Stock Doc: Don't Trade With Your Wallet

I told Greg that in order to be an all-pro investor, he needed to "sit on his wallet" when his first instinct was to pull the plug on a well-thought-out position. This is easier said than done, I am quite aware. However, this is what separates the men from the boys on the battlefield. Thankfully, Greg had past trading successes to refer back to as a confidence boost for making trades he'd thoroughly researched.

If you believe in your original theory about a trade or if you have a rigid and disciplined system working for you, stick to it. Be self-assured and then let the money ride. This is a game of risk, and you can't make money unless you can confidently deal with the uncertainty of making that trade.

Please write to the Stock Doc with your trading or investing dilemmas. Dr. Cass always welcomes comments and stories, for which he'll try to offer valuable solutions in later columns.