A more useful thought about what a circle of competence is that you can clearly understand the two transactions you understand and what you don't understand.
For example,
Understand: More than one friend asked me if ordi was lucky at the time, and I answered absolutely not, this is a transaction that I can understand.
I don't understand: hype has been observing last year, and I didn't dare to open a position when it fell to 10-20.
On some targets, others are very confused, but you understand it very certainly, and think it is obvious, and it is strange that others cannot understand it;
On other targets, others have talked about a lot of reasons, you have read them all, and you can understand them, but you can't grasp many subtle points, and the logic cannot be self-consistent.
In any market, it is good to grasp the transactions that can be understood, and if you can't understand them, you can only try to learn.
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