It is precisely because after each adjustment in a bull market, there will be a continued surge, and those who think they have successfully timed the market will continue to enter. After several cycles like this, speculators become like Pavlov's dogs, forming a conditioned reflex; every pullback reinforces their bullish outlook, their positions grow larger, and their confidence increases.

Even when there is a primary downtrend, with reasons for the leading decline, and having already fallen 30% or even 50% from the peak, those who frequently trade still harbor fantasies of a bull market, believing that this time will be like the previous ones and will continue to hit new highs.

When the market enters a bear phase, each attempt to go long will result in losses, only then do they realize they have entered a bear market, yet they still cling to fantasies, but by then it is too late.