The worst moment after your first cycle is liquidation after easy money. You realize you have no advantage, no skill, just luck. It's a heartbreaking moment.

Getting out of this state is easy if you don't believe your own bullshit. The worst trap is to believe that you're not just lucky, that your success is pure skill and only that. This delusion ensures that you will never correct your shortcomings and remain blind to your own incompetence. Am I saying to think badly of yourself? No, believe in yourself always.

But self-deception is a poison that kills growth faster than any loss.