How large is the fluctuation in this round of market? The messages in my fren circle asking "Is the bull run over?" have already overshadowed the discussions on how to layout.

To be honest, I've seen this kind of collective anxiety too many times. Eight years ago when I first entered the space, it was the same — celebrating the market breaking through one day, and then starting to doubt life the next day. Later, I gradually understood: the true bull run cycle is never a straight line upward. It will shake off wave after wave of people with violent fluctuations, and then continue to climb up.

A few days ago, a friend who has been in the game for three years asked me: "Isn't it time to pull out now?" I replied directly: "The most dangerous thing is not the market, but your own mindset."

I instead feel that the market is far from over. Why? Because I've seen too many "fake crashes"—on the surface, there's a lot of wailing, but in reality, funds have long been at work behind the scenes.

Looking at a few signals: the QT tapering policy is nearing its end, and liquidity will gradually return; regulatory risks have basically cleared, significantly reducing uncertainty in the industry; gold has recently weakened, risk aversion sentiment is receding, and funds are beginning to chase risk assets. More importantly, institutions won't tell you what they are doing, but the sudden increase in CALL orders at the end of the trading session is not without reason.

What about retail investors? They rush when prices rise and get scared when they fall. The most fatal thing in a bull run is not the reversal of the market, but losing direction amidst the fluctuations. I have always said that a bull run will not reward impulsive people, but will only reward those who can endure. Want to double your account? First, learn to stay clear-headed during the fluctuations.