Something to think about this weekend - patience. Jesse Livermore was one of the greatest short sellers of all time. I think by 1933 he had become the 10th wealthiest person in the US. He had a saying that about how his "sitting" that made him his fortune and not his "thinking." He was also essentially a trend follower and I've leaned a lot studying his methods during the early 1900s.
In finance, there is a time to be patient and a time to be intentionally impatient. When conditions change, you need to change. I've studied many successful investors over the years and they all have one thing in common - they could change their minds. They were all comfortable not knowing the future.
In an up-trending market, one should be patient with gains and allow for the natural "wiggles" to increase exposure to what is working. In a down-trending market, one should do the opposite. One should be quite impatient with losses and use the "wiggles" to reduce risk. Your attitude toward risk is to sell into the "highs" and hold large portions of your portfolio in cash. The devastation to one's portfolio is rooted in the emotion of hope. Pride is another attitude to throw in the garbage! Eliminate hope and pride from your investment vernacular and input math. hashtag#learnitforward