Have you heard this saying—most losses in the primary market are not due to issues with the project itself, but are often destroyed by a single sentence or a single thought.

Recently, I’ve come across many investors who transitioned from the secondary to the primary market, and their outcomes are almost surprisingly similar—their accounts end up completely wiped out. The reason is simple: they bring the same strategies from the secondary market.

What is the secondary market? Price speculation. If you buy wrong, at worst you get trapped, but time can help you regain space, and there’s a chance to turn things around.

What is the primary market? Survival betting. If you buy wrong, the project might disappear entirely—not just a retracement, but a complete reset. The risk levels of these two are on completely different scales.

Trying to approach the primary market with a secondary market mindset almost guarantees falling into this trap—seeing a narrative with some hype and going all-in, thinking this time is different. Then, when the price drops, you start franticly adding to your position, using your holdings to gamble on probabilities. With this kind of sequence, you’re essentially closing your own exits through emotional operations, again and again.

What is the essence of the primary market? A distribution game under high failure rates. It doesn’t require you to be right every time; it only requires that when you keep being wrong, your account still has ammunition. But if you went all-in and added positions early on, there’s no more cards to play later.

Look at those who can casually invest in A7, A8 tokens—they think it’s just a matter of placing a single order. In reality, behind that are countless resets, cut losses, and the honing of capital. Those who can still stand steadily at the table didn’t start out playing like that. They’ve gone through enough losses and paid enough tuition fees to reach the point where they appear so casual now.

If you start without experience or capital and try to directly copy their results, the probability is virtually zero. The primary market isn’t a place to turn things around; it’s a game of trial and error under high failure rates. Understand this logic first before making your move.