Many crypto-native traders are just brainless. The main reason is that they've developed a habit of trading based on news and a competitive mindset. They enjoy the idea of 'if you lose money and I make money, it feels great.' This is because the essence of crypto is mutual plundering, with no positive externalities. Information becomes the only standard for judgment. Later, $BTC became ETF-ized and gradually turned into a macro-driven commodity asset. On the other hand, the U.S. stock market is about buying companies as a way of buying future income, which is a circle with positive externalities and more of a coopetition relationship. I might say on Twitter that $100 PDD is worth buying, but I won’t tell you that I doubled my position on Hynix at $35 and now it’s up more than 4x. That’s because I don’t want you to be the one holding the bag. Most people can’t hold onto something at its peak, watch it drop by dozens of points, and still stay calm. The worst trade I made since last year was $LITE. I bought a significant position at $276 but sold it at just over $330. I thought the market was severely overestimating optical modules, but looking back, it was my lack of understanding. This reflects my insufficient knowledge of the semiconductor industry. Even though we made 100% in just a few days on $QURE, I still wouldn’t dare to go heavy on anything in the pharmaceutical sector. On the contrary, a German friend who works in medical pharmaceuticals often gives us a lot of insights. Serenity, who works in the semiconductor industry, also has a limited understanding of $HOOD. Your past experiences determine what you’re capable of doing because everyone’s circle of competence is defined by them.