Dear family: Last night we had a Binance voice live stream. Although only 100 people attended, the most talked-about topic was chasing highs. A friend mentioned he had a long position on Ethereum at 3800, asking for my thoughts?

I told him that he managed to hold through 2100 on August 5, and now the market is slowly rising back. Going forward, it's all bullish; holding on could bring back the initial investment and even make some profit. Just think about how painful it was at 2100 on August 5! Now it’s over 3100, with a gain of 1000 points, it's like the joy of eating candy. Next up is 4000 points, which feels as exhilarating as flying.

Actually, I do not recommend doing HY, here are a few points:

1. What you can't control in the market is not the technology, but the mindset. The mindset determines actions; if you're too invested in a single trade, you either get rich or end up in the red.

2. When trading, if you stare at the market all the time, even if your skills are decent and you are on the right side, just a pullback might make you think you did something wrong. You immediately see your account balance shrinking, and you find yourself constantly on a stop-loss path.

3. Leverage, position size, entry points, and strategy are key knowledge points. If you are clueless about these, you’ll enter and lose, then get liquidated after a while, and it becomes a vicious cycle. You look at your account and see just a penny left, realizing that your capital has been lost to the crypto world and you can't get it back.

4. It undermines confidence. Once you engage in HY, each day feels like you have a gambling addiction. If you don’t trade for a day, you feel drained and always think something is missing. If you make a wrong trade, it hits your confidence. Over time, you start doubting everything and lose self-assurance.

5. Hoping to break even with a single trade, but unaware that this is a one-way street. You came in well, but can’t go back. Always thinking about breaking even leads to impatient explosions in mentality, making you feel distressed. Even with money, you can’t hold onto it, and if you can’t keep it, you’ll continue to lose. A fan of mine did just that; I’ve been advising him to stop, but the money he put in just disappeared in less than a day.

6. If you want to make stable profits, manage your positions well, develop a strategy, and only trade with a plan. Forming a system is key to achieving long-term stable profits; focus on survival first before considering long-term gains.