“I turned from a loser to a winner when I was able to separate my ego needs from making money. When I was able to accept being wrong. Before that, admitting I was wrong was more upsetting than losing the money.”
Marty Schwartz
“When we are no longer able to change a situation, we are challenged to change ourselves”
Viktor Frankl
You never know how long a trend will continue. This is why to maximize profits, you gradually raise you stop order as your position appreciates in value. Once the trend ends, you never know how much it will travel in the opposite direction. People tend to overshoot on both directions.
With an individual stock, you absolutely have to have a stop-loss point, because you never know how far down the stock is going. I remember selling a $100 stock one time and it eventually went to $1. I didn’t have any idea it was going down that far, but what would have happened if I had held on to it? One mistake like that and you can’t come back.”
William O”Neil
I never try to buy a bottom or sell a top. Even if you manage to pick the bottom, the market can end up sitting there for years and tying up your capital. You don’t want to have a position before a move has started.”
Randy McKay