Many people say that holding onto a ten-bagger stock is hard because of weak mentality.

But the reality might be the opposite: the more disciplined you are, the more likely you are to be shaken out.

Take Zhongji Innolight (中际旭创) for example. From early 2023 to now, it's risen more than 60 times, but the journey was far from a smooth ride. It experienced five drawdowns of over 20%, three of over 30%, and the deepest one was nearly 60%.

Similarly, Cambricon (寒武纪) rose more than 30 times over the same period, but suffered six drawdowns of over 20% and four of over 30%.

The most classic example in US stocks is NVIDIA ($NVDA). Since 2015, it's gained nearly 400 times, but the holding experience along the way was painful: it dropped over 50% in 2018, and another 60%+ from 2021 to 2022.

That's what makes ten-baggers so torturous.

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

But at the time, every big drawdown looks like the trend has broken, every breakdown looks like it's time to exit, and every risk-management trigger seems perfectly reasonable.

So many people fail to hold, not necessarily because they have a weak mindset.

Sometimes it's precisely because they are too disciplined.

The real difficulty is not identifying a great stock, but judging whether each "sell" signal is just a cyclical fluctuation or the end of the story.