Many people believe that market price fluctuations come from a key figure or event: a statement from a political figure, the actions of an exchange founder, changes in macro policies, ETF news, the inflow and outflow of institutional funds... But the fact is — prices are never directly driven by these factors. The only variable that truly drives the market is the collective psychology of traders. The market is not driven by individuals but is dominated by emotions: how trading psychology determines price movement. Image 0 1. Why do we always want to 'find someone to blame'? After each sharp fluctuation, the market hurriedly seeks a 'reason': Is it a political figure, a country, an institution, a fund, an exchange, or a sudden news or policy shift? This essence is not to understand the market, but to alleviate the anxiety brought by uncertainty. When chaos is explained as 'caused by someone', the human brain generates a false sense of security: at least this matter can be understood and is controllable. But the market has never been a simple cause-and-effect system. It does not 'obey someone' and does not operate according to a single logic. The market is not driven by individuals but is dominated by emotions: how trading psychology determines price movement. Image 1 2. The market does not react to the event itself. What the market really reacts to is not the event, but: the change in people's emotions after the event occurs. News is just a trigger; emotions are the fuel. When prices rise, most people feel uneasy and dare not enter the market; when prices fall, most people are afraid to continue holding and are eager to escape. This is precisely the most classic and most反