The harshest truth of the market is: this lesson can only be learned by yourself.

Data from a leading exchange shows that last month, 170,000 accounts were forcibly liquidated in a single day. Kraken's user behavior report is even more heartbreaking—63% of losses directly stem from emotional control issues.

The numbers are cold, but behind them are living lessons.

Last weekend, I met a friend from the industry for coffee. His hands were shaking while he was ordering, and after sitting down, he finally managed to say: "Three months ago, my account still had one million, but now it’s only enough to buy you a cup of Americano."

You must remember the crash in November—Bitcoin plummeted from a high of 120,000 dollars all the way down to 87,000. He happened to go all in at the peak, convinced that the market would break through 150,000. As a result, the strong liquidation line was triggered last week, and the principal went straight to zero, leaving only a few thousand in transaction fees refunded.

"At that time, everywhere was full of calls for orders, who cared about stop losses anymore?" He苦笑着 stirred his coffee.

I've heard this too many times.

When newcomers first enter the market, everyone thinks they can hit the right rhythm: when the market rises, they leverage up and go all in; when it plummets, they hold on tightly and wait for a rebound. When they make a profit, they want to immediately cash out; when they incur losses, they blame the market makers for cutting the leeks. No one reflects on the fact that what they really lose is their own greed and overconfidence.

Do you remember the "great purge" of Hyperliquid in October? Thousands of wallets were emptied overnight. But just a few days later, new high-leverage positions filled the exchange to the brim. They were not betting on the trend, but rather on their own luck not being that bad.

I have seen countless cycles like this: after being liquidated, I uninstall the app and swear never to touch it again, then turn around and Bitcoin rebounds by 300 points before I sneak back in.

The so-called trading system is never about sophisticated techniques, but rather the clear understanding gained through real money.

Stop-loss is not admitting defeat, it's buying insurance for the account; position management is not about being timid, it's about controlling risk exposure; if no signal appears, do not act rashly, don't guess the direction of price movements. Those who treat this industry as a casino will eventually be swept out by the market. Those who survive are all disciplined individuals who have seen through the weaknesses of human nature.

A master is not someone who doesn't lose money—it's someone who can become a little clearer after each loss.

If you are still staring at the K-line every day and can’t sleep, it’s time to stop and think: when to build a position, how to set stop-loss levels, and how to judge market signals. These pitfalls that others have encountered can completely help you avoid them.

Instead of mindlessly giving tuition fees to the market, it's better to spend some time understanding the underlying logic. This is where the real confidence to make money in the crypto space comes from.