Learn to draw lessons from failure; this takes much longer than you might think. There is a fundamental truth in the market—there is no distinction between bulls and bears, only right and wrong. I spend much more time understanding this basic principle than learning technical analysis.

Some people enjoy playing a game: trading in the market with virtual funds and then bragging about making millions. It sounds impressive, but it's like an old story—

Someone is going to duel with someone else tomorrow. His servant asks, "Are you a sharpshooter?"

"Yes," the duelist humbly replies, "I can shoot through a glass at 20 steps."

"That's great," the servant calmly asks, "but what if that glass is holding a loaded gun pointed at your heart?"

This story illustrates that—when real money is on the table, everything changes. There is a huge gap between virtual trading and real trading. The former allows for arbitrary trial and error, while each step in the latter represents actual profit or loss.

For me, only when I support my views with my own real funds does my opinion carry weight. The difference between paper trading and live trading tests completely different psychological qualities. When your money is truly in the market, you become more cautious, more rational, and better able to understand the real meaning of risk. This is not just about money management; it is the ultimate test of your investment philosophy.