While you are paying in, a bad run early is a gift: you keep buying at lower prices and ride the recovery with a bigger stack. Start drawing money out and the same arithmetic turns on you. Every withdrawal into a falling market sells units that never come back, so there is less left for the recovery to work on. Same returns, same order — opposite outcome.
Takeaway: The order of your luck matters twice, and it changes sides the day you start withdrawing.
→ Feel it in: Living off it