How did you lose all your money! There are probably three cognitive pitfalls 🕳️ They are: Texas, contract, bargain hunting After reading, I hope it will be helpful to everyone Yesterday, I roughly shared my experience in making money The response is okay. Today, let's talk about how the money earned was lost Difficult to make money but easy to lose Internet industry for many years Basically, I have played all the tracks I have heard of on the market It has risen and fallen many times Since playing Twitter with unique traffic Due to lack of early experience I have tried various ways of monetization Brushing hair, operation, payment, and project depth cooperation, etc. Later on, I found that my personality is suitable for one handed grasp Each field involves one point, so the money earned varies across different tracks We have hairdressers, domestic dogs, traders, project consultants, and operations professionals Making money during that period was like picking up money At the peak of traffic, cooperation has been scheduled until next week Dozens of phone calls per day I believe many people have experienced it, and the bull market stage is like this The first pit: Texas Frequent offline socializing - the beginning of losing money In the encryption industry, due to frequent online interactions, over time Regardless of gender, having emotions and offline contact is inevitable The result is that Texas has become a hurdle that I cannot avoid in this industry Everyone knows that industry practitioners like to play Texas Believe that the process of the Texas game is a microcosm of the cryptocurrency industry As a 35 year old with 30 years of experience in chess and card games, I How can one be content with falling behind My friends say that if we don't fight in Texas, we won't be able to integrate into the high resource social circle I believed it, and only now do I truly understand Not playing Texas is not about not being able to integrate into the social circle, but about not being able to integrate into the gambling circle The first time I was fooled into hitting Texas was because there was a shortage of people My friends urged me to say that newcomers have a novice aura Basically, they all win money, but I lost 50000 in my first game The next day, we lost another 50000 in the second game Since then, I have lost 8 out of 10 games, averaging 10000 U per game I lost 500000 in two games in Hong Kong at most once At that time, it was a rookie stage The bottom pool costs 5000 and the shuttlecock costs 80000 just to buy insurance When gamblers gather, it's Texas So, slowly we lost 200000 Here, I have a personal suggestion for my colleagues in the industry Play more with women and less with cards Women can at most empty your body, while Texas can empty your pockets Second pitfall: Contract If you have not played the contract before, it is recommended to continue playing Before playing the contract, many people advised me not to play, as the outcome of the contract was zero But as a self proclaimed smart person! Thinking that I would hold one tenth of the funds, and every time I would take another tenth of the funds to operate, I would open my position and then make another move It's hard to lose everything But ideals are full, reality is tough At the beginning of the operation, there were losses and gains, and when there was little capital, most of the profits were still made Sometimes the market fluctuates, and even a dozen or so orders can be earned At that time, I even thought I was the pride of heaven But once encountering a one-sided market trend and a reversal in the order A one-time loss can send you back to the prototype Because there is no control over the position, it leads to bigger and bigger games The profit from the first ten orders may have gone in the wrong direction for the next order Returning to poverty Speaking of which, I have a few questions that everyone has noticed The first one is that they cannot control their position, and their desire to gamble is increasing The second one is that I did not stop loss when opening an order, but stopped loss when the position was liquidated Anyone who is involved in gambling, as we all know, finds it difficult to be interested when subjected to intense stimuli and shocks For example, in a contract, once you can't control your desire, the order will only get bigger and bigger. Once you open a position of tens of thousands of units, you will become less and less interested in playing with a position of tens of thousands of units So, gradually the desire grows bigger and deeper, sinking deeper and deeper. When you discover it, you are already stuck in mud Only by calming down and reflecting after losing can we understand that contracts are not something that people can play with. Nine out of ten bets are lost, and if you don't bet, you win This is for everyone, and also for myself The third pitfall: cognitive trap - bottom fishing Brothers, the first two pitfalls, Texas is the poison of offline socializing, and contracts are the shortcut to online self destruction. The third pit - 'bottom fishing' - is definitely a wolf disguised as a 'value investment', specializing in eating leeks like us who have a little money but think they are smarter than others! It's too easy to make money in a bull market. When money comes quickly, it's easy to have the illusion that I'm not only lucky, but also have a sharp eye! When you see a coin that used to have unlimited glory but is now declining, or a project that has been "mistakenly killed", the feeling of "everyone is drunk, I wake up alone" comes up. Damn it, has it all fallen to XXX? Are the dealer's costs higher than this? ” Last bull market it was a hundredfold coin, where did it go? Copy When all the bad news comes out, it's a good thing. Let's take a gamble and turn a bicycle into a motorcycle Falling again? Exactly! I'll spread the cost and buy more as the price drops What was the result? Copying halfway up the mountain is a stroke of luck. More often than not, what you think of as an 'iron bottom' is just a small platform halfway up the mountain, with eighteen layers of hell waiting for you below. You think you're "picking up bargains", but the dealer laughs at you for "taking a flying knife". The fundamentals of the project are already rotten, or the situation has passed, and you are still in the YY "value return". Has it dropped by 90%? It can drop another 90%! Spread the cost evenly? That's chronic suicide! The more you fall, the more you buy, like constantly throwing money into a bottomless pit. I originally only wanted to take a small gamble and enjoy the situation, but the position grew bigger and bigger, and eventually became a "cancer" in your asset portfolio, deeply trapped in it and unable to move, watching it close to zero, or a long period of decline polishing all your patience and capital. Institutional costs and historical lows are both psychological placebos. When market sentiment collapses, who cares about your costs? The power of trends can crush everything you think is a 'support level'. Do you think you copied the bottom of the organization? Maybe the institution has already cut its meat and run away, or turned its back and opened its doors for you! Time cost is the biggest silent killer. The 'bottom' you copied may not be solved for one or two years, or even longer. Watching other opportunities fly before your eyes while your funds are locked in the 'basement', the agony is even more unbearable than cutting flesh with a knife. The bull market is here, while others' capital is doubling, you are still waiting hard to recoup your investment. The temptation of bottom fishing is that it makes you feel like you are "laying out against the trend" and is "smart money". But most of the time, what you think of as the 'bottom' is just a drop in relay stations. When the market truly reaches its bottom, it is often accompanied by extreme panic, despair, and liquidity depletion. At that time, 99% of people who shout to buy the bottom are already too scared to take action or have no money to do so. You, most likely not the lucky 1%. So, recognizing reality and seeing oneself clearly, the so-called cognition may not necessarily be awakening, but rather a trap