The real successful investors always accumulate profits in the transaction of chips and opinions with irrational traders. Financial transaction is a game involving probability, and the future trend can never be predicted absolutely.

Market trends are the result of investor’s sentiment, often contrary to our wishes. The market is always against you. It often falls as soon as we buy and rises as soon as we sell. These are the results of our friendship with our own emotions. Even if we haveoccasional success because of luck, such investment can only be regarded as gambling, not speculation.

We emphasize once again that the essence of financial speculation is commercial speculation. We need a lot of data collection and long-term learning to complete our own unique trading ability and frameworkfor the commercial speculation. Fundamental factors drive the market, especially the big market.Those themes can only drive theshort-term speculation.