A harsh truth:

At the end of a bull market, most people will ultimately have nothing because most people cannot control their hands—

1️⃣ The three rounds of consumption in a bull market: from cognition to belief to destruction

Every bull market has three rounds of consumption:

The first round consumes "cognition"—making you aware of the market's existence;

The second round consumes "belief"—making you believe you can succeed;

The third round consumes "wealth"—bringing you to zero, making you realize that everything is just an illusion.

People often make their first 100% profit or even more during a bull market, thinking this is the norm, and in the next round, they leverage up, chase highs, and blindly gain confidence, losing both their principal and their confidence.

2️⃣ Indulging in the illusion of wealth: Recognizing the cycle takes six years, recognizing oneself takes a lifetime!

Many people do not fail to make money in a bull market; they are unwilling to leave the stage.

When prices soar, their mindset is swept away—

Reluctant to sell, afraid of missing out, addicted to the illusion of "just a little more increase."

As a result, when the market turns, their accounts go to zero.

Those who can truly preserve their gains are often the few who recognize the cycle early and take the initiative to exit.

I believe it takes at least three years to recognize the cycle, but recognizing oneself takes much longer, possibly a lifetime.

3️⃣ The inevitability of going to zero: The gap between cognition and execution

Market cycles repeat, but human nature remains almost unchanged.

Whether in 2017, 2019, 2021, or this year, the stories of each bull market are repeating—

Only the protagonists are different.

The vast majority of people end up "with nothing" at the end of a bull market not due to a lack of luck, but because:

They do not truly understand their own limits;

They have not established an independent cognitive system;

They lose their execution discipline after making money.

What is called "going to zero" is actually the market helping you clear away illusions and forcing you to face your true self.

4️⃣ True cultivation: Recognizing oneself, not predicting the market

The end of a bull market is not the endpoint of panic, but the starting point of cognition.

Those who have experienced a complete cycle ultimately understand:

Wealth is just a passerby; cognition is the underlying asset.

Those who can preserve their results at the end of a bull market are not the smartest, but the most self-aware.

5️⃣ Summary:

A bull market is not a wealth-generating machine, but a mirror that reveals the truth.

What it makes you see is not the market, but yourself.

The true winners are not those who make the most money, but those who can exit unscathed.

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