#风险管理 The attitude of the regulatory authorities is becoming increasingly clear - "If it can't be seen clearly, it won't be allowed to operate." This statement is quite straightforward, and I believe its significance for the entire industry is much deeper than it appears on the surface.

Risk management is essentially about making rational choices in the face of uncertainty. The cautious attitude of regulators is actually consistent with our logic when following trades—when you cannot see the core logic of a trader or their risk control system, what you should do is pass, rather than gamble on luck. I have seen too many people blindly chase trends, only to step into black swan events.

In recent years, I've observed that the successful traders who last a long time have a common trait: they do not engage in things beyond their capability boundaries. The allure of new business models is significant, but without sufficient risk awareness and protective mechanisms, even the highest promises of returns are just illusions.

The insight for us from following trades is this—don't just look at account yield rates, but also consider the trader's respect for risk. That kind of reckless and thoughtless trading style will eventually backfire at some point. Diversifying trades, setting stop losses, and dynamically adjusting risk exposure are the fundamentals that determine long-term survival. Prudence is not about being conservative; it is a way to live longer.