For many people in investment trading, the most dangerous moment is often not when they're losing money, but right after they've made a big profit.

Consecutive gains create an illusion that you can control the market, leading to three obvious changes:

Positions become increasingly larger
Trades are executed faster and faster
Stop losses become increasingly loose

This isn't rational judgment—it's emotionality and overconfidence being exaggerated, causing blind position-adding, experimenting with unfamiliar assets, and premature market predictions. Essentially, profits amplify ambition.

Truly mature traders don't change their discipline just because they're profitable. As Livermore always insisted, profits are only interim results; adhering to rules is the key to surviving long-term in the market.

Losses instill fear, but profits easily breed arrogance—and the market excels at punishing arrogance. Top traders do the opposite: after profits, they become more conservative and restrained, not more aggressive.

Every profit is actually a test, constantly reminding yourself: making money doesn't mean your judgment is always correct. Being able to tolerate mistakes and maintain discipline—that's what allows you to truly go further in the market.