92 Kobe (new-generation trading capital; grew from tens of thousands to over a hundred million) — the core (the handbook that pushed me to become a trading-capital trader)

92 Kobe (a new-generation trading whale, growing from tens of thousands to over a hundred million) can be summarized into four soul-stirring lines: in the short term, it’s the liquidity premium created by popularity; either go high or go low—never trade the mid-range; rather eat the limit-down gap of the leader and don’t touch the mid-range limit-up board; during a market ebb, hold your hands—better to miss than to make a mistake. These sayings run through his short-term trading system, “the emotional cycle as the anchor, the leader as the core, and liquidity rules the roost”—a distilled trading playbook of how he rose from the grassroots to become a trading whale.
I. Soulful quotelines: the core of 92 Kobe’s trading philosophy

1. In the short term, it’s the liquidity premium brought by popularity—just that, nothing more (92 Kobe’s first quote)
   - Interpretation: Get to the essence of the A-share short-term market ecosystem: the key to stock price increases is not fundamentals, but the liquidity premium generated by capital chasing; popularity determines liquidity, and liquidity determines the space of the premium.

• In practice: Only trade the market’s focal points and the tickers with booming popularity; avoid “cold” stocks with no attention and weak trading activity.
• Quantification: The stock’s daily turnover (amount) must be ≥ 2x the sector average, and the turnover rate must be ≥10% (launch phase) / ≥15% (disagreement phase)

2. Either do high or do low—never do the mid-range (iron rule for short-term survival)
   - Interpretation: Mid-range stocks (3 to 4, 4 to 5) are the “death zone”—highest elimination rate, worst profit-to-loss ratio; high-position leader stocks have a definite premium, while low-position first boards / 1 to 2 have cost advantages and room for error.

• In practice:
• Do high: After the leader is confirmed, “keep your neck strong”; entries via the opening auction or limit-up board are both possible
• Do low: First board / 1 to 2 turnover board—the best risk-reward setup
• Avoid mid-range: Firmly abandon mid-range stocks of 3 to 4 and above, even if they hit the limit-up

3. Rather eat the leader’s limit-down gap—don’t touch the mid-range limit-up board (an extreme stock-picking logic)
   - Interpretation: Even if the leader hits the limit down, there’s still a chance for a rebound (multiple “lives”); mid-range limit-up stocks are often “the last dinner,” and the next day they’re prone to “A-kill”

• In practice: During a market ebb, rather stay in cash than trade mid-range stocks; if the leader’s first red-on-the-decline day (first down day) appears, you can test with a small position; if a mid-range stock’s first down day appears, abandon it immediately.

4. In a market ebb, hold your hands—better to miss than to make a mistake (the first principle of risk control)
   - Interpretation: The market ebb is the main source of account drawdowns; at this time, holding your hands is more important than any action; missing out means missing only a bit of profit, but doing wrong can lead to a big loss

• In practice: When the number of limit-down stocks is >10 and the limit-up streak height is 50%, decisively go to cash; only act during periods when sentiment is rising—during a market ebb, zero tolerance
  II. Core maxims of the emotional cycle and leader playbook

1. When trading stocks, you need a short-term worldview; the elements of this worldview are leaders, follow-up gains, and switching (system framework)
   - Interpretation: 92 Kobe’s original “short-term worldview,” with three elements that build a complete trading system

• Leader: Judging by trading volume, how to look at turnover, and summarizing past leaders—full-level understanding
• Follow-up gains: The timing to pick stocks, the conditions for when they appear; at times when high-position stocks are losing money due to sentiment, do follow-up gains
• Switching: Review the timing points of each round of speculation and the market environment; full-level switching understanding

2. Real “monster” stocks are built through turnover; good stocks come from turnover leading to disagreement turning into consensus all the way (leader identification)
   - Interpretation: A stock that only trades as “one-character lock” won’t go far; only leaders with sufficient turnover and where disagreement turns into consensus will have sustainability. Turnover represents a healthy cycle of float and chips, and disagreement represents the room for market games.

• In practice: Only trade consecutive turnover boards (15%-25% in the launch phase, 10%-15% in the acceleration phase); give up on shrinking-volume one-character lock boards

3. When everyone in the market thinks he is a leader, as long as your “neck is strong,” you’re fine (leader execution)
   - Interpretation: After the leader is confirmed, don’t hesitate—dare to increase your position size. “Keep your neck strong” isn’t blind confidence; it’s decisive action built on market consensus.

• In practice: After the leader hits the limit-up, if sector linkage is ≥5 stocks and the sector index is up ≥1%, you can confirm the leader status; on the next day, you can enter via the opening auction or by hitting the limit-up board

4. Weak-to-strong is best not shown in the opening auction; it’s best when it opens slightly low or flat and then gets bought up by funds (the essence of entry timing)
   - Interpretation: A weak-to-strong pattern with a high opening auction suggests “making the board”; the fund holding support isn’t real. Only weak-to-strong after a flat open / a slight low open followed by being bought up is the real hold and true strength.

• In practice: When hitting the limit-up board, only do the “fast re-close” (re-close within 10 minutes); avoid “high-open then fades” limit-up boards and limit-ups that turn rotten for a long time
  III. Risk control and discipline maxims: the guarantee of stable profitability

1. Stop-loss is just a trading cost; stubbornly holding on is the abyss (stop-loss iron rule)
   - Interpretation: The core of short-term trading is “quickly correct mistakes.” Stubbornly holding without logic can turn a small loss into a big one. A stop-loss isn’t failure; it’s a necessary method to protect principal.

• In practice: If after buying the move is not as expected (for example, a low open >3%, or no rally within the first 5 minutes), immediately cut the loss; even if the stock rises later, it’s unrelated to this trade.

2. For super-short trading, you must be ruthless and decisive; if it’s not meeting expectations, cut the loss. If it rises later, it has nothing to do with the expectations of this action (the core of execution)
   - Interpretation: Human hesitation and attachment are the enemies of short-term trading. Ruthless decisiveness means: when you see an opportunity, act immediately; if it doesn’t fit expectations, stop-loss immediately.

• In practice: Pre-set stop-loss with conditional orders (e.g., if it breaks below the intraday yellow line for 3 minutes, the order auto-cancels), to avoid emotion-driven decisions

3. From a speculative perspective, most of our gains still come from what the market gives; when the行情 surges and follow-through sentiment is good, that’s the foundation for making money (ride the trend)
   - Interpretation: The core of short-term returns is “what the market gives,” not personal ability. Relying on brute-force in a counter-trend is not the way; you only make money when it feels comfortable.

• In practice: When the emotional cycle matches (during the main rising phase), take a heavy position; when sentiment mismatches (during a market ebb), go to cash. Don’t fight the market.

4. The essence of the market is speculation, speculation, speculation. The unchanging core is only that the displayed form changes in many ways (market cognition)
   - Interpretation: See through the market’s essence and don’t be misled by appearances like fundamentals or technicals. Speculation is always there and never left—only the form changes.

• In practice: Focus on the emotional cycle and capital flow, ignore noise. When doing follow-through, only see whether the story can attract even more people to take the next bag
  IV. Operation details maxims: precise grasp of buy/sell points

1. For short-term trading, just look at what you can trade tomorrow; don’t think about seeing the future, seeing three to five days ahead (trading mindset)
   - Interpretation: The core of short-term trading is “live in the present,” only focusing on next day’s capital acceptance and sentiment changes. Predicting the next three to five days is futile; even top trading whales like Old Zhao can’t do it either.

• In practice: Before buying, only think “is there someone to take the bag tomorrow?” Don’t obsess over “how high it can go”

2. I mainly rely on hitting the limit-up board; the reason I don’t do mid-trade (semi-far entries) is that the成交量 is hard to confirm—if it doesn’t reach my required volume, I can’t make a reliable pre-judgment (trading mode)
   - Interpretation: Hitting the limit-up board is the best way to confirm capital acceptance. Trading volume is the core indicator to judge acceptance strength. If you enter mid-trade, you can’t know whether the成交量 meets the target, so the accuracy of your prediction is low.

• In practice: When hitting the limit-up, you need to check the order queue (front/limit-up order size): order value ≥ 5% of circulating market cap, to ensure strong capital acceptance

3. If floating profit retraces 30%, lock in profit; if the intraday chart breaks below the yellow line for more than 3 minutes, auto-cancel the order (mechanical risk control)
   - Interpretation: Use mechanical rules to avoid human weaknesses. Lock profits when floating gains retrace 30% to prevent giving back profits. If the intraday price breaks below the yellow line for over 3 minutes, cancel orders to avoid getting deeply trapped.

• In practice: Set automated trading rules and execute them strictly—make no subjective judgments

4. In a market ebb, hold your hands—better to miss than to make a mistake (repeat emphasis, because it’s too important)
   - Interpretation: The market ebb is the main source of account drawdowns; at this time, holding your hands is more important than any action. Missing out means missing only a bit of profit, but doing wrong can lead to a big loss.

• In practice: When the number of limit-down stocks is >10 and the limit-up streak height is 50%, decisively go to cash; only trade during periods when sentiment is rising—during a market ebb, zero tolerance
  V. Summary of 92 Kobe’s core trading system (a combo set of maxims)

1. Stock-picking system: Only trade leaders/first-board consecutive turnover tickers with booming popularity—don’t touch mid-range stocks or obscure stocks
2. Buy/sell system: During periods when sentiment is rising, enter on weak-to-strong (buy after a flat open / slight low open then gets pushed up); hit the limit-up board, take profit when floating profit retraces 30%, stop-loss when intraday breaks below the yellow line
3. Risk control system: During a market ebb, go to cash; for any single trade, position size ≤20%; be ruthless and decisive—stop-loss; better to miss than to make a mistake
4. Cognition system: Short-term = popularity + liquidity premium; the market essence is speculation—ride the trend, live in the present
   Practical reminder
   92 Kobe’s strategy fits short-term traders who have strong execution, can quickly correct mistakes, and have a high tolerance for risk. It’s not suitable for ordinary investors who pursue stability. If you want to learn it, you need to first build three kinds of cognition—emotional cycle, leader identification, and risk-control discipline—then train through a simulated trading account, and only after reaching a win rate ≥60% and a maximum drawdown ≤10% should you trade live.
   Remember: 92 Kobe’s sayings are not “slogans of blindly following others,” but a trading philosophy built on three foundations—market force, capital acceptance, and the emotional cycle. Understanding the logic behind it is more important than memorizing the maxims.
   Understandbecomingsurpassing