Rome Burning But CLQ Holding Up, page-200

One method I prefer to employ is to play at the edges. Key support buys because it does not take price to drop much to prove I’m wrong and get out at a small loss.

My longest hold was 7 years averaging up but it would be foolish to think it was a one way paper profit expansion. How you handle having to give away a large portion of paper profit and still not shacken to panic sell is the most difficult but. At least when in drawdown, that drawdown is forced upon your inaction aka trapped bull syndrome. Having to decide if an ultimate top has formed giving options to yourself is more stressful. We spent far too much effort picking tops and bottoms, an indulgence that is an impossible task to do consistently. We punish ourself with regrets if selling out too early or late by the proverbial kicking ourself!

Whatever happened to a good profit instead of the most profit?

This from Ed Seykota; if you can’t take a small loss sooner or later you’ll take the mother of all losses.