After 1011, the market movements seem like a targeted explosion of retail investors' faith. The longer you're in the crypto world, the more you develop a physiological "desensitization." The numbers bouncing on the screen, even if you hold a heavy position in a Meme coin, are just some kind of "chips" to us. We're used to PVP (player versus player), used to seeking liquidity in deep waters, like a group of gamblers who never dock in the open sea. People's hearts can't be stopped; they are eager for quick gains. But when you occasionally look up and see that the gold you bought last year has doubled, that heavy metallic feeling is like a huge mockery directed at us "high-frequency players." From a trading logic perspective, this is a comprehensive strangulation of "certainty premium" by "speculation premium."

We think we're capturing the future, but in fact, we're losing to the oldest consensus. Good trades are often not because you catch the fastest, but because you hold the strongest. To escape this suffocating volatility, I took a trip to Japan. I originally thought that a foreign country could provide some "hedge" for the soul, but what greeted me was over a meter of heavy snow. In that snowstorm capable of burying everything, I just grabbed a quick bite and came back. I began to realize that whether it's friends in Hong Kong who have endured years to get permanent residency or elites forced to "reduce holdings" by big companies at age 35, everyone is experiencing a form of "主动降杠杆" (主动减杠杆). They spend extravagantly in their circles, patching up their lives in reality. We start questioning every "IQ tax" on consumption, which is essentially a sharp decline in emotional spending. When the future "cash flow expectations" become blurred, survival becomes the only hard currency.

We become extremely restrained, trying to hedge the emptiness in the digital world with "patching" in reality. The most touching thing for me was the youth hostel in Chengdu that costs only 40 yuan a night. Dozens of people squeezed together, including recent graduates and debt-ridden entrepreneurs. They are friendly but exude a kind of "醒醒的躺平" (awakened lying flat). This confusion is essentially a fierce conflict between "sunk costs" and "real valuation." Having read books for over ten years, that is their "building cost." The system once promised a bull market, but the only offer reality gives is low-end labor. Many people waiting on a 40-yuan bed are actually refusing to admit that their life assets have already suffered a significant drawdown. In trading, the hardest part isn't entering the market but cutting losses.

They can't let go of their pride, but in reality, they haven't learned how to cut off expectations that have already decayed to exchange for the next cycle's entry ticket. This "game logic" has also spread to the emotional world. Single men and women within the system, with good conditions, are isolated from each other. It’s very much like two blue-chip stocks with liquidity dried up. Women are looking for more stable asset backgrounds, men are seeking lower premium holding costs. 26 is a watershed. After this age, chatting is no longer casual but an audit of assets and liabilities. Everyone is afraid—afraid that once they "trade," they will face unbearable drawdowns. So, each person becomes a static order in emotions, missing all the opportunities to turn over in repeated assessments.

We, this group, have flown in the digital jungle for so long that we almost forget gravity. After walking through these cities and seeing these pressures, I finally understand: the most important lesson trading has taught me is not how to double my money, but how to avoid "爆仓" (liquidation). Although reality is full of scars, "IQ taxes," and various traps, this "patching" restraint is actually us reclaiming the power to price life. The heavy snow will stop, the market will cool, and new people will come to the beds in Chengdu youth hostel. No matter what cycle we're in, the core action is not to seek speed but to stay at the table. As long as you haven't completely abandoned managing reality, this long-term life trading still has the possibility of a comeback.