I now believe that the ability to "split personality" is an essential skill for traders. This skill allows you to switch in an instant from the most frenzied, euphoric state of a bull market to the most panicked, risk-averse state of a bear market. The key to minimizing losses in a bear market is to panic earlier than others. The earlier you panic, the higher the price you sell at, and the less you lose. Many people are still advocating for buy the dips, long-term holding, and claiming they're not afraid of the spot market. Things will get interesting when they actually start to panic.
