The year’s rough start for investors has observers wondering if the U.S. is facing a bear market. But don’t panic and rush to sell your stocks — bear markets, typically defined as declines of 20 percent or more, are part of normal cycles.

The jury is still out on whether the major U.S. markets are heading for an official bear market, but the odds are rising. Worldwide stocks, as measured by the MSCI All-Country World Index, have declined 20 percent.

“It will probably get much worse before it gets better,” says Brad Lamensdorf, co-manager of the Ranger Equity Bear exchange-traded fund (ticker: HDGE).

The Standard & Poor’s 500 index has dropped about 8 percent from its May 2015 high, thanks to a rebound in recent days. ” As we get closer to a 20 percent total drop, the chances of slipping into a bear market increase,” says Tim Courtney, chief investment officer of Exencial Wealth Advisors in Oklahoma City. “I estimate there is a roughly 50 percent chance of seeing a bear market this year. Keep in mind, we typically see a bear market once every four to five years.”

The S&P 500’s declines triggered a negative reading on the Stock Trader’s Almanac’s January barometer, which warns of a down year in the stock market overall in 2016. The current mix of fundamentals doesn’t offer much for bullish investors.

“When consumers and producers of goods and services are concerned the U.S. economy is headed for a recession, consumers spend less and producers slow production. In effect, the fear of a recession ends up leading to it actually happening. I see it as the primary risk that could run us into a bear market,” Courtney says.

Global concerns are also adding to the negative sentiment. “Vague worries about China are being replaced by very real and specific worries about the European banking system,” says Brad McMillan, chief investment officer at the Commonwealth Financial Network in Waltham, Massachusetts.

Investors should prepare for a bumpy ride this year. “I expect the broad market to decline 20 to 30 percent, but the worst part is that it may be a slow bleed, and bounce around and meander lower into 2017 or 2018,” says Jeffrey A. Hirsch, editor of the Stock Trader’s Almanac. “As my astute friend and colleague Dan Turov puts it: ‘Bear markets don’t act like a medicine ball rolling down a smooth hill. Instead, they behave like a basketball bouncing down a rock-strewn mountainside. There’s lots of movement up and sideways before the bottom is reached.'”

History shows bear markets can take a bite of a portfolio. “Bear markets typically last about a year or so with an average of 31.1 percent for (the Dow Jones industrial average), 30.2 percent for S&P 500 and 36.3 percent for Nasdaq,” Hirsch says.

There are ways investors can prepare for a bear market. Here are five tips to consider.

Long-term investors can stay the course. “Bear markets are a part of life,” McMillan says. “Your portfolio should reflect your willingness and ability to take risk, and then should be left alone. For investors with a longer time frame, bear markets provide an opportunity to buy cheaply by dollar-cost averaging into the market. If you currently have a regular investment plan, there is no need to stop it.”

Don’t try to time the market. Sure, you can profit in a bear market, but doing so requires expertise. For the average investor, timing the market tends to be counterproductive. “Rather than try to trade against a declining market, investors would be better off staying in, or at worst going to cash to prevent losses. Going to cash, however, requires another decision as to when to buy back in — and that is where investors can hurt themselves long term, by failing to do so,” McMillan says.

For money that is not invested now, cash and the sidelines are a fine place to wait. “Especially if you have a long-term investment horizon, sit tight and don’t buy anything until the coast is clear. For the more aggressive and sophisticated, consider shorting weak, overvalued stocks or some downside index positions,” Hirsch says.

Be patient. “Keep your emotions in check and stick to your investment strategy and discipline. If you are inclined to sell some positions, go against your natural instincts and sell your worst losers or underperforming positons first. Hang on to your winners. If they can withstand this decline, they are more solid. Hang on to some cash. It will come in handy at the turn,” Hirsch says.

Once the dust has settled, use the declines as a buying opportunity. This will be the time to buy into your favorite stock at a discount. “During times of panic, investors tend to sell assets at severely distressed prices. The downfall we are currently experiencing will be perceived as a small blip in market history. My advice is to take advantage of the buying opportunities today resulting from the volatility. You will be glad you did down the line,” Courtney says.

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5 Ways to Prepare for a Bear Market originally appeared on usnews.com