Rome Burning But CLQ Holding Up, page-184

Prisoner..."one of the advantages of holding long term, you don’t have to worry about the games that are played day in and day out. It does make our job a lot harder though."

Totally agree.

I have found this very important. It took me a long time to be able to control my emotions.
I had a hard time making money because my emotions got the better of me on even good picks, and I would get shaken out. I had neither the right emotional attitude nor discipline in a sound trading system
to be a good trader.

You need discipline whether you are a long player or a short player. I think you need to be one or the other. Often a long term investor and a short term trader should take the opposite trade in the same situation.

So I never became a good trader. However my results as a long term position player have been good.

The keys for me are correct analysis of the ticker, position size that does not cause distress when it is in the red, and patience.

One has to stay vigilant for indications that one is wrong about the basic analysis
or that something has changed for the worse on fundamentals.

If one's position is too large the distress is too great when the position goes against you. On all of my big winners, I have been in the red at some point. So one has to be patient.