Trading cryptocurrencies and stocks are essentially the same; the key is whether you can overcome a few hurdles.

Let's start with cognition. Many people get stuck here because they simply don't understand their own capabilities. Charlie Munger once said: Knowing what you don't know is more important than being smart. Too many investors fall victim to overconfidence, overestimating themselves by dozens of times. To survive longer, you need to draw a red line around your abilities and not cross it. Only then can your decisions be reliable and you can avoid those deadly pitfalls.

The first 1 million in capital accumulation is truly a watershed. Most retail investors start with just a few thousand dollars. To grow from zero to a million requires solid skills, a stable mindset, disciplined self-control, and patience. But the problem is, many fall behind due to frequent trading and chasing highs and lows. Once you cross this hurdle, the power of compound interest becomes evident, and subsequent planning becomes much more relaxed.

In terms of thinking, you should think like a business owner, not a trader. This is what Li Lu means. Don't obsess over the ups and downs of the K-line; focus on cash flow, competitiveness, and management—these are the hard facts. Think like a boss to grasp the essence of investing.

Mindset and discipline are a matter of life and death. The market tests human nature every day, and most people are driven by emotions. The truly profitable experts all have a set of ironclad discipline that can control greed and fear in their hearts.

What is the true face of investing? First, you need to be able to do the math and know when to act. Munger's approach is: don't play when disadvantages outweigh advantages; only act when advantages outweigh disadvantages. Simply put, measure the gap between intrinsic value and price, and don't be blinded by price fluctuations.

The last layer is the margin of safety. Graham regarded this as the most important. It determines whether you're investing or gambling. The margin of safety is the gap between price and value. Genuine investing must be based on in-depth analysis, ensuring your principal is secure and earning a reasonable return. Those who only focus on price movements are not investing—they're speculating.