Trading is not that complicated. To avoid losing money, or rather to avoid a margin call, you just need to strictly adhere to one discipline.

Do not short in an uptrend, and do not go long in a downtrend. If you want to make money, do the opposite: go long in an uptrend and short in a downtrend. The original words of Livermore are to find the direction of least resistance.

So the questions are clear:

How to define an uptrend or a downtrend? (Trends must have a clear definition)

How to define what trend the current level is? (Quarterly, monthly, weekly, daily, hourly)

What are the trends at larger or smaller levels? (Follow the larger level, mimic the smaller level)

How to lock in your trading battlefield at what level? (Fully consider your personality traits)

How to determine when the trend at this level ends and a new trend begins? (What should the clear level reversal signals be?)

How to make the decision to enter a trade? (Sufficient technical characteristics including wave structure, candlestick patterns, probability statistics)

How to hold positions? (Is there a fitting reference pattern to give yourself confidence?)

How to take profits? (Are there reversal signals at the same level? Has passive defense been triggered? Has the target been reached?)

With the above analytical skills, the trading system emerges. This is just a simple explanation, but the real difficulty lies in the fact that there is a huge gap between cognition and execution. People always fall into greed, anger, ignorance, sloth, and doubt, rooted in incorrect understanding that is not true knowledge, making it difficult to implement, and the cultivation of one's character does not keep pace. However, if one is overly tenacious on the wrong path, there will inevitably be only one result: a margin call and losing everything.