The simplest way to identify a bull market and a bear market: Bull market = FOMO, Bear market = bag holding. Logic: During a long bear market that lasts for over a dozen months or even years, most retail investors spend the first half constantly trying to catch the bottom, averaging down to lower their holding costs, only to end up deeply trapped. In the agonizing grind of a prolonged downtrend, they plant a seed in their hearts, or even secretly vow: 'The day I break even, I’m done with this.' When the real bull market finally kicks off, most of them will sell off their positions the moment they break even, and as a result, miss out on the majority of the bull run! I’ve been there before, and I believe many others have too.