Hi @sharks37 and shortermers, that's a really interesting topic. Think the definitions of "conviction" trades are important. Your take on them as unplanned and uncontrolled trades is different to mine. However, reading many of the threads here, I understand where you are coming from.
I see conviction trades as those based on indepth FA research and entered often regardless of the technicals. Those types like @madamswer where expert financial analysis is used and alternatively @john435, @minoil and others who use specific knowledge of the mining/resource mkt. These entries are made based on personal beliefs backed up by solid research and/or indepth information, background experience and current networks in their industries. They then have the courage of their convictions to back up their respective trucks.
Those trades you refer to are often based on personal beliefs lacking the above scrutiny. Belief and self-serving biases without indepth knowledge and objectivity can lead to disastrous choices and often people hang on to save face or want the proof of "being right" when all others were wrong.
Am always looking for the next bagger, I suppose like many others. Past history does prove that it is possible to achieve this and sometimes it requires being a bit contrarian, get in early and go against the crowd, making the tough decision to hold against all odds. Often its a fine line! The difficulty is that we don't always have access to the critical info to make the correct decisions. Think that's why most of us need to rely on the technicals and go with the flow.
Got a few "conviction" trades atm, but if they don't behave, out the door they go. Your idea of following the pa, exiting and re-entering is the way to go for a non-expert like me.
