In 2019, I bought shares of Teladoc (TDOC) at $50.

My reasoning was simple.

I used the service and liked it. The growth potential looked enormous. And the valuation was still reasonable.

It felt like I had found a hidden gem.

Fast forward to early 2021… and Teladoc wasn’t hidden anymore.

The stock had exploded past $250.

That $50 investment 5x’d in less than two years.

Each morning I’d check my portfolio and watch its value jump by thousands of dollars.

I can still remember the rush of adrenaline. The dopamine hit.

I never thought about selling. Why would I?

The stock was printing money.

And in a roaring bull market the idea of taking profits felt almost foolish.

But then the music stopped.

As the world reopened after COVID, Teladoc’s growth slowed.

The company was no longer a pandemic darling.

At the same time, its valuation (which I conveniently ignored on the way up) had ballooned into unsustainable territory.

The stock tumbled. First from $250 to $200. Then $150. Then $100.

Before long, most of my gains had evaporated.

That’s when it hit me: discipline is just as important in rallies as it is in crashes.

When markets plunge, I always remind you to stay patient, hold high-quality stocks, and buy at a discount.

But discipline doesn’t disappear when markets are rising.

If anything, it’s more important.

Because when stocks run too far, too fast, the right move is often to sell into strength.

The problem? Selling is the hardest trade to make in a bull market.

Our brains tell us to keep riding the wave. We imagine endless upside. We convince ourselves that selling means missing out.

But more often than not, selling just means protecting what you’ve already earned.

And that lesson matters right now.

Since April’s tariff scare, stocks have rallied hard.

Many high-flying stocks are stretched way beyond reasonable levels.

Odds are, you’re sitting on some winners and feel like you can’t lose.

That’s exactly how I felt with Teladoc in 2021.

You don’t need to dump every position, of course.

But you do need to ask yourself the tough questions:

• Has this stock run way past its fundamentals?

• Is growth slowing even as the stock keeps climbing?

• Am I holding because of discipline or greed?

Selling isn’t defeat. It’s locking in victory.

Bull markets reward investors who know when to hold. But they especially reward those who know when to let go.

Don’t wait for the market to teach you the same lesson Teladoc taught me.

If you’ve got overextended gains, take some money off the table.

Discipline applies both ways.