Under-capitalised, emotionally driven traders who typically enter on the wrong side of the market—chasing tops on enthusiasm or panic-selling bottoms—and are easily separated from their positions by any sudden adverse move. Their defining trait is that they become locked-in when the market moves against them and then hold, hoping for recovery, until the pain becomes unbearable and they finally sell at the worst possible moment. The bear-to-bull transition in VSA is the systematic transfer of stock from weak holders to strong holders, almost always at a loss to the weak holder.