The study tour during the summer vacation has ended. After being out for half a month and not posting for a while, I opened my feed and saw that the number of followers exceeded 20,000. It's quite surprising to reach this number without doing any live broadcasts. Thank you all for your recognition and follow.

In the days when I haven't been writing updates, it feels like there's something weighing on my heart, hard to say whether it's guilt or a little disappointment in myself, especially towards those friends who subscribe to me. Sticking to writing updates every day requires discipline, but I really don't want to just casually post something to fool around. On the 24th, when I started to pull back, I wrote a few hundred words on my phone in the hotel, tried to post it twice but it didn't go through, so I simply gave up posting. Since my mind has been occupied with playing during this period, I might as well focus on playing.

In my childhood Chinese language textbook, Li Dazhao once said, when playing, one should play happily, and when doing things, one should do them seriously. Although decades have passed, this has always been remembered in my heart, especially at the age of forty when one is no longer confused. I am increasingly accustomed to viewing some things as if they were the last time in my life, focusing on them, fully immersing myself in them, and trying my best to leave no regrets. During this time, I've basically been visiting a city every two days, leaving early and returning late. The kids have arranged a pretty packed itinerary. This time I went out without bringing my computer, completely leaving business and the crypto world behind, because I know my child is 18 years old this year, and opportunities to accompany her on such study trips will only become fewer.

Discipline is something that is definitely indispensable on the journey of life. After all, who doesn’t have moments when they want to slack off? I am no exception; it’s just that everyone’s "discipline string" is pulled tight to different degrees. Fortunately, I have a certain level of self-awareness, knowing where my shortcomings are and which habits hold me back. This awareness acts like a mirror, reflecting the problems, and when I see them, I realize that adjustments need to be made. Whether in work or on the path of investment, to move steadily and go far, it relies on this ability to self-reflect and make timely corrections.

Recently, I personally think the market is quite normal, and there haven't been any particularly unexpected trends. It's very normal to see a rise followed by a slight pullback. In the subscription updates, I made a rough judgment on this trend, and looking back now, there hasn't been much deviation. However, this round of rise and pullback has brought a wave of liquidation news.

The current market is like a startled bird; any little noise will amplify the situation infinitely. No matter what news appears in the market, there will be hundreds of interpretations. The main players understand human nature best; they know how to guide the thinking of the retail investors. Therefore, it’s best not to trust the superficial things and the chaotic information in the market. You just need to be clear about what you should do, when to do it, and keep your own rhythm; this wave should bring some profits.

This morning I checked the K-line for BTC and ETH, and overall it looks pretty good. I will continue to hold my long positions, while I cleared out my short positions around the 23rd of last month. Now I am keeping 20% of my positions in cash, quietly waiting for some signals. I should be able to re-enter the market for short positions around the middle of the month.

During this period away from home, I also shared some real-time changes in the account with my child. Although she hasn't tried real operations yet, I can clearly see her mood change as she watched the account go from floating profits last month to a profit withdrawal at the beginning of this month. The amount of money in this account has exceeded her capacity to handle. From being indifferent at first to now asking about it every day, when we were about to finish our trip in Jinan on August 2, she nervously asked me if she could withdraw a portion first to protect the money she had earned.

I believe everyone has gone through this stage. When there's a floating profit, thoughts abound; when profits retract, one is anxious and hurried to take profits; when there's a floating loss, one is in a state of confusion; when losses expand, one is in a state of panic trying to cut losses. This is a typical cycle of chasing highs and selling lows, and 99% of people will experience this stage. The sooner one experiences this psychological state, the sooner they can sense the changes within themselves, allowing them to overcome the fears and greed associated with trading. It's a long-term practice; while it sounds simple, very few can truly achieve it.

Before 2020, the market was a rough and tumble place, with retail investors flooding in like bamboo shoots after rain. At that time, regulation was weak and there were few projects, making it relatively easy to make money through trading. However, after the entry of large institutions, everyone has clearly felt that the gameplay is becoming more professional, and the skill and mindset requirements for individual small players are getting higher and higher. It is inevitable that the benefits sought by the crowd will be hard to obtain, and the profit-making effect will be poor. Wall Street is not a charity; everyone is here to make money. If you don’t change, why should you expect to make money so easily?

Trading is indeed a form of alternative torment and redemption. BTC has reached the price of 120K, and many old OGs in the market have indeed begun to gradually exit. Certainly, this is something to be happy about; they are paying the price for their choices and persistence from back in the day, and they deserve to enjoy the fruits of this victory. Meanwhile, we are still drifting in the market, and some are even waiting for the final explosion and sprint in the dangerous bull tail market. This is inherently a very risky decision, but we helplessly chose this path; isn’t it also about bearing the corresponding responsibility for our past ignorance and choices?

Seeing the news about Master Shi on the journey, my wife, who does not believe in religion or Buddhism, has been sharing those gossip news with me. I consider myself a half-believer in Buddhism and religion, but I don’t have much emotional turmoil regarding these matters. From an economic perspective, the Master is a capable person, but from a social morality standpoint, it varies from person to person. The official narrative is just a facade; there are too many twists and turns within it, and the truth behind it is not something we ordinary people can know. This matter will not affect my devotion to the Buddha, nor has it deepened my disdain for monks. All sentient beings have their own obsessions, each with their own causes and effects.

I am not the kind of person who enters a temple at every opportunity or worships at every Buddha I see. I usually like to read Buddhist scriptures and similar things, mainly seeking inner peace and self-awareness. A few years ago, by chance, I met two friends from the Taoist tradition, and they gave me a few books on cultivating the mind and character, which I found quite good. Unfortunately, my connection is shallow, and as an ordinary person, it's hard for me to express my insights in just a few words. Friends who are interested can take a look at the simplified versions of the Tao Te Ching and the Book of Changes.

Many friends say I am a Buddha-like holder, I guess that’s true. Recently, I read a saying: "Look inward in everything, don’t seek externally." In simple terms, it means when encountering problems, don’t always think about seeking answers from the outside; no matter how noisy the external voices are, they ultimately cannot solve your own confusion. I think this saying is quite suitable for many friends who are following this dynamic. When you think about it, trading is really quite similar to life. Many times, once we thoroughly understand the basic principles, all those unnecessary worries and unfounded anxieties naturally decrease by more than half.

For example, when it comes to choosing a trading method, some people like to stare at the market every day to earn short-term profits, while others prefer to live well and make long-term investments. I would rather choose the latter, at least I can clearly know when to do what. After being in this circle for a long time, I have seen too many people who "want to make money, want to make big money, want to make quick money." When they come, each one is full of confidence, as if the money in the market can be easily grabbed, but in the end? Many people find themselves passively exiting as they go along, and some never return. Those ups and downs stories, let alone writing an article, I’m afraid even a long essay wouldn’t suffice to express the sentiment.

Look at the comments in my comment section; many friends only understood the cruelty of the market after jumping over the pitfalls. I am also glad that some friends have understood the risks of the market through this dynamic and found a trading method suitable for themselves through their own efforts. People are divided into various ranks, just like wood is classified into types like rosewood and sandalwood. This does not refer to wealth, but to concepts. As the old saying goes, it is difficult for a person to earn wealth beyond their own understanding. Behind this saying in the crypto world means that gaining knowledge requires a tremendous cost because it seems like there are opportunities everywhere, but in reality, there are traps everywhere.

To be honest, what is most abundant in the crypto world is "lessons," but we really don't need to personally hit the wall every time. We see the falls others have taken, remember them in our hearts, and we shouldn't let ourselves repeat those mistakes; the mistakes others have made, if we understand them thoroughly, can become our shield for risk avoidance. If we naively try every mistake ourselves, it is estimated that it will be very difficult to turn things around for a lifetime.

In the long journey of life, true wealth is the wisdom of waiting. I always believe that this round of bull market has some time left to run its course. Exercise restraint in the present; time should reward every bit of restraint with a reasonable answer.

Thank you for following, back to daily updates, let's work hard together, may you have boundless blessings ☕