Many try to emulate his trading methods, yet few succeed. What do you believe is the key difference?

Okay, that's a very insightful question, and it hits a major stumbling block for many traders. Takashi Kotegawa (BNF) is indeed legendary, but his path to success is nearly impossible to replicate. Let me share some personal observations and try to explain them clearly.

You Can Mimic the "God's" Form, But Not His "Spirit"

It's like watching Michael Jordan play basketball. You see him do a fadeaway jump shot, and you try to learn the move. But you could never make that shot in the final second of the Finals with three defenders in your face.

Why? Because you only see “what” he does, while overlooking “how” he does it, “why” he does it, and “under what circumstances” he does it.

The critical differences, I believe, lie mainly in these areas:

1. You See the Trading Techniques, But Not the "Market Intuition"

This might be the core point. From public information, we know BNF prefers short-term trading, especially rebound trades on stocks that have deviated excessively. That sounds simple, right? Find a badly beaten-down stock, "buy the dip," and sell once it rebounds.

But the problem is:

How "bad" is bad enough? Is a bias rate of -20% or -30%? Compared to the 5-day or 20-day moving average?
When to buy the dip? Instantly during the plunge, or when it seems to stabilize a little? One second too early and it's still falling; one second too late and the rebound has already started.
Which stocks qualify? Is every heavily falling stock a candidate? Or only stocks in specific sectors or of a certain market cap worth taking the "gamble"?
Where to sell on the rebound? Take profits at 3% or 5%? What if it keeps surging right after you sell? What if it keeps falling right after you buy?

BNF decides these details based on his "market intuition" – a near-instinct honed over years of watching the market for more than 10 hours every day. It's an uncanny "sixth sense," the optimal solution generated instantly by the brain after processing vast amounts of information.

An analogy: It's like an experienced driver operating a car. By observing the speed of the traffic ahead, the gaps in adjacent lanes, even subtle changes in engine sounds, they subconsciously know whether to accelerate or brake. A novice, however, just stares at the tachometer and speedometer, reciting "change gear above 3000 RPM," and naturally reacts half a beat slower.

Imitators are just memorizing formulas, while BNF has integrated the formulas into his blood, turning them into instinct.

2. Iron-Clad Discipline vs. Ordinary Human Weakness

The hardest part of trading isn't prediction; it's execution.

Stop Loss: Suppose your strategy dictates selling if the loss reaches 5%. BNF can execute this robotically, clicking "sell" without hesitation when the trigger price hits. But an ordinary person? The internal dialogue starts: "Wait a bit longer, what if it bounces?" "I'm already down 5%, selling now is too painful." "Last time it went up right after I sold, I'll wait this time..." Result: a 5% loss turns into 15%, or even more.
Take Profit: Plan to exit at a 10% gain. BNF probably leaves decisively at the target level to find the next opportunity. An ordinary person? "The momentum is so strong, it can definitely hit 20%!" "Let the profits run a bit more." Result: a pullback wipes out the profits, sometimes turning a gain into a loss.

BNF seems to hold an almost "inhuman," detached attitude towards money. To him, it's just a number, a game score. For us ordinary people, fluctuations in the account balance are tied to next month's mortgage, tuition fees, future life plans... These emotional fluctuations severely disrupt judgment and execution.

Put simply: He achieves "counter-human nature," while most of us spend our entire lives battling our own greed and fear.

3. Times Have Changed; His "Dragon-Slaying Strategies" May Be Obsolete

BNF's era of achieving legendary status was the early 2000s in the Japanese stock market. Back then, the market had its own specific mechanics. Algorithmic and high-frequency trading were far less prevalent. The market was dominated by human players making decisions, leading to more emotional volatility, which provided abundant opportunities for his "counter-trend" maneuvers.

What about now? Global market interconnectedness is stronger. A sneeze in the US market can cause a cold in the Chinese and Japanese markets. Quantitative funds and high-frequency trading have become major market players. An "opportunity" you see might be a carefully laid "trap" by a complex quant model. What looks like a "steep dip" to you might just be step one of a programmatic sell-off strategy.

Simply put: It's like trying to find treasure in today's city using a ten-year-old map. The "crooked-neck tree" marked on the map may have been cut down long ago to make way for a shopping mall. The environment has changed, so must the strategies.

4. The Focus of a "Professional" vs. The Input of an "Amateur Hobbyist"

Finally, and most easily overlooked: the extreme difference in lifestyle.

What was BNF's life like? Rumors say he lived on instant noodles, resided in a bare-bones room, and his only entertainment was watching the market. He directed almost all his time and energy into trading. This total commitment allowed him to reach a depth of market understanding unattainable for us.

And the imitators? Most have a primary job/career, social obligations, and family responsibilities. They can only glance at the charts during breaks or after work and study K-lines in their spare time. This difference in input is immense.

It's like comparing an Olympic champion who dedicates all their talent and time to training, to a hobbyist who jogs in the gym after work. The latter can copy the champion's training routine but will never compete at that level.

To Summarize

Therefore, many people fail when trying to imitate BNF, not because his methods are mysterious, but because:

They Can't Replicate the "Market Intuition": It's an instinct forged through years of relentless honing, impossible to articulate.
They Can't Achieve the "Discipline": Unable to overcome greed and fear, failing to align knowledge and action.
They Misunderstand the "Environment": The market has evolved, and the old holy grail may be rusty.
They Can't Match the "Focus": Their time and energy investment likely doesn't even reach 1% of his.

Instead of blindly imitating an irreplicable "god," learn the most fundamental principles from his story: discipline, focus, and risk control. Then, combine these with the current market realities and your own personality and life situation to forge a path that is truly your own. That's the most realistic and potentially successful direction.