Why are people who have made big money in bull markets more likely to suffer more in bear markets? The first time I made money in a bull market, I thought I finally understood the market. Dare to hold heavy positions, chase gains, and add positions during downturns, almost every risk is rewarded by the market. The faster the account grows, the easier it is to mistake the cyclical dividends for personal abilities. The most dangerous thing in a bull market is not greed, but the ability to make money through incorrect methods. When the market enters a downward cycle, the once effective experience will become a trap: breakthroughs will no longer continue, pullbacks will no longer be opportunities to get on board, and replenishing positions will no longer reduce risks, but will only continue to expand erroneous exposures. People who have made a lot of money often believe in themselves more, thinking that the next rebound can prove their strength again. Therefore, the more they lose, the heavier their positions become, until they return the bull market profits, including principal and interest, to the market. I later realized that the trading system must obey the market environment. During the trend period, money is earned from holding positions, while during the oscillation period, money is earned from rhythm. In the bear market, the first thing to do is to protect the principal and be patient. The real ability is not how much money is earned in a certain round of market, but whether the past methods can be temporarily invalidated after the market changes. The market is the fairest and cruelest: it rewards those who adapt to the cycle, but also eliminates those who are addicted to the success of the previous round. Remember: A bull market cannot verify a level, and only when profits can be maintained after a cycle switch, can one truly trade.