#数字资产代币化浪潮 Last week when I saw Old Li, he directly shoved his phone in front of me.

"Look, 210,000... now there's only 12,000 left."

That glaring red on the screen, I'm too familiar with it.

When he first entered the market last year, he even bragged about his strategy to me: "I just hold cash, absolutely no leverage, this way I won't get liquidated, right?" It sounded very stable.

And the result?

Someone in the community shouted, "Certain coin is about to take off," and without a second thought, he transferred 20,000; seeing the so-called "golden support level," he went all in with another 30,000. Every time he said this was a "once-in-a-lifetime opportunity," and he stared at the screen until 3 AM.

In half a year, the account slid from 210,000 down to five figures.

"I didn't touch leverage, how could I lose this much?" He really couldn't understand.

I lit a cigarette: "Because you treated cash as a no-risk game."

The biggest lie in the crypto world isn't 'hundredfold coins,' but 'cash guarantees profit.' Cash just doesn't have liquidation risk, but it will slowly eat away at your principal—buy high once, get trapped once; catch the bottom once, get halved once.

No stop-loss line, always fully invested.

No trading plan, all based on impulse.

No risk awareness, treating news as the Bible.

This is not investment; it's slow suicide.

The ones who truly survive are not because they seized how many opportunities, but because they know when to act and when to close their eyes.

Those who shout "get on board" every day are actually looking for someone to take over.

Old Li fell silent for a long time. Before leaving, he asked me: "Is it still possible to start over now?"

I said: "As long as the principal is still there, and discipline is established, it's always possible. But if you continue to trade with emotions, even if you give you 2.1 million, the outcome will be the same."

The market shows no sympathy to anyone. Protecting your principal is a hundred times more important than capturing a surge.

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