I've recently been pondering another question: which mindset is most likely to lead to significant financial losses? After much thought, based on my own experience and lessons learned from various markets, the fear of "selling too early" ranks first. Whether it's hoping for continued gains, a return to previous highs, or simply breaking even, this fear of "selling too early" often has nothing to do with market prediction; it's merely a form of "prayer," and many people are forever praying. This is a general rule, not specific guidance.

In my personal investment career, aside from the devastating liquidation at the bottom of 2018, I've experienced significant drawdowns in principal at other times. The reason for these massive drawdowns is that I didn't sell on clearly positive news or unexpectedly large gains—I was afraid of "selling too early." I was afraid to sell too early when positive news emerged, and afraid to sell too early when there was a pullback after the positive news. I kept delaying, hoping it would return to a certain level before selling, fearing I'd miss out. This is the path I've walked before.

"Unexpected surprises should be realized, and narratives that drive up prices shouldn't be blinded by faith." I particularly like this selling strategy I shared before; it encapsulates so much experience and lessons learned—it's practically a secret manual!