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Strategies & Market Trends : Joe Stocks Trader Talk
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To: Joe Stocks who wrote (124)2/6/2002 11:34:46 PM
From: Dan Duchardt   of 787
 
Joe,

We've probably all been overly stubborn at times, hanging on far too long. I certainly have my share of those. But I also have numerous example of positions I jumped out of far too early because I over reacted to a move against me. In the long run, those aborted and missed opportunities add up just as much as realized losses, and many small losses can be just as damaging as a few bigger ones that come less often. Protecting capital is essential, and I'm not suggesting one should be reckless. We all have to be willing to accept that we are sometimes wrong to live to play another day.

As you say, there is a balance in there somewhere. For me it's been a gradual recognition that I have taken far too many small losses on trades that would have been profitable if I had not been jiggled out, and failed to let a lot of winners run to fuller potential. I certainly don't have a magic formula for hitting the balance, but I know that the extremes on both sides of it are equally dangerous.

Dan
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