A lesson for the rookiesI've been at this game now since the late 80s just after the crash. I was a young buck working with this old guy who spent his lunchtimes marking up books of weekly stock charts. He was always drawing trendlines and keeping his eyes on moving averages and the RSIs. I began to take an interest in what he was doing and sat with him each work day, watching and learning about charting. He told me the two most difficult things you will ever do in this game is sell your position when you are winning. The other is selling your position when you are losing. He said, never tie up your money in a losing cause when it could be better put to use elsewhere. He used to joke, "Take profits when your heart is in your throat and and cut losses when your heart is in your stomach". There was some truth in that.
Time is money, people. Don't lose out on what could be a better opportunity.