"In [investment] speculation, our emotions are constantly setting traps for our reasoning powers. It is far more difficult, for example, to know when to sell a stock than when to buy. Men find it equally hard to take either a profit or a loss. If a stock has gone up, a man wants to hold on to it in anticipation of a further rise. If a stock has gone down, he tends to hold on to it until an upward turn comes along so he will at least be even. The sensible course is to sell while the stock still is rising or, if you have made a mistake, to admit it immediately and take your loss. Some people, after selling, bedevil themselves with thoughts of if only I had done this. To do this is both silly and demoralizing. "
Bernard Baruch
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