Teacher, I just want to find a way to make sure that I can win all the time? In early 2018, at a small closed-door trading seminar in Central, Hong Kong, young trader Ryan frowned and posed the question to B-circle legend Arthur Hayes. Arthur Hayes, a former Deutsche Bank trader, founder of Batemax, was tempered in a storm and rejected trades. Ryan Arthur is firm in his words, and trading is never a surefire trade. It's essentially trading risk for opportunity. Ryan asked, confused, then why can't you just seize the opportunity of certainty? Arthur smiled slightly and replied, certainty, if there is certainty, then it is not called trading, but the exploitation of the market is established because uncertainty does not have the courage to pay risks, there is no right to reap the benefits. I want to make money in the market without taking risks. This in itself is the greatest delusion. He paused, and continued, the transaction seemingly buying and selling. In fact, at the expense of risk, in exchange for the possibility of future returns, every time the risk of buying has already begun to exist, every time only the return has begun to be conceived, but there are only two endings, either to cash in on the risk or to cash in on the return. Ryan lowered his head in contemplation, frowned, and asked softly, is that the more you think about it, the better. Arthur sighed softly. Shaking his head, the risk is always proportional to the return, and the high-yield transaction must contain high risk. Fantasizing that the sun is not scorching and the ocean is not waves is unrealistic. Ryan gritted his teeth and asked, "How should I deal with every trade?" Arthur's eyes are firm, and before placing an order, think clearly about two things, how much I can afford to lose. How much risk I am prepared to pay in exchange for how much potential gain I can make, not just how much you can make, but how much you can lose first. He added that trading is not about who earns faster, but who lives longer and controls the risk properly to taste it in the market. Survive for a long time, only staring at the people who make money, can only flash for a short time, and finally be ruthlessly swallowed by the market, the scene sank for a moment, only the faint wind outside the window, Arthur slowly stood up, glanced at everyone, his voice was steady, but said sonorously, real traders always ask themselves first, how much price am I willing to bear for this gain. Ryan nodded heavily, as if for the first time he had truly understood the meaning of the transaction.