Every pullback in a bull market eliminates those weak-willed speculators, especially those who are on the verge of collapse every day. They can't hold on when prices rise and can't hold on even more when prices fall. They smile when prices rise and call it trash when prices fall.
Then there are those who missed the opportunity to buy at low levels and, after a surge, start waiting for a pullback that never comes, jumping on the train directly. A pullback traps them all, and they believe the bull market is over and quickly cut their losses. Before long, the market explodes again, and these people regain confidence and chase the rise, but after chasing again, they learn that during a bull market, being trapped can still lead to recovery, so they no longer cut losses or stop-loss. The result is that they chase to the tail end of the bull market, trapped at the peak, start playing dead, and later end up truly dead.
This is the current situation of retail investors; there is no complete trading logic, and their mindset follows market changes. This way, they can never survive.
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