I'm not very good at explaining psychology, but I find that unrealized losses really can wake people up more than unrealized gains. When I'm making a profit, I just think "Hmm, it's okay," but when I’m losing, my mind automatically fills in a whole set of worst-case scenarios: Did I judge wrong, should I cut my position immediately, will it get worse if I don’t cut now... Basically, losses seem to push you to make decisions right away, forcing you to watch the market and look for an exit; profits, on the other hand, don’t create such a strong sense of urgency, and it’s okay to sleep on it.

Recently, I saw some news about taxes being added in certain places, and regulations tightening and loosening again, which actually resembles this mechanism: it’s not about immediately affecting the returns, but about making people more sensitive to uncertainties like "whether deposits and withdrawals go smoothly, or if they suddenly get stuck," and then unrealized losses seem to be amplified. Anyway, I’m now trying to keep my positions and timing fixed, and the rest... I leave to patience.