Old Li is the most capable person I’ve ever seen.
In 2019, he bought a coin for three thousand yuan. Later, the bear market came, and that coin dropped by ninety percent. People in the group cursed the project team as scammers, and after venting, they sold at a loss. Old Li said nothing and didn’t sell.
Someone asked him why he didn’t cut his losses. He said: three thousand yuan, what can I do if I cut? Just leave it, consider it lost.
Later, he even deleted the software.
In the 2021 bull market, that coin rose more than a hundred times. Old Li remembered this and downloaded it back. When he checked, three thousand had turned into over three hundred thousand. He sold half and kept the rest.
People praised him for being amazing, for being able to hold on. He said: it’s not that I’m amazing, it’s that I forgot.
This statement is half true and half false. The true part is that if he had been staring at that ninety percent drop every day, he definitely wouldn’t have been able to hold on. The false part is that the premise of being able to forget is that losing this money doesn’t affect his life.
I’ve seen too many people unable to hold on. It’s not because they lack confidence, but because they can’t wait. Those who borrowed money to speculate can’t wait; those who cashed out their credit cards can’t wait; those who bet their living expenses can’t wait. As soon as the price drops slightly, they have to sell at a loss to pay off debts. It’s not that they don’t want to hold, it’s that they can’t.
So later I understood a principle: how long you can hold on doesn’t depend on your vision, it depends on how long your money can remain idle.
Only idle money can produce miracles. Money that you need to use urgently will only make you sell at a loss at the lowest point.