,000 yuan had a profit ratio as high as 58.6%.

The difference lies in the mindset—those who are obsessed with "doubling overnight" even borrow money to speculate in stocks, but where in the market are there guaranteed profits?

Having partnered with Lao Zhou for three years, what I admire most about him isn't his ability to catch hot trends, but his decisiveness to stop when needed.

Last Wednesday, the Shanghai Composite Index fell by 0.51%, with nearly 3,900 stocks in the red. His stocks had just lost 2 points, and he immediately cleared his position and switched to a half-position in a stable fund.

In contrast, another friend of mine chased high in new energy stocks with a full position and is now stuck with a loss of over 20 points, worrying so much that he can't sleep.

Having witnessed too many "roller coasters" in the market, I've come to understand that the best friends to make are not the "gods" who chase the fastest gains but the traders who come with a "braking system".

Lao Zhou never goes fully invested; his individual stock position never exceeds 30%, he reduces his holdings when profits reach 15%, and stops losses when down 5%. Last year, he made a solid 22% this way, which is far better than many who flail around aimlessly.

Recently, a new stock investor saw that the average return of active equity funds this year was 27% and was envious, borrowing 100,000 yuan to follow suit. As a result, he coincidentally caught the market's pullback in November, losing 30,000 yuan in less than half a month.

When funds come under pressure, all judgments become distorted; the more one tries to average down, the more stuck they become. This is the pitfall of a gambler's mindset.

To be honest: enter the market with spare money; don't throw all your retirement funds in;

If you want to invest long-term, believe in compound interest; investors who hold positions for over a year have more than four times the profit ratio of short-term traders;

To really make money, first learn to control drawdowns.

Lao Zhou often says that no one can accurately predict tomorrow's ups and downs, but one can manage their position and rhythm.

Yesterday the market warmed up, and Lao Zhou only increased his position by 20%.

His reasoning is simple: once greed arises, it's easy to return to the starting point; maintaining calmness is the key to generating real returns.

After all, the data is clear: those who can survive in the market are never the fastest to chase trends but rather those who adhere to discipline the longest. @bit冰