On July 16th, the number of domestic investors in the NASDAQ index was 1875093. By July 20th, it had become 1542277 people. In just a few days, 332816 people were missing. The decrease is approximately 17.75%. The most crucial thing is that the Nasdaq has not experienced a true collapse during this period. Not the kind of valuation killing all the way in 2022. It's not a systemic panic like a financial crisis. More importantly, it is the emotional pressure brought about by high-level fluctuations, fluctuations in technology stocks, and semiconductor corrections. But it is this kind of 'not a big drop' fluctuation that has already caused many people to withdraw. This is the most authentic aspect of regular investment. Many people claim to be able to make long-term investments. But what really tests you is not when the market rises. When prices rise, anyone can persevere. The account looks better every day, and regular investment feels like receiving a prize. What's really difficult is: The market is not rising anymore. It's rising slowly. Others are starting to doubt. Technology stocks have started to retreat. After you bought it, you didn't make any money in the short term. At this point, many people began to waver. The most easily misunderstood aspect of regular investment is: Many people think that investing regularly is to prevent themselves from losing money. No. Fixed investment only reduces timing pressure, not eliminates volatility. If you invest in the Nasdaq, you will still experience a pullback. If you invest in US stocks, you will still encounter high valuations. If you invest in technology, you will still be influenced by semiconductors AI、 The impact of interest rates and financial sentiment. Fixed investment is not a safe haven. Dingtou is a system that allows you to continue executing in the wind and waves. The decline in the number of people this time at least indicates one issue: Many people are not unable to accept bear markets, but rather cannot even tolerate normal fluctuations. Because they didn't think clearly from the beginning: Why did I choose to invest? How long am I planning to invest? How much drawdown can I withstand? Can my cash flow support me to continue investing? Do I only believe in long termism when prices rise? If these questions are not thought through clearly, fixed investment can easily become another form of chasing after gains and killing losses. Join when the price rises. Doubt during oscillation. Exit when falling. Regret after rebounding. 4/True investment is not about checking the number of people every day. It's not about whether others are still in the car or not. But do you have your own set of rules. for example Fixed time. Fixed amount. Long-term execution. Regular review. Do not change long-term plans due to short-term fluctuations. This sounds simple, but it's very inhumane to execute. Because the market gives you reasons every day to stop. I have always believed that the real money earned from regular investments does not only come from the rise of the index. It also comes from you enduring the stage when others withdrew. Others withdrew due to fluctuations, while you remained. Others stopped investing due to impatience, while you are still there. Others give up because they can't see results in the short term, but you're still there. Long term returns often slowly open up like this. It's not that you're smarter than others. But you are better able to stick to a set of correct but boring actions than others. 6/Of course, a regular shot is not about holding on with your eyes closed. The premise is that you are investing in assets with long-term vitality, the position is suitable for yourself, and the cash flow can also support it. If you are heavily invested from the beginning and can't sleep, it's not a fixed investment, it's a punishment for yourself. The most suitable investment for ordinary people should be: If it falls, it can continue. If it rises, it won't increase randomly. Horizontal trading does not cause anxiety. Life is not affected. So the decline in the number of people this time is not a simple data for me. It's more like a mirror. It tells us: Many people are not defeated by the market crash, but by their own imagination of volatility. Exiting without a significant drop, it will be even more difficult to persist in the future when encountering a pullback of 20%, 30%, or 40%. The hardest part of investing is not buying. When the market doesn't give you immediate rewards, are you still willing to believe in your plan.