I've noticed a rather interesting phenomenon in the crypto world. Many people research a coin so thoroughly they practically wear out the white paper, yet rarely do they analyze why they should buy it. Seeing others make money, they think an opportunity has arrived. Seeing a price pullback, they think it's cheap. Seeing the project team make a statement, they feel their confidence has returned. After all that fuss, their reasons for buying have changed several times, but their position size remains constant. The most absurd thing is that some people, clearly speculating, insist on finding an investment logic for themselves. They buy hoping for a quick profit, then start researching the fundamentals after the price drops. As they research, they end up knowing more about the project than even the project team themselves. Unfortunately, no matter how much they learn, it doesn't change the fact that their initial purchase price was unreasonable. I'm increasingly convinced that many losses in the crypto world aren't due to a lack of information, but rather an overabundance of information. If you're bullish on a coin, you can always find ten positive reasons. If you want to continue holding, you can always find several influential figures to reaffirm your belief. The internet has no shortage of evidence to support your current ideas. The real problem is that you gradually lose your ability to make independent judgments. Therefore, I think it's best to clearly define your reasons for buying, your expected holding period, and under what circumstances you'll admit you're wrong before buying cryptocurrency. Don't wait until it drops 50% to hastily concoct a long-term investment story for yourself. Sometimes, when we research projects, it's not to determine if they're worth buying, but to prove that we made the right choice in the first place. Think carefully about those losing positions: how many are truly worth holding onto because the project is worth continuing, and how many are simply because you're unwilling to admit you misjudged?