Each stock is different and averaging down on some stocks is the right thing to do.
But to quote Jessie Livermore,
" A loss never bothers me after I take it. I forget it overnight. But being wrong, not taking the loss, that is what does damage to the pocketbook and to the soul. Of all the speculative blunders, there are few greater then trying to average a losing game. Always sell what shows you a loss, and keep what shows you a profit"
"They say you never grow poor taking profits. No you don't.
But neither do you grow rich taking a 4 point spread in a bull market. Let your profits run, and always cut your losses"
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