The beginning of a bull market is painful, the middle is blissful, and the peak is euphoric. How do you know you're in the early stages of a bull market? Every time the price goes up, you're worried about a pullback. Every time there's a pullback, you're worried the bull market hasn't actually arrived. You keep doubting yourself, over and over, and it feels like torture. That's the early bull market stage—because the bear market hurt you so deeply, you can't bring yourself to believe the bull market is really here. To sum it up in one sentence: the early bull market can't cure your bear market PTSD. Not believing the bull market has arrived makes it easy to miss out, sell too early, or worst of all, keep shorting with a bear market mindset as prices climb higher and higher. That’s the fastest way to end up in a world of pain. The middle of a bull market is blissful because you’re watching your assets steadily climb, and it feels like stable happiness. The peak of a bull market is euphoric—you realize every coin you’ve bought is going up (in fact, all assets are rising indiscriminately). Your portfolio hits ATHs every day, and you start thinking you’re the most brilliant crypto trader in the universe. The market’s euphoric sentiment is overflowing. At this point, people won’t listen to any warnings, but this is exactly when you need to stay calm. Looking back, you need to be bold in the early bull market. But as the bull market progresses, you need to become increasingly cautious and tread carefully to protect your gains. Many people do the exact opposite—they’re timid in the early bull market and reckless at the peak. That’s the perfect recipe for losing money.