Let’s discuss how to weigh trading friction against opportunity cost—just two points: 1. Taking a die-hard bull as an example, in the early stages of a bear market, incur less friction, since most opportunities are false; 2. In the late stages of a bear market, opportunity cost is extremely valuable, so it is better to incur friction and test the waters than miss an opportunity; 3. The same logic applies to breakouts after high volatility shifts to low volatility, as well as breakouts after moving averages or patterns flatten out.