#美联储恢复降息进程 Recently, this market is really magical.

After two days of increase, those who ask me "Is the bull market coming?" can form a line. After a week of decline, they start worrying again "Will it end directly?" Can you say the market sentiment can be a bit more stable?

Eight years ago when I first entered the market, I was like this too. Looking back now, every time there was a "crash" during those years, it was actually a washout. A real bull market is never a straight line up; instead, it rises while shaking people off, and after shaking them off, it continues to go up.

A few days ago, a friend urgently contacted me, asking if it is dangerous right now. I said, your panicked mindset is what’s dangerous, the market itself? It’s very stable. Why do I say that?

Look at the macro perspective - quantitative tightening is about to stop, and market liquidity is beginning to loosen; from a regulatory standpoint, the situation with CZ has settled down, and the industry's uncertainty has basically cleared; in terms of capital flows, gold has recently weakened, safe-haven funds are withdrawing, and risk appetite has clearly rebounded.

The key point is to observe how institutions are moving. They have already started quietly accumulating positions; the call option data at the end of the trading session is right there, and this is the most direct signal. In contrast, retail investors? They go all in when the price rises and cut losses when it falls, getting harvested back and forth.

What you fear most in a bull market is not the market reversal, but your own panic.

A word for you: Bull markets never reward impulsive people, only those who can hold on. If you want to double your investment, you must first stabilize your position; if you want to make money, don't recklessly go all in.

The pitfalls I encountered back then, you are now repeating. The path is already here, whether you walk it or not is up to you.