Recently, a few friends around me have been completely wiped out by the market. In the past, when people lost money in the crypto space, they could somewhat recover by relying on familiar rhythms, emotional cycles, and liquidity logic. But this time is different—some got hit hard in the U.S. stock market, without even having time to react. Same market, but a totally different game. There are many detours in life that you can’t avoid. You have to walk through them yourself to truly learn the lesson. The reason I managed to avoid this round of risks isn’t because my judgment was more accurate, but because I’ve fallen into a similar pit before. It was only after that experience that I truly realized: every market has its own operating rules and pricing logic. Trading across markets “based on experience” is essentially like using an old map to navigate a new battlefield. At the end of the day, trading isn’t about who makes money faster—it’s about who survives longer. Surviving is more important than anything else. As long as you have your principal, opportunities will always be there. But if your principal is gone, everything resets to zero. That’s why I’ve become more conservative over time and more clear-headed: not every opportunity is worth chasing, and some risks are simply not meant to be touched.