When You’re Wrong, Get Out
Don’t fight the market! It sounds simple, but one of the hardest things for
traders to do is to stop trying to impose their wills on the market. Virtually
every successful trader ever interviewed has said that learning how to take
losses (and keep them small) was one of the most important accomplishments in
his career.
—from
The TradingMarkets.com Guide to Conquering the Trading Markets (1999 M.
Gordon Publishing Group, Malibu, Calif.).