Recently, I've been seeing a lot of people on Xiaohongshu and other platforms saying they insist on dollar-cost averaging into the Nasdaq.

In my opinion, most of them haven't suddenly understood the long-termism of U.S. stocks—they've just found a new object of faith after getting slaughtered in A-shares😅
They curse A-shares as trash, and then turn around and say that U.S. stocks are the real long-term bull market, and that you can just blindly DCA into the Nasdaq.
But the problem is: the bad habits that made someone lose money in A-shares won't magically disappear just because they switch to U.S. stocks.
Panic when it drops, greed when it rises, blaming the market for losses—none of that changes just because you're buying the Nasdaq.
Those who can truly stick to DCA into the Nasdaq are not the ones who just talk about "long-termism," but the ones who can still follow the rules when it faces a 20%, 30%, or even larger drawdown in the future.
But many people's current faith is actually built on the single-sided upward return curve of U.S. stocks in the past few years.
Once the Nasdaq experiences a decent correction, the tone on social media will likely shift from:
"Stick to DCA, embrace the world's strongest asset"
to:
"Is the AI bubble bursting?"
"Should we clear positions now and wait for the drop?"
So I've always believed that the market is not the core issue.
The real issue is the person.
If such a person switches to U.S. stocks, they will most likely still lose money in the end.
The only difference is that before, they lost money in baijiu, securities, and new energy, and in the future, they might lose money in optical modules and storage.
Assets can be changed, markets can be changed, and the account currency can be changed.
But if investment habits don't change, the losing-money script won't change.