Surviving in the crypto world is not about learning how to win the market, but about learning how to admit defeat.
I have seen too many people rush into the cryptocurrency market with dreams of getting rich, only to quietly exit in a matter of months. Data shows that over 90% of cryptocurrency traders ultimately lose money[], and this is no coincidence.
When the market crashes, we instinctively blame the market, the big players, and the projects, yet we rarely take a moment to ask ourselves: Why am I always the one being cut down?
Trading is not about defeating someone, but about publicly undermining oneself.
We enter this market always thinking about defeating others, yet we forget that our biggest enemy has always been ourselves[].
Stopping losses is equivalent to admitting you were wrong, it's like slapping yourself in front of everyone. So we choose to endure, turning our positions into wills, turning our net worth into ashes. Enduring positions on the surface seems to be a contest with the market, but in reality, it's a conflict with your own obsession. The more you resist admitting mistakes, the more inflated your ego becomes, and the more your account shrinks.
The crypto market is a mirror that reveals your flaws.
Market fluctuations themselves are not scary; the real risk comes from your inner obsession.
Greed: Feeling envious when seeing others make money, entering the market without regard for risks.
Anger: Losing control of emotions after a loss, attempting to get revenge by increasing positions to recover losses.
Stubborn: Sticking to one's own views, ignoring market turning signals.
Slow: Overconfidence makes you think you are a stock god after continuous profits.
Doubt: Indecisive, missing opportunities and regretting it.
These personality traits may be harmless in everyday life, but under the catalysis of leverage and volatility, they will be infinitely amplified, becoming fatal weaknesses.
Admitting mistakes first means acknowledging 'shame'; knowing shame is nearly courageous.
Admitting mistakes is indeed difficult; the challenge lies in hurting one's self-esteem. But successful traders understand how to separate themselves from the trade.
Treat 'I was wrong' as a six-character mantra, reciting it three times before the market opens and three times after it closes. After each loss, recite it once; after each missed opportunity, recite it once. This is letting the ego bleed; once the blood is drained, one feels lighter and can adjust direction at any time.
In trading, the worst thing is being 'heavy': heavy positions, heavy expectations, heavy face. Once it becomes heavy, it sinks; when it sinks to the bottom, only the debris of liquidation remains. Light people can jump over traps; it relies not on how skilled they are, but on the habit of admitting mistakes at any time.
Self-reflection should be sliced into 24×7 segments until it becomes a conditioned reflex.
The dumbest behavior is outsourcing mistakes: blaming the Federal Reserve, blaming the main forces, blaming the naysayers. The quicker you look for external causes, the quicker your inner self decays.
A truly ruthless person reflects on themselves behind closed doors. After every liquidation, it's helpful to write down three lines of summary:
Which trading discipline did you violate this time?
What emotion was dominating my decision at that time?
How to avoid similar situations next time?
Post these summaries on the edge of your screen, read them aloud before the market opens the next day, until you find it amusing; only then can the mistakes be transformed into a vaccine. The more vaccines you have, the more antibodies your account will naturally generate.
Shift from 'result-oriented' to 'process-oriented'.
The vast majority of losing traders focus too much on the results of each trade, neglecting the quality of the decision-making process.
Trading does not require you to accurately predict the market's bottom and top, but to formulate a plan based on your analysis and strictly execute it. Gradually accumulate during downturns and profit progressively during rebounds. Have a strategy and stick to it, regardless of how the market fluctuates.
Conclusion: There is no need for a Buddha statue at the trading table, just a mirror.
The red and green of candlestick charts reflect your demeanor, while the profits and losses of your account reflect your essence. The mirror will only tell you: you are obsessed with yourself again, right? If you admit it, you pass.
The essence of stubbornness is the obsession with 'self-identity', while the market never cares who is right or wrong, only the increase and decrease of account balances.
If you also want to survive in the crypto world long-term, consider spending five minutes each day facing the mirror, not to fix your hairstyle, but to examine your inner self. When you can face your mistakes calmly, the market will become friendlier.
Remember, in the cryptocurrency world, it's not about who makes money the fastest, but about who can last the longest. The key to lasting long is your ability to reconcile with yourself.
How do you deal with cognitive errors in trading? Share your experiences in the comments—many times, admitting vulnerability can actually make us stronger.
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