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Integrating from the field of cryptocurrencies.
After spending half a day, the Dolphin Research has systematically reviewed this book, jokingly referred to by many cryptocurrency enthusiasts as the one Li Xiaolai uses to &#34;harvest leeks.&#34;
From the book &#34;The Self-Cultivation of Leeks,&#34; 24 key points have been extracted for everyone to have a quick look at.
The full book can be read at the following address:
The Self-Cultivation of Leeks
<ol>
<li>
Common characteristics of &#34;leeks&#34;: They severely lack basic reading skills. They are the kind of people who never read product manuals even after buying things for a lifetime, always asking others how to use something.
</li>
<li>
The fundamental reason for the end of each market cycle is &#34;exhaustion of entry funds.&#34; When even unrelated people start entering the market, the bull market is about to end; you should just watch and not buy anything... wait until the bear market, wait until everyone is cursing, then start buying!
</li>
<li>
What to do if you are &#34;stuck&#34;: In a bear market, if you still have money, slowly increase positions to lower the average cost; if you don't have enough money, work hard to earn money outside the market.
</li>
<li>
Almost all successful traders are experts in learning and research. Speculators refuse to learn, while investors are good at learning. In a bear market, besides earning money outside the market to increase positions, one must also continue learning.
</li>
<li>
Pay attention to economic cycles, in simple terms, the alternation between bull and bear markets. Focus on cycles and the true trends behind them.
</li>
<li>
At the end of a bull market, no matter who buys, they are buying at artificially inflated prices. At the end of a bear market, no matter who buys, they are buying at extremely low prices.
</li>
<li>
Successful traders are always a minority, sharing the common trait of not being swayed by appearances and enjoying exploring the essence beneath the surface.
</li>
<li>
Going all-in is a big taboo for traders; always keep a certain proportion of cash on hand.
</li>
<li>
Playing futures without professional skills is like &#34;seeking death.&#34;
</li>
<li>
Learn to calculate risks and set stop-loss orders.
</li>
<li>
&#34;Prepare for the worst&#34; is always better than &#34;blind optimism.&#34;
</li>
<li>
The higher the trading frequency, the closer it is to a &#34;zero-sum game.&#34; Reduce trading frequency, reduce it even more, and even consider it non-existent before it rises tenfold.
</li>
<li>
The shorter the term of a prediction, the closer it is to flipping a coin; the longer the term, the closer it is to a logical judgment.
</li>
<li>
As a participant in the trading market, it's unlikely you will sell at the highest point or buy at the lowest point.
</li>
<li>
Making a foolish mistake is okay, but once you realize your foolishness, correct it immediately. Never rationalize your foolish behavior. Pain + reflection = progress.
</li>
<li>
Methods to improve the risk-return ratio: Choose higher-quality trading targets; select the best trading times (such as buying after several sharp drops); hold for a longer period, experiencing multiple bull and bear cycles.
</li>
</ol>
<hr/>
<ol>
<li>
Set a stop-loss line to reduce your risk exposure; decrease the proportion of each trade amount to the total capital; enhance your ability to make money outside the market.
</li>
<li>
Early-stage investors have many more failed projects than successful ones. Investing in early-stage projects is definitely not something novices should do. It is necessary to consider early-stage investments only after accumulating a certain amount of experience.
</li>
<li>
Beginners should only buy 1-3 assets with the highest trading volume and trust the collective intelligence of the market.
</li>
<li>
In the trading market, whether it's cash, time, or life, never go ALL-IN.
</li>
<li>
In a bull market, extreme fear of missing out peaks when all types of investors go ALL-IN, indicating the end of the upward trend; in a bear market, when most &#34;novices&#34; become calm after experiencing disappointment and cursing, the downward trend gradually weakens.
</li>
<li>
In the future, the dominance of Bitcoin will continue to decline, possibly dropping to below 5%.
</li>
<li>
Principles of blockchain investment:
</li>
</ol>
<ul>
<li>Does the world really need this?</li>
<li>What problem does it solve that was previously unsolved?</li>
<li>Is decentralization really necessary for this?</li>
<li>Will financial transparency actually improve its efficiency?</li>
<li>To what extent does it resemble a DAC (decentralized autonomous company)?</li>
<li>If we decide to invest, what proportion of funds should we invest?</li>
</ul>
<ol>
<li>Blockchain investment tips: In a bear market, you can buy freely, but after a period of time in a bull market, you should start being cautious, cautious, and even more cautious.</li>
</ol>
<img src="https://pub.pbkrs.com/uploads/2024/0e074747adc6bb67da8b8ded0e27c936?x-oss-process=style/lg" original-src="https://pub.pbkrs.com/uploads/2024/0e074747adc6bb67da8b8ded0e27c936"/>

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In a bear market, you can buy freely, but in a bull market after a period of time, you need to be cautious, cautious, and cautious again.

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The Self-cultivation of Investors: Focus on Economic Cycles and Bull-Bear Alternation