In one month, nearly one trillion Korean won has been closed, and retail investors have set a rule for themselves: do not invest in the Korean stock market.

After a decline of over 5% on the 3rd, South Korea's KOSPI index experienced significant fluctuations during trading on the 4th, from a rise of over 2% to a drop of more than 2%, ultimately closing up 1.62% at 6358.95 points. On the 4th, South Korean Finance Minister Choo Kyung-ho stated at a cabinet meeting that the government will strive to mitigate volatility and ensure long-term structural stability, committing to swiftly implement recently announced supplementary measures for single leveraged ETFs to limit their impact on the market. However, there are still disagreements in the market regarding whether deleveraging has truly come to an end. An article released by Bloomberg on August 4th suggested that unless these products themselves stop trading, their negative effects will persist, and stated that South Korea is becoming unsuitable for investment. Lale Akoner, a global market analyst at the social investment platform eToro Group in London, also remarked that deleveraging is unlikely to be resolved in a few days, so investors should expect further extreme fluctuations in technology and semiconductor stocks in the coming months. Aside from leveraged funds, retail investor sentiment has also become a significant variable affecting the South Korean stock market. Following over a month of turbulent ups and downs, the confidence of South Korean retail investors has been severely impacted, with feelings of frustration rampant on social media. According to a report by the Chosun Ilbo on August 4th, statistics from the Korea Financial Investment Association indicated that the total amount of forced liquidations due to unsettled brokerage trading debts reached 992.8 billion won in July. According to a report by Fortune magazine on August 2nd, a retail investor known as Mr. Kim stated, I was completely swept up in that frenzy. Now, to be honest, I am very scared. I have set two rules for myself. First: Do not invest in the South Korean stock market. Second: Follow the first rule.