What is the easiest place for people to make mistakes in this round of market? Not bearish, not bullish, but forgetting about 'surviving'. You will observe a phenomenon: Prices have changed, emotions have also changed, but funds may not necessarily have changed. In the past few weeks, ETFs as a whole have still experienced significant outflows of funds, and institutional funds have not fully returned to the state at the beginning of the year. The biggest characteristic of the market is: It never starts when all data is perfect, nor does it bottom out when everyone is desperate, it always runs as expected. After experiencing several rounds of bull and bear, I increasingly believe that: Most retail investors lose money not because they are looking in the wrong direction, but because they always want to win too quickly. When the market falls, rush to buy the bottom. Rushing to chase after the rise. Hurriedly trading during a period of turbulence. I always feel like I have to do something, but real big money often comes from the stage of 'doing nothing'. Many people think that trading is a competition for analysis, but in fact, in the end, trading is a competition for patience, holding back from chasing high, holding back from panic, holding back from frequent operations, and holding back from proving oneself right. Because the market does not reward the smartest people. The market only rewards those who live to the end. The biggest secret of the cycle is also very simple: The money earned in a bull market is often earned during a bear market. The money earned from trends is often obtained while waiting. So instead of studying the next candlestick, I am more concerned about one thing: If the market suddenly reverses tomorrow, can I still sleep in my position? Because making money depends on trends, survival depends on risk control, and risk control is the most easily overlooked ability to navigate through bull and bear markets.