After so many years of trading gold and digital assets, I’ve discovered a harsh truth: most people lose money, not because they can’t read the market.

On the contrary, many traders are actually quite strong in their analysis. They can articulate logical theories, list out various technical indicators, and even accurately predict trend directions. But the problem is: even when they’re right, they can’t hold on, or they fail to exit when it’s time.

For example, you go long on $BTC. The trend is clearly upward, but as soon as there’s a 5% pullback, you panic and close your position. Then you watch the price keep rising, kicking yourself in regret. Or, the other way around: your stop-loss level is reached, but you stubbornly refuse to cut your losses, thinking, “Maybe it’ll bounce back if I wait a bit longer,” and end up losing even more.

Every trader has experienced these situations countless times.

Everyone knows the principles—set strict stop-losses, follow the trend, stick to discipline. But when it comes to actually placing an order, people change. The numbers on your account fluctuate and instantly shatter your rationality. Greed tells you, “It can go higher.” Fear urges you, “Run now!” Wishful thinking convinces you, “This time is different.”

To put it bluntly, trading ultimately isn’t about technical skill, but about whether you can control yourself. Those who survive longest in the market aren’t necessarily the best analysts, but they are definitely the most disciplined—they enter when they should, exit when they should, no hesitation or second-guessing.

Whether it’s traditional gold or tokenized assets, the market has no sentiment. The ones who stand firm in this business are those who turn “knowing” into “doing.”