All the large losses I have suffered in my trading career were due, in large part, to a lack of disciple rather than a lack of knowledge. Good traders and investors spend a substantial amount of time developing trading and investing methodologies and looking for great stocks. Any system that requires you to act to cut losses and harvest gains at some point is better than no discipline. Unfortunately, there is no easy way to develop discipline. Most traders need to spend more time cultivating discipline rather than trying to find better trading methods or stocks.

Source: Wall Street Journal June 11, 2022 20:14 UTC