“Luckily I bought it and didn’t wait!” The optimism in the early stages of the market surged like a tide. Investors confidently shouted, “This time we will definitely make money,” firmly believing that the stock market would rise to 3000 points, 5000 points, or even 10,000 points. With experience backing them, they were convinced that “adjustment is an opportunity,” continuously increasing their positions during the decline, as if victory was within reach.
However, the market's script never unfolds according to the expectations of retail investors. When the stock price has not yet rebounded and account losses gradually expand, the mindset begins to waver: “Oh, normal adjustment, waiting.” The numbers drop from 20 to 19, then to 17, and self-comfort gradually turns into anxiety: “This must be the bottom, I don’t believe you’ll fall further!” But the market remains ruthless, with numbers continuing to plunge to 16, 12, and 11. The once steadfast vow of “long-term investment” collapses in the face of losses: “I’ve had enough, all the hard-earned money is gone!”
Finally, when investors tearfully cut their losses and leave the market, it mockingly rebounds. “Hey, I sold and you went up!” Regret and unwillingness transform into a simple statement: “I’m never playing again!” Ironically, this cyclical mentality often plays out again during the next bull market restart.
The tragedy of retail investors is not losing to the market, but losing to their own greed and fear. If one can learn to remain calm in frenzy and steadfast in despair, perhaps they can truly escape this never-ending “emotional roller coaster.”