In the investment market, very few people truly achieve success. This is not because they lack intelligence, but because it is difficult to master their emotions and behaviors. This viewpoint is fully reflected in the classic work "Reminiscences of a Stock Operator."

This book is not merely a theoretical guide, but the personal experiences and profound reflections of the famous investor Jesse Livermore. Whether stock investors or cryptocurrency traders, readers can find their own reflections in this book. After reading, the biggest realization is that the true opponent investors need to conquer is actually themselves.

The core wisdom contained in the book is mainly reflected in three aspects:

First of all, the market is always right. Livermore once said: "The market never errs; it is people who are wrong." Many investors lose not because of misjudgment, but because of stubbornness and unwillingness to admit mistakes. When the market rises, they are greedily insufficient; when the market falls, they are still hopeful. This mentality often leads to minor losses turning into severe losses. Therefore, the key is to recognize your mistakes in a timely manner and decisively cut losses.

Secondly, position management is crucial. Livermore believed that his biggest mistake was not in directional judgment, but in position control. Even if the directional judgment is wrong, as long as the position is moderate, the losses remain within a controllable range. On the contrary, if one operates with a full position, a misjudgment could lead to a total loss. This is particularly evident in the current cryptocurrency market, where some investors have made small profits multiple times, but their last full position operation led to liquidation. Therefore, what retail investors should learn the most is not how to seize every opportunity, but how to survive in the market over the long term.

Finally, strict discipline is the cornerstone of successful investing. Emotional decision-making is often the root cause of investment failure. Only by establishing and adhering to strict trading discipline can one maintain rationality and make the right judgments in a rapidly changing market.

Overall, "Memoirs of a Trader" is not just an investment guide, but a mirror that helps investors understand and manage themselves. Whether it is stock or cryptocurrency investment, the key to success lies in self-management and emotional control.