It then sells off to 240 and they think they've made a bad decision. They forget that the real object is to make money. The hardest thing though, whether its investing or short-term trading is to learn how to extricate oneself from a situation, whether it be positive or negative. It seems like each stock had a story behind it as to why it should go back up. It's human nature to be optimistic.
Any fool can enter, it takes talent to exit consistently and profitably.
I do this by consistently hitting singles not home runs. I never try to capture a huge move and I never do. Regardless of what we think we know and should happen the reality is that a lot of stock action is random. Therefore, money management is crucial if you want to be successful as a trader. To me, it's the cornerstone of both making a living at trading and building wealth.