The losses of retail investors in the crypto circle are not fundamentally due to choosing the wrong coins, but rather because they are stubbornly holding on when the market reverses.

When the price just starts to go down, most people's first reaction is not to cut losses quickly, but to tell themselves "wait a bit, it will rebound soon and then sell." During the first small rebound, luck influences them, and they can't bring themselves to sell. As a result, when the second wave of decline hits hard, they deceive themselves with "it's just a little short of the target price." In this way, they feel they can hold through a 2% drop, start to hesitate at 5%, and only realize the full extent of the loss when it jumps to 30% or 40%—by which time they either lose all their profits or get their principal trapped and stuck. Frankly, the problem isn't how the market moves, but that they didn't think clearly before opening the position about what to do if they were wrong.

Truly consistent profitable traders do the opposite—they think through the question of "what if I am wrong" before placing an order. Once the price breaks below a key level or the pattern deteriorates, they admit their mistake and exit immediately, without hesitation. They don't argue about right or wrong with the market; they only care whether their account is still alive. Those who make money in the long run share a common trait: they are very decisive with their stop-losses. They can endure small losses but will never let a single mistake wipe out all their previous gains.

The true value investing method must meet three conditions: the logic still holds, there is enough capital, and the time cycle is long enough. Only under these premises can one talk about "adding to positions as it falls." Most people's stubbornness is actually a refusal to admit they were wrong. Trading isn't about predicting the most accurately; it's about who can adjust the fastest after making a mistake. Opportunities in the market are never lacking. To survive long-term in this circle, the key is to think about an exit strategy before entering, and not to treat gambling on luck as a trading strategy. Learning to calmly admit mistakes is the only secret to survival.