The hardest part of trading is not understanding the market, but understanding oneself! Brothers, when many people read the book "Memoirs of a Stock Master" for the first time, they may think it is about how a trading genius can make big money on Wall Street. But I think the real value of this book is not teaching you how to trade in the short term, nor telling you how to capture every fluctuation through trading. The real strength of it lies in its portrayal of how a trader's desires, fears, and arrogance are amplified by the market, which is too realistic. Livermore is not an ordinary person. He showed sensitivity to price fluctuations early on, able to read market sentiment from changes in market positions, and was able to make decisive bets when major trends formed. Even today, he will still be a very strong trend trader. But the problem also lies here. The smarter a person is, the easier it is to trust their own judgment. A person who has made a lot of money is more likely to underestimate the cruelty of the market. The more likely a person is to mix luck, market trends, and abilities together by doing them correctly several times in a row. This is the root of the Livermore tragedy. He is not incapable of making money, but it is difficult for him to hold onto himself for the long term. After making money, it is easy to inflate, and after losing money, one wants to recoup their losses. If they judge correctly, they begin to increase leverage, but if they judge incorrectly, they are unwilling to admit their mistakes. In the end, what truly defeated him was not a single market trend, but the accumulated results after losing control time and time again. That's also why this book, which has been over a hundred years, is still timeless when read today. The market has changed, trading software has changed, the speed of information dissemination has changed, and trading varieties have expanded from stocks to options ETF、BTC、 Altcoins, perpetual contracts. But human nature has hardly changed. Afraid of missing out when rising, reluctant to cut losses when falling; I want to run when I make a little profit, but when I lose a lot, I want to bear it; Upon seeing others sharing their profits, immediately doubt one's own strategy; As soon as I made a profit, I felt like I understood the market; Just lost a fortune, and then started searching for news, reasons, and comfort everywhere. Many people think they are investing, but in fact, they are trading with emotions. A slight increase in the market feels like missing out on a life opportunity. The market fell slightly and felt that all logic had been falsified. The real problem is not market changes, but when the account fluctuates, one's judgment system becomes chaotic. So this book is not meant for ordinary people to imitate Livermore. You don't need to learn from him to read disks frequently, nor do you need to learn from him to bet heavily on trends, let alone learn from him to bet on a life and death situation. What you should truly learn is that the biggest enemy in the market is often not others, but oneself. Can you apologize promptly when you make a mistake? Can you not rush to sell when you see the right thing? Can you still respect risk after consecutive profits? Can you not rush to recoup your losses after consecutive losses? Can you still follow your own rules when others are crazy? In the end, technology is certainly important, and cognition is also important, but without discipline, all cognition will be destroyed by emotions. Livermore's life is a reminder: It's difficult to understand the market, but even harder is to understand yourself when the market is most stimulating. A truly mature investor is not without greed and fear. But knowing that these emotions will inevitably arise, so write rules for yourself in advance to prevent the most impulsive one from taking over the account.