It has multiple speeds. The sequences is Off-High-Medium-Low-Off (repeating). High is first for reasons.
The problem is, the fan doesn't have an "emergency brake" to INSTANTLY stop the blades when you reach the "off" position.
When you click from "high" to "Medium", the fan will slllllowly reduce speed, and eventually it will settle out at the "medium" speed.
But long before that happens, you get impatient and pull the cord again. You've commanded "low" but it hasn't even slowed to "medium" yet. So no noticeable effect: it just continues decelerating, now with "low" speed as the destination.
And you get impatient and pull it again, setting it to "OFF". It hasn't even reached "low" yet, so it continues to gradually slow down, and...
... you guessed it... you get impatient and pull it AGAIN. Now you have switched it from "OFF" to "HIGH" and it immediately accelerates, and this you can observe.
So, the answer is, after each cord pull, wait 30 seconds for it to settle out at the new speed before pulling again. Eventually, learn the number of clicks from "high" to "off".