Short-term rebounds are all traps! It's like going out on a snowy day without wearing a warm coat; do you think it's warm just because the sun is out? Half an hour later, you'll be even colder! Now the long positions have collapsed, and the K-line looks like the Yellow River breaching its banks, with no bottom in sight.

Remember these three iron rules:

1. Don't learn from the aunties fighting for discounted cabbage; grabbing discounts can be deadly.

2. When the panic index is off the charts, the big players are just waiting to collect blood-stained chips.

3. Hold on to your money, even if it's in a savings account earning interest; wait for these three signals before taking action:

The rush to withdraw from exchanges has subsided.

The community is as quiet as a college entrance exam hall.