Why do most people still lose money during a bull market?

1. Poor timing: Even when opportunities are seized, managing positions is a challenge. During market fluctuations, it's easy to get scared and frequently engage in buying high and selling low.

2. Mistakes in coin selection: The coins purchased do not rise, while others held by others do. Unable to tolerate the psychological gap, they cut losses and switch positions, resulting in being trapped, leading to further losses, creating a vicious cycle.

3. Lack of understanding of cycles and rhythm: Easily influenced by market sentiment, lacking clear expectations for market peak cycles and target positions.

4. Blind confidence at high levels: As prices rise, confidence increases, even to the extent of borrowing or selling property to enter the market. The crazy atmosphere of a bull market leads to a proliferation of inexperienced participants.

5. Lack of cognition and learning: Unwilling to spend time and effort to improve understanding, lacking summary and reflection. High leverage and heavy betting become the norm, trading lacks logic and planning, falling into a daily gambling-like operation, lacking a long-term stable trading system.

6. Not understanding stop-loss: Blindly following trades without setting stop-losses leads to unplanned losses accumulating continuously.