Well-capitalised, well-informed traders—market-makers, specialist traders, syndicate operators, and hedge funds—who operate on the right side of the market, cut losses quickly, let profits run, and are not shaken out by adverse short-term price movements. Strong holders may have more losing trades than winning trades, but their winners are so much larger than their losers that they remain consistently profitable. A bull market begins only when stock has been transferred in large quantity from weak holders to strong holders.