# Recently, a friend with A9 has already liquidated their US stock positions, with a pretty direct attitude: "If it doesn't drop, I'm not getting in~"

This approach is actually quite typical and very realistic. When markets are at high levels, many people instinctively choose to get out first and observe from the sidelines. In trading, this isn't necessarily wrong. Dow Theory has a simple saying: when a trend becomes difficult to judge, observation itself is a form of position management~

But here's the issue. Markets never move according to "wait until I'm ready, then drop." Often, major tops aren't stamped out in one move, but involve a period of oscillation and repeated probing. You think it's about to crash, it might just grind slowly; you think it's going to keep rising, then it suddenly gives you a kick.

So liquidating isn't the key—what matters is what you do next~

If it's just an emotional exit, you can easily miss structural changes; if it's based on cycles and risk management, then it's actually a mature trading attitude.

The most interesting thing about markets is exactly this:
Some people get dizzy at highs, some make money at highs, and some wait for opportunities at highs~