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In a bull market, 99% of retail investors lose money. It’s not because the market is bad; quite the opposite, the market is excellent. When the market is good, human nature fully reveals itself. A bull market is never a phase where everyone makes money together; its essence is reallocation of chips. Those who endure the bottom and those rushing in during the middle and late stages are destined to be different groups. The real factor that determines whether you can make money is not the bull market itself, but whether you are present before the bull market arrives.

Retail investors’ problems always lie in timing. During declines, they constantly watch negative news, becoming more fearful, and thus less willing to buy; when prices rise, they start finding reasons to say it’s a slow bull or that a correction is still coming. As a result, they see one green candle after another, crushing their mentality, and finally chase in at the worst moments—just as the main players are offloading.

The operational pattern is almost always the same: during a decline, they want to survive and sell at the bottom; during an increase, they want to double their money and chase at the top. It’s not that they don’t try hard; it’s that every effort is just misapplied. The harshest part of a bull market is that it amplifies your flaws infinitely. When greedy, you think you’re a genius; after a pullback, you start doubting everything. Seeing others double their investments, you can’t help but switch coins; witnessing small coins surge, you start fantasizing about breaking even, only to give back all your previous gains in the end.

More realistically, most people are not truly investing—they’re just gambling under the guise of a bull market. They ignore cycles, ignore structure, don’t understand what the main players are doing, and only focus on whether today’s price is up or down, or if it can double tomorrow. For such people, a bull market is merely a tool to accelerate losses. Those who can truly profit in a bull market are often the quietest. Because when others are euphoric, they start to loosen their grip; when others despair, they have already secured their chips. A bull market is just a phase to realize one’s understanding, not a phase to learn and improve that understanding.

Therefore, a bull market is not here to save retail investors; it’s here to liquidate them. Whether you make money or not, your previous choices have already written your fate.