Do you think making money is due to in-depth research? Is it possible you just happened to catch the market's upward trend? In a bull market, you can make money by researching just a few projects, giving the illusion of exceptional insight. In a bear market, it's the opposite. The more you research, the more optimistic you become; the more optimistic you are, the more reluctant you are to sell. You buy more when prices drop, adding to your positions after a 50% loss, ultimately becoming the bagholder. Many people only research why a project is worth buying, but they don't research why the market is falling in the first place. In a bull market, it's easy to mistake luck for skill; in a bear market, it's easy to mistake stubbornness for faith.