The Bitcoin market this month has shown significant fluctuations. Trading requires some effort, as the rises and falls do not continue, and the switching frequency is quite high. A little greed can lead to a return to the original state.

A friend joked: It has been a month, and looking back, the coin price is still the same, but the money is gone. This is the biggest characteristic of a fluctuating market. Instead of setting a stop-loss and holding on, as long as the position is not bad, you can basically wait for it to come back.

There is an old saying: Newbies fear one-sided trends, while veterans fear fluctuations. Newbies are fearless and rely on courage and bravery; as long as there is fluctuation, they dare to dive in. Their life motto is: The bigger the waves, the more expensive the fish. After placing an order, they stare at the K-line, setting all sorts of stop-losses, ready to close positions and reverse direction at any time. At worst, they just hold on and wait for the main move, believing in defiance. In a fluctuating market, the losses are not that significant.

Veteran traders have been beaten up by the market and have lost their individuality. Just hearing about trading without setting stop-loss orders makes them break out in a cold sweat. They remember when they were fearless "dragon-slaying youths", but after a few one-sided moves that they couldn’t withstand, they went from "making money" to now just "breaking even". They handle every trade with extreme caution, like walking on thin ice, repeatedly reminding themselves: "Kid, don’t be impulsive. Wait for the right moment to act. If you keep messing around, you’ll have to leave the table."

I said that all traders will go through three stages:
Phase One: Don't be afraid, because ignorance breeds fear. Don't talk about technical indicators, candlestick patterns, ground-level risks, or monetary policy. Just say: where to go all in? Don't trust gods, don't trust people, and definitely don't trust the devil.

Phase Two: Fear. After a period of time, it becomes apparent that the market seems to have patterns yet lacks them; every time I can't hold on and leave the market, it hits the peak. Every time I can't resist locking in profits, I find that I could have held on a bit longer to recover. There’s one significant trend, then a sudden surge and drop. Due to not setting stop-losses, I am instantly taken out. Gradually, I begin to fear the market; no, it's not respect, it's fear.

Stage Three: Fearless. This stage has advanced to a high level, understanding the uncertainty of the market, realizing the limitations of one’s own cognition, recognizing the impact of fundamentals on market sentiment, and having a personal trading system. One no longer lets emotions fluctuate with market fluctuations, remaining as steady as an old dog, waiting only for one’s own trading opportunities. If the market is not understood, do not engage; if opportunities are missed, do not regret, as there are thousands of rivers but only one ladle taken.

Therefore, trading is not just about mastering methods and techniques; it is more importantly about self-cultivation, reflecting on and reconstructing one’s own understanding. It involves understanding how to manage positions, how to avoid risks, waiting patiently without rush, reducing the frequency of trades, no longer regretting missed market opportunities, accepting both the good and bad in trading, continuously reviewing and thinking, and gradually becoming more mature, more stable, more calm, and more composed.