"The Decline in a Bull Market is More Painful than the Rise"

When profits retract in a bull market, the pain of having gained and then lost far exceeds the hopeless state during a decline in a bear market. The emotional response to losing something already gained is much stronger than the joy of just having gained it; the thrill of sudden wealth is limited, while the blow of losing it all after getting rich is enormous. This is why profit retraction is more painful than simply being stuck in a position. Bull markets often exploit this emotional mechanism to drive people out of the market; if everyone is stuck and lying flat at the beginning of a bear market, it's difficult for the main players to offload their positions and acquire stocks at the bottom. Therefore, some would rather be stuck than face profit retraction, even forming a habit. After all, profit retraction is a gradual loss of hope, while being stuck is waiting for hope; the former carries high expectations and is therefore more painful, while the latter has no high expectations but is prone to losses. In trading, when holding a position is comfortable, profit retraction often approaches 😂"