Many people say that failing to hold onto a ten-bagger is a problem of weak mentality.

But the reality may be exactly the opposite: the more disciplined you are, the easier it is to be shaken out.

Take Zhongji Innolight for example. From the start of 2023 to now, it has risen over 60 times, but it wasn't a straight win. It experienced 5 drawdowns of over 20%, 3 drawdowns of over 30%, and the deepest one was nearly 60%.

Cambricon is similar. Over the same period, it rose over 30 times, but suffered 6 drawdowns of over 20% and 4 drawdowns of over 30%.

The most classic case in U.S. stocks is NVIDIA. Since 2015, it has risen nearly 400 times, but the journey was no fairy tale. In 2018 it dropped over 50%, and from 2021 to 2022 it dropped over 60% again.

This is the most torturous part of a ten-bagger.

Looking back in hindsight, it's called a long-term bull stock.

But in the moment, every big drawdown looks like the trend has broken, every breakdown looks like a signal to leave, and every risk control trigger seems perfectly reasonable.

So many people can't hold on – it's not necessarily because of a weak mindset.

Sometimes it's precisely because they are too disciplined.

The real difficulty is not picking the right bull stock, but judging, time after time when it gives a "should sell" signal, whether this is just a cyclical fluctuation or the end of the story.