These past few days, the question I’ve been asked most isn’t “What should I do?” but “Is the bull market about to end?”

Honestly, I understand this anxiety.

Eight years ago, when I first encountered a market like this, I had the same reaction—shouting “Let’s go!” one day, and worrying about “Should I bail out?” the next.

It took me a while to realize: a real bull market is never a straight climb. Even after those shaken out by volatility leave, the price keeps climbing.

A friend asked me the other day if it was time to exit. I smiled and said: The real danger is your fear of losing, not the market itself.

I actually think this cycle isn’t over yet.

Why do I say that? Because I’ve seen too many of these “fake crashes.” On the surface, it looks like panic, but in reality, the money is already quietly getting into position.

Look at the macro level—QT is ending, liquidity is gradually loosening. On the regulatory side, CZ’s issue has been settled, clearing out most of the uncertainty in the industry. In the markets, gold is starting to weaken, safe-haven funds are withdrawing, and risk appetite is clearly returning.

The most important players are the institutions.

You think they’re on the sidelines? They’re actually quietly buying the dip. The surge in call options at the close isn’t a coincidence—it’s a signal.

Retail investors? They get excited when prices go up, and panic when they go down.

The biggest risk during a bull market’s choppy phase isn’t a real reversal, but losing your sense of direction amid the volatility.

I often say, a bull market doesn’t reward those who are bold—it only rewards those who can endure.

Want to double your money? First, learn not to act impulsively. Want to make money? Don’t go all in just yet.

I know you might feel a bit lost, a bit anxious, maybe even doubt what I’m saying.

That’s okay.

The pitfalls I stumbled into before are the ones you’re running into now.

Back then, I was groping around alone in the dark. Now, I’m holding the light. The light is still on.

Whether you follow or not, that’s your choice.