There's a term that's especially popular in the crypto circle called "死扛" (deadly hold). It sounds brave, but in reality, it's the fastest way to lose money.

I've seen too many people fall victim to this. When the price drops a bit, they don't cut losses immediately; instead, they start self-hypnotizing: "Hold on a bit longer, the next rebound will come, then I'll sell."

And then? They don't sell during the first small rebound; when it continues to fall the second time, they still don't sell, always with the same reason — "It hasn't reached my psychological price yet." The market is just worn down like this:

When it drops 2%, they can still accept it;
When it drops 5%, they start to regret;
By the time it hits 30%, 40%, they suddenly wake up — profits are gone, and the principal is tightly trapped.

Many people think the problem lies in the market, but actually, the root cause is in logic. They never plan what to do if they lose money from the start, which seals their fate.

The truly reliable traders operate completely differently. Before placing an order, they plan their exit route: once the price breaks key levels or the chart looks bad, they immediately admit defeat and exit, without hesitation. They never argue with the market about right or wrong; they only care about keeping their account alive.

Look at those who make money long-term — almost all of them have one thing in common: extremely decisive stop-losses. They accept small losses but will never let one mistake wipe out all their previous gains.

Of course, genuine long-term value investing can indeed "buy more when falling," but that presupposes the logic remains unchanged, bullets are plentiful, and time is long enough. Most people's operations, at the core, are just unwilling to admit they were wrong.

Trading is never about who predicts the most accurately; it's about who can quickly get back up after making mistakes. Not stopping losses and earning more, or even recovering from a major drawdown, is possible.

The market is always there, and opportunities are always available. All you need to do is leave yourself a way out before each move. Don't rely on miracles bouncing back from a fall—that's not strategy, that's gambling.

If you want to survive long in this market, learn to admit mistakes with dignity.