Just finished going through the order book once. That little spot ETF net inflow/outflow is being bundled together by all kinds of analysts with the risk appetite in US stocks for interpretation—honestly, it’s a bit exhausting to read. In any case, for both up and down moves, there’s always someone who can come up with a reason. What actually keeps me up at night isn’t how much I’m losing, but the indecision in my head when I’m sitting on an unrealized loss—“Should I cut or not?”

People are naturally sensitive to losses. A paper gain of 10% on the books might feel like “whatever,” but a paper loss of 10% starts having you overthinking whether you should run. To put it plainly, you’re not watching the absolute value—you’re stuck on that thought of “it could have meant less loss.” I’ve seen too many people: once the market turns and a paper loss flips into a paper gain, they sell immediately because they’re afraid it will fall back again. In fact, that’s exactly loss aversion driving the decision.

In this market lately, whenever there’s the slightest change in ETF fund flows, sentiment jumps along with it—the whole thing is a psychological game. What I can do is prepare an exit path in advance, so that “reluctance to leave” doesn’t turn into “even more reluctance.” Anyway, the market never lacks opportunities, but sleep quality is definitely worth more than that bit of volatility-driven return. That’s it for now—don’t get too carried away.