The idea of a "cutting cycle" is simply people misunderstanding what they observe. "Cutting cycles" typically consist of non-aromatizing steroids, such as stanazolol, fluoxymesterone, methenolone, trenbolone, etc. Because these steroids did not cause water retention, weight loss could be judged better and people began thinking that these were the only types of drugs that should be used during pre-contest. Likewise, since drugs like methandrostenolone, oxymetholone, testosterone, etc. cause rapid weight gains, due in large part to water retention, these drugs have been mislabeled as "bulking" drugs.
We now know that all steroids preserve muscle tissue during caloric deficits, as long as protein is kept high, and therefore things like oxymetholone, testosterone, nandrolone, etc. can be used with as much success as the traditional "cutting" steroids. Plus with the advent of the aromatase inhibitors, we can now use these drugs and prevent the definition-obscuring water retention.
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