方法不对，一轮大牛市也可能白白被浪费

Core Viewpoint - The article emphasizes the importance of having the courage to exit the market during a bull run, as many investors tend to hold on to their positions, fearing they might miss out on further gains, which can lead to significant losses when the market turns [4][12]. Group 1: Investor Psychology - As the market rises, investors often experience "fear of missing out," leading them to hold onto their investments instead of taking profits [5][9]. - The tendency to delay selling during market highs can result in a significant loss of profits when the market eventually declines [6][7]. Group 2: Anchoring Trap - Investors may fall into the "anchoring trap" by using previous market highs as a benchmark for future price expectations, which can prevent them from selling at reasonable profit levels [10][11]. Group 3: Courage to Exit - The article highlights that the rarest asset in a bull market is not high-performing stocks but the courage to leave the table, as many investors are reluctant to take profits even when their targets are met [12][13]. Group 4: Dynamic Profit Locking - To avoid losing profits in a bull market, it is crucial to establish a "dynamic profit locking" strategy that relies on predetermined rules rather than emotional judgment [14][15]. - An example of this strategy includes adjusting asset allocations based on market conditions, such as rebalancing when the stock-bond ratio changes significantly [15][16]. Group 5: Investment Philosophy - The article advocates for a rational approach to investing, where successful investors are those who can maintain discipline, set rules, and avoid being misled by historical highs [16].