关于牛市，我想聊个扎心的事实。

有多少人说过自己经历了牛市，但真正赚到钱的人其实少得可怜。为什么呢？看看数据就明白了。

**Historical Look at What a True Bull Market Looks Like**

In the 2006 bull market, over 99% of stocks doubled or more, with 53% increasing fivefold, 17% tenfold, and 3.4% soaring twentyfold. The 2015 bull market was similar—93.5% of stocks doubled, 56.3% doubled twice, and 26% tripled. That’s a real bull market, driven by index rises and widespread gains, with high-multiplier stocks everywhere.

**Compare that to the 2025 market trend**

Since September 18, only 156 stocks have more than doubled, 22 stocks doubled, and 52% of stocks are still fluctuating between 20% and 40% gains. Only 3 stocks achieved tenfold increases. Honestly, this "performance report" is somewhat lacking in substance.

According to historical patterns, a complete bull market cycle should look like this: nearly 90% of stocks increase by 1x, 45%-50% double, and 14%-20% triple or more. But in reality? 90% of retail investors have "experienced" a bull market but didn’t make money.

**Why is it easier to lose money in a bull market**

It all boils down to one reason—most people’s understanding of a bull market remains stuck in panic and correction phases.

At the start of a bull market, the market looks like this: hesitant, half-believing, holding cash but afraid to heavily invest, thinking "it will drop again." When the market reaches mid to late stages, everyone suddenly believes. Good news floods in, sentiment turns fully optimistic, and prices surge wildly. But the problem is, by then, it’s almost over.

**The pattern of 90% of people losing money in a bull market**

Almost everyone’s approach is exactly the same:

Start with small positions, earning some pocket money. When the trend looks good mid-way, begin increasing positions. When prices peak and then pull back, unwilling to cut losses, one retracement wipes out all previous gains. When the bull market ends and the market drops 25% to 33%, heavy positions lead to direct losses.

It may look like losing money in a bull market, but essentially it’s about missing the rhythm. Being timid when it’s time to increase positions, and greedy when it’s time to reduce.

This is the reality—whether you make money in a bull market is never determined by the bull market itself, but by your timing and mindset when entering.