I don't have any special skills; I've just been in this market longer than others. These 15 lessons are all drawn from experiences of margin calls and sleepless nights, with no unnecessary words.

**Lesson 1: Capital is the foundation of everything.** The bear market tests human nature the most; protecting your principal is safeguarding your chance to turn things around. A direct wipeout might take years of working to recover. This kind of blow is not just an account issue but also a deep psychological trauma.

**Lesson 2: Greed is the biggest enemy.** Don't chase rallies or chase the top; be satisfied with a 10% gain. Such returns are much more stable than those who see a 50% unrealized profit only to end up losing everything. Many people ruin themselves here—always thinking the market will go higher.

**Lesson 3: Focused investment but not all-in.** You can increase your position when the direction is clear, but always keep at least 30% in cash. The only ending of full position is to entrust your fate entirely to market fluctuations.

**Lesson 4: Light positions and restraint from frequent trading.** More than three trades a day indicate your mindset is already off track. What's the real cost of frequent entries and exits? Fees eat up your profits, your mindset collapses, and the probability of margin calls increases.

**Lesson 5: Slow position building and strict stop-loss.** Wait for signals to be fully confirmed before opening a position; don't hold onto illusions when setting a stop-loss. The moment the price breaks support is the signal to exit—no room for negotiation.

**Lesson 6: Leverage is a double-edged sword.** It amplifies gains but also risks. One mistake can require ten correct trades to recover. This math is brutal.

**Lesson 7: Stop-loss is a lifeline.** Set your stop-loss levels and exit conditions carefully—these are your bottom line protections. Hesitating to execute results in deeper entrapment.

**Lesson 8: The numbers in your account may not be real money.** Unrealized gains are just on paper; if not cashed out, they are虚的. The smart move is to take out the principal after making profits, so the remaining gains can be boldly used.

**Lesson 9: Extreme market conditions inevitably reverse.** When the market is in panic, don't follow the crowd to sell. When chasing highs wildly, don't lose your rationality. History shows that the market always breeds new hope in the most desperate times.

**Lesson 10: Rest when there are no clear signals.** Missing a wave of market movement isn't scary; reckless opening positions is. Learn to relax and wait for confirmed opportunities—this itself is a trading strategy.

**Lesson 11: Mindset is more valuable than technique.** No matter how perfect your trading system, if your mindset collapses, it's useless. Greed, fear, and luck can overturn all your plans.

**Lesson 12: Compound interest requires surviving long enough.** You must first stay alive to qualify for compound growth. Staying alive in this market is winning.

**Lesson 13: Stop-loss and take-profit should be proportionate.** Every trade should have a reasonable risk-to-reward ratio. Don't risk losing 100 to make 10; such calculations are simply unmanageable.

**Lesson 14: Markets have cycles, and trading has rhythm.** Not every moment is suitable for action. Learning to wait for specific phases of the market makes trading simpler.

**Lesson 15: Recording is more important than analysis.** Keep a record of every trade, review regularly, and you will truly see where your problems lie. Many keep repeating the same mistakes because they haven't reviewed seriously.

These lessons are not profound theories but rules learned through living and experiencing. I hope they can help those still on the road.