Ten years of market ups and downs tell a story of greed and fear, disillusionment and rebirth. As a participant and observer, my experience may be a microcosm of millions of investors.

**Stage One: The "Illusion of Quick Profits" Hidden Behind Luck**

Ten years ago, I caught the market at its peak, rushing in with the delusion that "the market is a cash machine." Back then, reading candlestick charts was like decoding a cipher, and rumors were the fast track to wealth. Everything was rising, accounts kept growing exponentially, and I mistakenly thought I was exceptionally talented—actually, I just caught the wave at the right time. No one told me: every dollar earned with luck will be taken back by the market in a thousand ways.

**Stage Two: The "First Lesson" the Market Taught Me**

Good days didn't last long. The market reversed, and a few limit-down days left me stunned. From unrealized gains to being trapped, in the blink of an eye. My first experience of "cutting losses" kept me awake that night, staring at the red screen in a daze. That was when I started to study seriously: technical analysis, fundamentals, macro cycles. A bear market is like a ruthless teacher; the first lesson teaches you to respect the market, the second to protect your capital.

**Stage Three: Restart with "Systems" and "Discipline"**

Losses are the most expensive lessons. I gradually built my own trading framework:

• Position Management — Never concentrate all in one, learn to diversify and adjust dynamically, always keep some bullets in reserve
• Risk Defense — Set hard stop-losses, no longer hold on stubbornly
• Selection Logic — Shift from chasing hot trends to studying fundamentals and industry moat, focusing on cash flow and intrinsic value

The transition through these three stages marks the shift from "I want to make money" to "I need to survive first and then make money."