The market is something that specifically targets those who think they can always win. No matter how big the player is, they will have to kneel when faced with a trend reversal.

Yesterday, BTC fell below $100,000, and ETH dropped to $3,057. An account claiming to be a "100% whale" was directly blown up. Two hours ago, he painfully liquidated his holdings, incurring a loss of $39.37 million—this guy has been bullish since October 24 and has accumulated nearly $40 million in losses. His record has fallen from an "undefeated status" to a win rate of 77% (14 wins out of 18 trades), and his account still owes $30.02 million.

This matter gives me several feelings:

First, don't believe in any "invincible general." The market is not a perpetual motion machine; no matter how good the historical data looks, one unexpected event can erase all past gains.

Secondly, risk control is truly vital. Holding onto high leverage positions without setting stop losses, no matter how thick your financial backing is, cannot withstand a price spike. If even the whales face this, retail investors must be even more cautious.

Thirdly, emotional management is more important than technical analysis. Many people refuse to admit their mistakes and stubbornly hold on from "just wait a bit longer" to "just cut it off now"; both retail and institutional investors cannot escape this mental demon.

What should ordinary players do? Here are a few suggestions:

Start with a small position - don't stake your entire fortune on a "feeling", and it's best not to exceed 5% of your principal with a single position.

Stop-loss to save your life - set a mechanical stop-loss level in advance, and leave immediately if the price breaks it; don't fight against the trend.

Avoid FOMO - When you see others bragging about "sure profit strategies," ask yourself: Who is losing the money they are making?

The market is always educating people, but the tuition varies in amount.