In a bull market, most people develop a comfortable illusion: they see themselves as observers or participants—following the trend, enjoying the momentum. But if you zoom out far enough, an uncomfortable truth appears: you’re not just participating in the market—you are part of the market. Every chase, every add, every hesitation or panic feeds into volatility. You think volatility is something external, but collectively, it’s built from countless individual decisions just like yours. This ef...