When I first graduated and entered the industry, the words of a big player in the A-share market completely changed my trading mindset: When stocks and the crypto market are rising sharply, it is often when everyone is arguing the most fiercely. If everyone thinks it's a 'sure win,' it actually becomes dangerous. The strategies in these two markets are quite similar; they both make money by speculating on hot topics and emotions. The A-share market has new themes, while the crypto market spins new narratives, essentially painting illusions for everyone. However, these 'illusions' come in three types:

New bottle, new wine: The best! For example, suddenly a concept emerges that no one has ever heard of; some think it’s a scam, while others see it as a golden opportunity, and no one can convince the other. Because there is no precedent, it's completely uncertain how high the price can go, and the speculation can last a long time.

New bottle, old wine: Can work, but you need to know when to take profits. Old concepts are packaged with new terminology, and at first, it can rise due to novelty, but it will soon reveal its true nature.

Old bottle, old wine: Pure deception! Taking outdated things and rebranding them to continue the scam; avoid it at all costs.

So when you encounter new hot topics, don't rush to shout 'intelligence tax.' The more controversial it is, the more likely it hides opportunities. But remember, if you want to participate, you have to be a step ahead — by the time everyone reacts, it will be time to stand guard and take over.