“We view losses the same way we view cancer. A small cancer can be removed and the patient will most likely live. A small cancer allowed to grow into a large cancer will eventually kill the patient. A small loss removed early will most likely allow the trader to trade again. A small loss allowed to grow into a large loss will kill the trader.”
–Laurence A. Connors & Blake E. Hayward, from Investment Secrets of a Hedge Fund Manager (1995, Irwin Professional Publishing, Chicago).