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TheStreet Open House

No Lust for Tesla

Stocks in this article: TSLA

The number 13 is highlighted on this page for a exceptionally compelling reason. For those who don't know, it often marks the upcoming penance for lusting after profits instead of portfolio chastity.

For investors who understand that bears make money, bulls make money and pigs get slaughtered, that13 signals that if you're not taking money off the table and locking in your profits, you better keep your hand on the shifter so you can exit quickly.

An accelerated stock is an incredibly seductive mistress that will leave you twisting in the wind wondering what happened. Your portfolio's best defense against the ravages inflicted from lust taking control is to have a plan in place before your dollars are invested.

Making a plan forces you to think about stop losses and what you will do if the position moves against you. Most investors never think a stock is going to lose money. After all, why buy it if you're not convinced it will go up? But unless you believe you can predict the future, you need to predict the odds, and the odds say

You won't get it right every time. If you know you won't be right every time, then you also know you need a plan to exit if the road becomes hazardous.

At the time of publication the author had no position in any of the stocks mentioned.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

Robert Weinstein is an active trader focusing on the psychological importance of risk mitigation, emotion and financial behavior of market participants. Robert co-founded the investing blog StockSaints, where he writes a journal about his trading activity and experiences.

In addition to TheStreet, Robert also contributes to Real Money Pro, providing real-time trading ideas for stocks, options and futures.

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