The fourth step of ordinary people's economic radar is not to learn more knowledge, but to start managing themselves. The hardest part of investing in the end is not understanding the macro or financial reports, but understanding one's own reactions. When the price rises, I want to chase after it, Want to run when falling, Regret for selling away, Buying expensive and carrying hard, Others become anxious when they make money, I started to doubt my life when I lost money. These are not individual problems, they are human nature. So what needs to be supplemented in the fifth stage is investment psychology and risk control. You should know that the most expensive mistake in the market is often not misreading the direction once, but emotions taking over the system. Sell long-term assets due to panic. Because of FOMO, chasing high valuation assets. Because of anchoring, firmly adhere to a cost price. Due to overconfidence, they treat luck as ability. Due to confirmation bias, I only look at information that supports my own judgment. A truly mature investor does not lack emotions, but has rules to limit them. 10 questions to ask before buying: Why did I buy it? How long do I plan to hold it? What role does it play in the combination? What is the maximum drawdown I can accept? Is the valuation reasonable? Have the fundamentals changed? Is the macro environment supportive? Is there an alternative option? What if it's wrong? What are the stop loss or rebalancing rules? These questions may seem troublesome, but they can help you make fewer impulsive decisions. In the sixth stage, we need to focus on Chinese assets and global cycles. Because ordinary people cannot just focus on one market. China has its own policy cycle, real estate cycle, and credit cycle. The United States has its own inflation cycle, interest rate cycle, and dollar cycle. There are still major variables such as anti globalization, industrial chain restructuring, energy, military industry, and semiconductor in the world. The pricing logic behind Chinese technology, American technology, and Hong Kong technology stocks, which are also technology stocks, is not the same. A-shares consider policies, liquidity, and risk appetite. Hong Kong stocks look at US dollar liquidity, Chinese fundamentals, and foreign investment sentiment. The US stock market looks at profits, interest rates, and technology capital expenditures. Gold depends on real interest rates and monetary credit. BTC looks at liquidity, risk appetite, and cyclical sentiment. When you put these variables on a graph, investment is no longer about guessing the ups and downs, but about judging which cycle you are currently in, which assets are more advantageous, and which risks are accumulating. Ordinary people don't need to predict the market every day. But you must know what you are betting on. Don't bet on direction, bet on cycle. Don't bet on the future, manage risks. Don't chase hot topics, establish a system. In the end, you will find that the economic radar is not really training in "market watching ability", but in long-term survival ability.