Missing the market, just earning less. Chasing at the top with leverage may result in elimination. The biggest challenge today is not that KOSPI has retreated nearly 40% from its peak in just over a month. But regardless of the market, the script for herd behavior is similar. KOSPI is expected to increase by approximately 75% in 2025. But many Korean retail investors did not enter the market with financing funds and double leverage ETFs until after the stock price surged. CLSA analysts point out that many retail investors enter the market only after the stock price has risen significantly. Translate: The most dangerous thing is often not missing out on price increases, but rather giving up discipline when prices are most crowded due to the fear of continuing to miss out. The coin market is the same. When the counterfeit market first started, no one believed it. After tripling, everyone is afraid that they won't be able to get in the car. Subsequently, a normal pullback is enough to wash out all high-level price chasing investors and leveraged funds. Sometimes the narrative is not wrong. The price has already overdrawn the narrative. Whenever the market sentiment is so extreme that 'if you don't get in the car now, it's always too late', the real thing to do is not to place an order immediately, but to ask yourself three questions first: Is the price expensive? Is the position heavy? If it drops by half, can I still stay in the market? The market never lacks the next opportunity. What is truly scarce is whether you still have the capital when the next opportunity arises.