The Bitcoin market this month has seen significant fluctuations. Trading requires some effort as the rises and falls are not consistent, and the frequency of switching is very high. A bit of greed can quickly lead to losing everything.

It's been a month, and looking back, the coin price is still the same, but the money is gone. This is the biggest characteristic of a fluctuating market. Instead of setting a stop loss and holding on, as long as the position is not bad, you can basically wait for it to come back.

There is an old saying: Beginners fear one-sided markets, while veterans fear fluctuations. Beginners are fearless and rely on courage; as long as there is volatility, they dare to jump in. Their life motto: The bigger the waves, the more valuable the fish. After placing an order, they keep an eye on the K-line, setting stop losses arbitrarily, ready to close positions and reverse direction at any time. At worst, they hold on and wait for a main play, not fearing the unexpected; in a fluctuating market, their losses are relatively small.

Experienced traders, after enduring the market's harsh lessons, have been educated to the point of losing their individuality. Just hearing about trading without stop-losses makes them break out in a cold sweat. They remember when they were once the fearless "Dragon-slaying youth," but after several waves of one-sided trades, they went from "making money" to merely "recovering capital." Every trade is now approached with extreme caution, as if walking on thin ice, continuously reminding themselves: "Kid, don't be impulsive. Wait until you see the right opportunity before entering. If you keep messing around, you’ll have to leave the table."

I have said that all traders will go through three stages:
Stage One: Don't be afraid, because ignorance brings no fear. Don't talk about technical indicators, candlestick patterns, level risks, or monetary policies. Just say directly: Which side are we all in on? I don't believe in gods, I don't believe in people, and I especially don't believe in evil.

Stage Two: Fear. After a period of time, I found that the market seemed to have rules yet lacked them; every time I couldn't hold on and exited, the market would peak. Each time I couldn't resist and found that holding on a bit longer would allow me to recover, there was one large unilateral movement and one sudden surge followed by a drop. Due to not setting stop losses, I was instantly taken out. I slowly began to respect the market, no, not respect, but fear.

Stage Three: Fearless. This stage has advanced to a master level, understanding the uncertainty of the market, realizing the limitations of one's own perception, comprehending the impact of fundamentals on market sentiment, and having developed a personal trading system. No longer swayed by market fluctuations, one remains steady as a rock, only waiting for trading opportunities that belong to them. They do not engage with markets they do not understand, feel no regret for missed chances, and take only one dip from the vast river.

Therefore, trading is not just about mastering methods and techniques; more importantly, it is about self-cultivation, reflecting on and reconstructing one's own understanding. It involves understanding how to manage positions, how to avoid risks, being patient and not anxious while waiting, reducing the frequency of trades, no longer regretting missed market opportunities, accepting both the good and bad in trading, continuously reviewing and thinking, gradually becoming more mature, stable, calm, and composed.