A bull market makes you live in the fear of rising. Historically, a real bull market is never about the thrill of opening champagne every day, but about the daily increases accompanied by doubt: Is this the last surge?

Why is that?
First, the market rises too smoothly, making people feel uneasy. As I’ve said before, markets always rise amidst hesitation. During a bear market, you get used to being beaten down,磨ed, and doubted. Once the market starts to strengthen continuously, your brain instinctively warns you:
“Is this a false breakout?” “Is the main force诱多?” “Will there be a big bearish candle tomorrow?”
So, the emotion isn’t happiness but tension.

Second, a true bull market constantly pushes you into the position of “making a mistake.” When you sell, it keeps rising. When you switch positions, the original continues to go up. When you hesitate, it pulls away immediately. The pain of a bull market isn’t losing money but missing out and doubting yourself.

Third, the most torturous stage of a bull market is precisely the middle to early phase. Not the疯狂阶段, but that pattern of rising a little, sideways, then rising again, then sideways. You always feel “it’s not moving up anymore,” but every time you look back, it’s already higher. At this point, the emotions are: afraid to add, reluctant to sell, and exhausted from watching the charts every day.