Let's see how retail investors lose money in a bull market:
1. At the beginning of the surge: It's rising so fast, could it be that the bull market is really here? It's rising so fast that I'm a bit hesitant to buy, let's observe for a while.
2. Continuing to surge: Wow, the bull market is really here! It's gone up so much that I'm afraid to buy heavily; I'll just buy a little to test the waters and wait for a pullback to increase my position.
3. Surge to the peak: Increase position!! Use leverage, 200,000 is not a dream, if I don't get on the train now, it will be too late.
4. Start of the crash: Technical adjustment, increase position!!
5. Continuous crash: Panic selling.
6. Continuous decline: Trapped for 3 years.