$GOLDWIND(02208.HK)$Microsoft(MSFT.US)

The past three days have been really turbulent, with US stocks experiencing three major pullbacks, and many people have given back the profits they made in 2026 within three days.

The losses made me start reflecting on investment discipline. Last month, I already felt that US stocks' P/E ratios were too high and began to panic, but as profits kept increasing, I got carried away. Not only did I not reduce positions to protect profits, but I also used margin to buy the dip on certain stocks.

I've always believed in Buffett's words: Be fearful when others are greedy, and greedy when others are fearful. But in practice, it's really not easy. Watching stocks keep rising, greed overwhelmed rationality, and I thought that even if there was a big drop, at most I'd give back the profits without affecting the principal.

But when the big drop really came, I regretted not reducing positions when I should have. The profits I made were also my money! Making less is still winning!

Learn from the losses: Discipline >> Operations. Don't seek to buy at the absolute bottom or sell at the absolute top. Be a friend of time and wait for opportunities.

Now my requirements are:

1 No short-term trading—I tried short-term speculation before and lost the most. I don't have the ability.

2 No margin.

3 Gradually start reducing positions.