| Today, I'm secure enough in my manliness that I won't budge. I'm confident that sticking to a discipline is the right thing to do. Back then, I let my emotions get the best of me and agreed to hold on to the stock. I'm sure you know what happened next. The stock tanked to $10. "If it goes back to $12, I'll sell it," I said. It fell to my entry point at $7. "If it goes back to $10, I'll sell it for a small profit," I said. It dropped to $5. "If it goes back to my break-even point, I'll sell it," I said. Then $5 became $3, which became $2. I was frozen and kept promising myself I'd sell the stock if it rose a few points. It never did. It went straight to zero, and I still own that damn Quokka stock certificate somewhere. First, I let my wife's emotions skew my judgment. Next, when things went badly, I ignored my own rules and common sense. Hope became my reason for staying in the stock. I would have saved myself thousands of dollars in losses had I set a trailing stop. Whether your rules are based on fundamentals, value or technicals, you should have a valid reason for buying a stock and a system for exiting trades. I paid tens of thousands of dollars in tuition (trading losses) in my early trading career so that you don't have to. But I promise you that if you let your emotions guide your trading decisions, you'll have a tale of woe similar to the one I just told. Have your emotions ever led you to a bad trade? Share your stories in the comments. Don't worry... we've all been there. Good investing, Marc | 
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