From "missed gains three times the golden dog" to review: the first "emotional tuition" I earned in the crypto world.

Last week, I experienced the Nth time of "missed gains" in my investment career - a coin I held skyrocketed three times in price after I sold it. When I used to observe the market, I always thought Buffett's famous saying "Be fearful when others are greedy, and greedy when others are fearful" was easy to understand, but it wasn't until I experienced it myself that I realized "what you gain on paper is always shallow": the emotional impact brought by market fluctuations is much stronger than what is described in books.

Looking back at the entire process, logic was completely driven by emotions: watching the tokens gradually rise and the online discussions heat up, I first regretted not selling at the peak; after a brief decline, I became even more flustered, and when the price slightly rebounded, I was afraid it would drop back down, so I hurriedly cleared my position. Now, seeing it continue to rise, the regret of "missed gains" and the torment of "watching others make money" hit me hard. But I know that indulging in emotions is meaningless; transforming this small-scale fund's "trial and error" into reusable experience is the best way to account for this experience.

1. Review first: The three core issues behind "missed gains"

1. No research on the project, buying solely based on "what others say".
This token was obtained from a new issuance. When buying it, I simply listened to others' introductions without delving into the project's background or researching its value logic; even when the price rose later, I was completely unaware that "researching the target" is the core prerequisite for investment, which is equivalent to "placing a bet with my eyes closed."

2. The take-profit strategy is perfunctory, completely swept away by market sentiment.
Due to a complete lack of understanding of the project, there is no rational basis when formulating a profit-taking strategy: wanting to sell when it rises, regretting when it falls, and regretting even more after missing gains. There is no anchoring to one's own situation—neither considering one's risk preference and financial status nor asking oneself "What was the logic behind buying it in the first place?" Judgment is completely swayed by short-term trends. In fact, the more solid the investment logic, the less likely it is to be disturbed by market noise; conversely, the more perfunctory the logic, the easier it is to lose one's footing amidst volatility.

3. Lack of experience leads to a loss of judgment.
As a newcomer in the crypto world, I have no understanding of the pros and cons of projects or their development prospects, and I cannot rationally predict trends. I can only passively make decisions based on price fluctuations, and misjudgments are almost an inevitable result.

2. Summary: Three reusable investment experiences

1. The research on the underlying asset is the premise of all strategies.
Every investment must first gather detailed information about the project's background, value logic, and other relevant details. Only by understanding what the target is and whether it is worth something can a profit-taking strategy be formulated subsequently, rather than blindly following the trend.

2. Formulate a profit-taking strategy, anchoring it to 6 core factors.

•Target attributes: Long-term assets like Bitcoin are suitable for "long-term holding + phased profit-taking"; high-risk targets like altcoins have large fluctuations and short life cycles, so it is advisable to enter and exit quickly, exiting once profit targets are met.

• Investment Objective: Long-term wealth accumulation can set a high take-profit point (or even none); for short-term cash flow improvement, a 30%-50% return is sufficient to exit.

•Position size: Heavy positions are suitable for taking profits in batches, while light positions can "let profits run"; the core principle is "the amount invested should allow you to sleep well, even if it results in total loss, it should be acceptable," to avoid emotional distortion caused by excessive positions.

•Market Environment: During the mid-bull market, it is advisable to hold for a longer period; in the later stages of a bull market when it is overheated, take profits in batches to lock in gains; during a bear market rebound, take profits when seeing good results and do not linger.

•Yield range: An annualized return of 8%-15% for stocks/index funds is considered excellent, don't be greedy; it is common for Bitcoin to double in a bull market, take profits in batches; for high-risk altcoins, a return of 30%-50% is the target for exit.

• Psychology and Execution: Before selling, ask yourself "Will I regret missing gains? Will I regret not selling if it drops?" — Avoid the pursuit of "selling at the highest point" and "capturing the entire market segment"; the most cost-effective strategy is "partial profit-taking + moving stop-loss".

3. Value review; it's more important than profit and loss.
After each investment, regardless of profit or loss, a review must be conducted: Was the analysis of the target adequate? Are there any loopholes in the strategy formulation? What are the reasons for the judgment errors? One cannot just focus on "how much was earned or lost"; just like in high school, one should not only look at the scores, but understand whether the "knowledge points are truly grasped"—reviewing is the key to improving investment ability.

From now on, before making any strategies, I will look back at this review to ground my experiences, rather than letting "missed gains" just become a regret.