How retail investors lose money in a bull market:

1. Initial surge: It’s rising so fast, could a bull market really be here? It’s rising so quickly that I’m a bit hesitant to add more, let’s observe for a while.

2. Continued surge: Wow, a bull market is really here! The price has gone up so much, I’m hesitant to buy more, let’s buy a bit to test the waters and wait for a pullback to add to my position.

3. Surge to the top: Add to my position!! Use leverage, 200,000 is not a dream, if I don’t get in now it will be too late.

4. Start of a sharp decline: Technical adjustment, add to my position!!

5. Continued sharp decline: Panic selling.

6. Ongoing downtrend: Stuck for 3 years.