Sooner or later, you will have one.

On the journey of crypto asset cultivation, you will inevitably experience a major drawdown — I call it the moment of "breaking and then establishing." The most growth-inducing moment is often not the floating loss, but the moment when a huge amount of real money is rapidly lost.

Many people think that the significance of a big loss is only to enhance risk awareness. Wrong. Its true role is to make you develop a "dullness" to losses — accepting failure as normal, which can actually help you stay calm when opportunities arise, dare to hold heavy positions, and continue participating. Those who always pursue low drawdowns and constantly protect themselves often end up earning the least.

Why? Because you are reversing the logic when comparing yourself to institutions.

Institutions need smooth net value curves — this is the requirement of LPs and also their destiny. But what is the least valuable for retail investors? Time and rebalancing costs. We can stubbornly stick to one direction, but institutions cannot. So blindly copying institutional conservative strategies is of little significance for retail investors. The result of always controlling drawdowns and being overly cautious is that the upward potential hits a ceiling.

I have seen people heavily invested in tech stocks, with $TSLA and a leading chip stock each achieving 10x gains — but such people are rare. It looks simple in hindsight, but if the same opportunity is given to 1,000 people, only a few might succeed.

Where is the problem? It lies in the thinking framework.

Excellent individuals trained through endless exam questions are used to linear expected differences — hypothesis → verification → execution. But growth stocks are nonlinear, full of black swans. Once reality deviates from expectations, they immediately cut positions and switch tracks. To become a "thinker outside the routine" and a "true believer," under the East Asian education system... it’s very difficult. Most regrets in the primary market historically also stem from this: missed opportunities are not because they are unrecognizable, but because they wavered. Most people are not defeated by skills in ICs, but by internal friction caused by "lack of conviction." This is not necessarily a personality issue — I think it’s a cultural gene problem.

Our basic mindset is "not making mistakes," not "being brave."

So many people adopt extremely tense and conservative strategies to control each drawdown. But what happens? Once an unexpected force causes huge losses, the whole person collapses. The collapse is not entirely about money — but about being unable to accept this kind of "embarrassing failure." In their self-perception, what does failure mean? It means a complete negation of self-worth.

This is the real psychological issue.

Learning to coexist with losses is not about learning to make more money, but about learning to live.