Core Insights - The article highlights the investment philosophy and experiences of Le Fengjie, a seasoned asset manager and investor in China, emphasizing the importance of understanding market psychology and personal behavior in trading [1][3][18]. Investment Philosophy - Le Fengjie summarizes his investment philosophy with three key sayings: "Act without thinking is blind," "Thinking without acting is cowardice," and "Endless pursuit leads to greed," which encapsulate common cognitive and behavioral pitfalls faced by investors [2][3]. - The first saying warns against impulsive trading without a clear plan, while the second addresses the fear of execution despite having a solid strategy, and the third cautions against holding onto positions out of greed, risking potential losses [3]. Investment Journey - Le Fengjie began his investment career in 1992 with a modest capital of 7,000 yuan, quickly achieving significant returns, but faced major setbacks, including a loss of 30 million yuan in a single night due to market volatility [6][8]. - His experiences, particularly during the "327 National Debt" incident in 1995, shaped his understanding of market unpredictability and the necessity of a disciplined trading mindset [6][7]. Investment Methodology - Le Fengjie has developed a comprehensive investment methodology that includes trend analysis, technical analysis, and strategic selection of trading instruments [9][11]. - He emphasizes the importance of trend judgment based on wave theory and technical indicators, advocating for a dynamic approach to analysis that adapts to market changes [12][13]. Key Trading Principles - In terms of trading principles, Le Fengjie focuses on selecting instruments with clear trends and sufficient liquidity, managing positions with precision, and avoiding over-leveraging [14]. - He advises against frequent trading and emphasizes the need for a disciplined approach to stop-loss strategies and emotional control during trading [15][20]. Common Causes of Losses - Le Fengjie identifies five primary reasons for investor losses, including reverse operations after missing opportunities, stubbornness against market trends, and the reluctance to cut losses [15][16]. - He suggests establishing a mental stop-loss threshold to prevent emotional trading and encourages maintaining a practical trading routine to enhance decision-making [17]. Human Psychology in Trading - The article underscores the significance of overcoming human psychological barriers, such as greed and fear, which can lead to poor trading decisions [18][19]. - Le Fengjie believes that successful trading relies more on emotional control and understanding human behavior than on complex trading strategies [18].