Yesterday I participated in a newly listed project with a opening market cap of just over 10 million. I directly投入了1000U. The result was very typical——it kept going down, and I finally cut losses after losing 60%. Now that I think about it, there were signs of this failure.

My initial thought was simple: since the market cap was low and public information showed little selling pressure at opening, I gambled on a potential rebound. The most outrageous part was that the project team didn’t even disclose tokenomics before opening, which made it obvious that they were highly controlling the supply. Seeing a platform give a score of 252 points and then instantly sell out made me even more convinced that this was an undervalued project.

The problem was, I overestimated my judgment. The project team’s attitude was very clear—they weren’t pretending anymore and just cut all the way down. I didn’t set a stop-loss point and watched my account shrink right before my eyes, finally being forced to cut losses.

From this loss, I summarized a few points:

**First, investing in projects ultimately means investing in people.** A project team that isn’t willing to disclose basic information—what’s there to talk about long-term? If you can’t understand tokenomics before opening, participation becomes pure gambling with no logical support.

**Second, market sentiment is crucial.** During a bull market, low market cap projects do attract attention. But in a bearish phase, even cheap projects can become just tools for chopping. This time, I caught the market at a low sentiment.

**Third, three conditions must be met: good target, good price, and good sentiment.** Missing any one of these means failure. I only considered the low market cap dimension, but the other two weren’t fully thought through.

**And the most important point—strictly execute stop-loss.** Don’t hold on to illusions like "it might rebound" or "break even and then sell." These thoughts only increase losses. Setting a stop-loss and sticking to it is the bottom line for risk control, with no room for negotiation.