What is the most common mistake made by traders in the crypto world? It's just focusing on the immediate opportunities, chasing hot topics and price swings every day, never really thinking about what they are actually doing.

Most people don't consider what constitutes a correct trading mindset, nor do they want to establish their own trading principles. Their entire attention is on opportunities and targets. And the result? Eventually, they will stumble and fall in the market.

There's a phenomenon worth pondering: many traders lack the motivation to learn proactively and are even more lacking in independent thinking skills. Without these two qualities, your trading career is doomed to be aimless. There are many ways to make money in the world, but only smart people will choose those that align with their principles.

Just look at Apple. This company is well-funded and has abundant talent. In theory, it can make money in any industry and even rank among the top players. E-commerce, retail, social media, car manufacturing... Apple has the capability to venture into these fields. But Apple doesn't do that. Why? Because Apple sticks to its principles. Remember, making quick money is easy, but maintaining excellence in the long term is the real challenge.

Apple once seriously considered making cars, investing funds, assembling a team, and conducting years of R&D. But when Apple realized that this path violated its core principles, it decisively abandoned it. This is not a failure; it’s a demonstration of having principles. Without clear principles, you can't distinguish what to give up, and some decisions might even cost you psychologically.

Buffett calls this the "North Star"—with it, you won't lose your way; even if you temporarily stray, you can find your way back home. But traders who tinker with trades daily, envy opportunities, and are driven by emotions probably don't have a North Star. The market is like a primitive forest full of wild beasts—how can you navigate safely without a North Star?

The world's greatest investors, Buffett and Charlie Munger, have long laid out the correct investment philosophy. All we need to do is learn seriously and absorb it wholeheartedly. Unfortunately, most people don't do that—they refuse to believe in Buffett's success and keep messing around with their own clumsy methods. The long-term result is blood, sweat, and tears.