I have been wanting to write a review during the Chinese New Year and talk about my feelings about losing money recently, As a souvenir, I also hope to learn from my own experience. 1、 What will be sold is the master There is an old saying in investment: those who can buy are apprentices, those who can sell are masters, and those who can go short are grandmasters. Buying is not a difficult point, and obtaining multiples is not the biggest challenge either. The difficulty lies in selling. You regret selling it low and then chase after it again; Want to sell high? Don't even think about it, you won't be able to sell at the top. Take it and wait until it reaches zero. Of course, people are rational when reviewing. When the market FOMO starts, it's hard for anyone to control themselves. Every round of FOMO and FUD will give birth to a new version of 'this time is different'. 2、 Three games with completely different logics: US stocks, A-shares, and cryptocurrency Because I have indeed dabbled in both aspects, let me share some superficial feelings compared to others. 1. Except for BTC, the vast majority of currencies in the cryptocurrency circle, whether 99% or 98%, are purely speculative. Setting aside the major cycles of mainstream currencies, The core logic consists of four words: the banker controls the market. Talking about value investing and fundamentals is essentially a joke. Anyone with some financial foundation will know a word: efficient capital market. Different markets are distinguished by: strong form efficient market, semi strong form efficient market, weak form efficient market, and inefficient market. Simply put, it means whether positive or negative information can bring about a direct rise or fall in the target. The US stock market is a strong efficient market, while A-shares are a weak efficient market, However, encryption is now an ineffective market, and positive feedback does not drive the market. Because project revenue is not directly proportional to the currency price, The rise and fall of coin prices rely on attracting new capital to enter, zero sum game, Drawing cakes for retail investors is just to keep the game going. Last year, when I first met Principal Pxstar, he said there were too many scammers in this industry. I thought the industry was moving towards standardization at the time and didn't take it seriously. Now, slap your face and be completely convinced. 2. The core of the US stock market is focused on investment ideas The core is to study the fundamentals and choose the right target. The entry threshold is extremely low, and with a buying and selling index, one can outperform 90% of Wall Street fund managers. Setting aside those few junk cryptocurrency stocks, I actually have decent overall returns in the US stock market. The most successful one is the energy stock BE, which has achieved a return of 230% so far. Trump gave a great opportunity to get in the car during the turmoil, whether it was TSMC or Nvidia, as long as they held on to FUD, they could earn money from good targets with peace of mind. The biggest mistake was being misled by cryptocurrency stocks and buying a few of them. The essence of cryptocurrency stocks is the same as that of coins, and they still need to run fast, which is also a case of hindsight. 3. The difficulty of A-shares is higher than that of US stocks, but the past six months have been a once-in-a-five-year gold bull market, and exceptions cannot be considered a common phenomenon. A friend who specializes in absolute returns on A-shares recently started chatting, He said his cousin is an old OG in the Hangzhou cryptocurrency circle, with a background in programming. This year they met during the Chinese New Year, and OG took the initiative to ask him how to trade A-shares. I felt heartbroken after listening to it for a while. 3、 Don't deify anyone, be yourself Before entering the industry, I heard from a partner of a certain exchange that he had researched user trading data in the background: in contract making, there are those who have made a lot of money in the past and those who have continued to make profits. I asked him, why not just copy these winners directly? He said, 'Because in the end, 99% of the stocks were sold out.'. Trading consists of four separate and consecutive exam questions: Can you see an opportunity? 2. Do you dare to place a heavy bet after seeing it? 3. Can you hold it down? 4. Will you sell it or not? Each question tests different dimensions of cognition and humanity, And every round of market trends will repeat the questions, Every time you fall down on your personality weaknesses. No one will always be sensitive, and those who can seize an opportunity are already scarce. That's all for today's review, hoping it will be useful to everyone as well. Wishing everyone a day of prosperity.