goblins investment strategy- you must read and fol

Modern long-term investment is when the price of the stock you bought drops under the price you paid, and then something like this happens:

Phase 1: "It'll bounce." "It's OK." "It'll come back." "I'm only down a few dollars." Then it falls a bit more.

Phase 2: "What does this company do again?" "Why did I buy it?" "I wouldn't want to lose any more." It falls a bit more.

Phase 3: "Damn!" "I'll never listen to him again." "Why is trading so hard?" "What am I going to tell the other half?" "It has to bounce." It falls a lot more.

Phase 4: You sell it. "That'll save me some tax."

Phase 5: Lets talk about another dog and talk it up or the stock recovers to trade just at his original purchase price after about 2 years and he hurls abuse at people and proclaims that he is the best investor around.