Sep 17, 2012
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Justin Mamis
Rule One of the professional trader is: When a stock doesn't do what you expect it to do, sell it.
No hesitating, no questions or doubts raised, no conjectures of the way it should have turned out or might still turn out. No dreams of how it will do what it was supposed to do "tomorrow". The pro never says, "I'll watch it one more day." He doesn't phone an analyst who's been following the company and ask, "What's happening? Is there any news?" All too often, the delay in searching for the "why?" is costly.
The desire to be perfect is one of the prime bugaboos of the stock market, but it's a compulsion that belongs on the psychiatrist’s couch, not on the exchange floor. And that means no berating yourself for having bought it, should it then go down, and no remorse for having sold should the stock turn around after you've gotten out and finally do what was expected.
- Justin Mamis, When to Sell: Inside Strategies for Stock-Market Profits