Why do we still lose money even after buying into good projects? When I first entered the market, I always thought that as long as the project was excellent enough, the price would eventually recover. So I started researching the team, technology, ecosystem, and narrative. The more logical it seemed, the heavier my position became. Later, I realized: good assets and good trades are two completely different things. No matter how strong a project’s fundamentals are, if you buy in when the valuation has already priced in the next few years, token unlocks are still being released, and there’s no new capital coming in from outside, then so-called long-term value is just a comforting story for holders in the short term. The asset can keep developing, but the token price might drop 80% first. The market never trades on “how good it is,” but rather “how much of the good news is already priced in, and how much upside surprise is left.” What everyone knows is excellent is often already reflected in the price; real profits come when reality exceeds market expectations. My biggest mistake in the past was using fundamentals to justify my buys, but rarely studying token cost structures, liquidity, and valuation. When prices dropped, I blamed the market for not recognizing value. When I got stuck, I talked about long-termism. In the end, the project survived, but my account didn’t. After maturing, I finally understood: fundamentals determine whether an asset is worth long-term attention, while price and odds determine whether it’s worth betting on right now. Having the right direction but the wrong price is still a failed trade. Remember: a good project doesn’t equal a good price, and a good price doesn’t equal immediate gains.