Maximizing Profits And Cutting Losses
The difference
between the investor who year in and year out procures for himself a final net
profit, and the one who is usually in the red, is not entirely a question of
superior selection of stocks or superior timing. Rather, it is also a case of
knowing how to capitalize successes and curtail failures.
— Gerald M. Loeb, from "The Battle for Investment Survival,"
1996 John Wiley & Sons, New York (originally published in 1935).