The investment market is like an exhilarating roller coaster, especially during a bull run, where it becomes a test of human limits. Many investors often do not fail in a Bear Market, but rather lose themselves in the illusory prosperity of a bull run.

Let's explore the six psychological stages of a bull run together and see which stage you are currently in:

1. Doubtful Phase: The market shows initial signs of rebound, but most people remain skeptical, believing it is just a temporary illusion. As a result, they miss the best entry opportunity.

2. Wait-and-see period: The market continues to improve, and investors are still waiting for a pullback. However, the market often does not give second chances to those who are on the sidelines.

3. Surprise Phase: Stock prices continue to rise, and investors begin to marvel at the magnitude of the increase, but most people still dare not rush into the market.

4. Recognizing the period: Finally, someone is convinced that a bull run is coming. The influx of buying on the rise, trading volume surges, and the market atmosphere is heated.

5. Period of Doubt: The market is consolidating, and some investors begin to question whether it has reached its peak. However, prices continue to hit new highs, breaking the pessimistic expectations.

6. Euphoria Phase: Market sentiment reaches its peak, and most people firmly believe that it will continue to rise. However, this is often a signal that the bull run is about to end.

Currently, the market seems to be at the junction of the third and fourth stages. If you feel that 'it has risen too much, and you dare not chase it', then that might be a typical mindset for this stage. Capital is flowing in large amounts, market sentiment is heating up, and more new investors are eager to get in.

The essence of a bull run is a game of people's hearts. The real winners are not those who can always accurately buy the dip or sell at the top, but rather the investors who can act in accordance with the trend and make rational decisions.

Please remember, the higher the market goes, the greater the test of human nature. The stage you are in largely determines whether you can achieve substantial returns in this bull run.

Investing requires caution, as the market changes rapidly. I hope every investor can gain something in this bull run, but more importantly, it is essential to maintain a clear mind and manage risks effectively.