In a big bull market, why did many people not only fail to make money but also incur losses?

1. Betting everything on imitation memes, resulting in a total loss.

2. Playing in the primary market, bought Pi Xiu coins and couldn't sell them.

3. Only trading contracts with high leverage and unfortunately got liquidated.

4. Lacking security awareness, getting scammed, phishing.

5. Wallet was stolen, funds frozen.