Many people find the most dangerous moments in investment trading are often not when they lose money, but right after making a significant profit.

Consecutive profits create an illusion that you can control the market, which leads to three obvious changes:
Positions get larger and larger
Execution becomes faster and faster
Stop losses become increasingly loose

This is not rational judgment, but rather emotion and confidence being excessively amplified, leading people to blindly add positions, try unfamiliar trading instruments, and prematurely predict market movements. Essentially, profits have magnified ambition.

Truly mature traders don't change their discipline because of profits. Just as Livermore always insisted, profits are only interim results—adhering to rules is the key to surviving in the market long-term.

Losses instill fear, but profits easily breed arrogance, and the market punishes arrogance most severely. Top traders do the opposite: after profits, they become more conservative and restrained, not more aggressive.

Every profit is actually a test, constantly reminding yourself: making money doesn't mean your judgment is always correct. Only by tolerating mistakes and maintaining discipline can you truly go further in the market.