Position allocation is very important! Never go all in; always keep some "bullets" in hand to respond to market changes in a timely manner.

Think about position management and trading mindset. Give yourself a定位, and be clear about what you want.

For short-term trading, you should consider selling near resistance levels. If the price rises, don't regret it; you are a short-term participant, and once you sell, it's fine to move on to the next opportunity. If you hesitate to sell when the price rises, thinking about holding for the long term, but then you want to trade short when it drops, this mindset will really torment you.

If you are a long-term player and want to hold for the long term, don’t be afraid of intermediate pullbacks. Focus on the results, not the process. Of course, you also need to tolerate drawdowns of 50% or even 100%. The entire bull market consists of continuous pullbacks followed by rises, and then more pullbacks, creating a rhythm of oscillating upward movement. For those who trade in waves, you can reduce your position when the price rises, but after reducing your position, you must buy back again if the price pulls back to avoid missing out and then chasing higher prices.