The bull market cycle of small-cap coins is like a roller coaster ride filled with unexpected twists and turns.

In the early stages of a rally, the market behaves fiercely—prices surge, and charts turn red across the board. Your account balance keeps refreshing, and confidence rises accordingly. But this frenzy is often a warning sign of danger ahead.

Next comes the unbearable "dark period." After a strong upward move, the correction is ruthless. Sometimes, the decline can wipe out five or six times the gains, or even more exaggerated. Accounts fall from their peaks back to the lows, and the feeling of dropping from heaven to hell can shatter most people's psychological defenses. At this moment, you start to doubt everything—doubt the market, and even doubt whether you can hold on.

But this is only part of the market's temperament. The real destructive power lies in the main upward phase. Suddenly, waves of gains hit one after another, with multi-fold or even tenfold increases, completely rewriting your account in a short period. The thrill and excitement almost make you forget all the pain experienced before.

However, the final curtain call is often brutal. When the market peaks and then declines, more than 90% of the funds can evaporate in an instant. This is not just a correction; it’s a thorough cleansing.

Most people's failures are not due to choosing the wrong coin but because their psychological endurance has reached its limit. They can't withstand the torment of capital drawdowns or tolerate prolonged volatility and uncertainty.

To achieve substantial gains, you must first learn to coexist with massive fluctuations. This means accepting moments of floating losses, enduring suffocating declines, and maintaining rationality amid repeated highs and lows. Only through experiencing these can you truly understand the mechanism behind risk.

Opportunities in small-cap coins are indeed plentiful, but if you haven't proven your resilience during extreme volatility, you'll never know how far you can go in the next market cycle.

Playing this market is never about luck; it's about patience and execution. Only those who can withstand this test deserve to be true winners.