Learn to be Disloyal

Loyalty many be a virtue in family ,friends ,and pets ,but it is a fatal flaw for a trader.Never have loyalty to a position.The novice trader will have  lots of loyalty to his original position.He will ignore signs that he is on the wrong side of the market ,riding his trade into a large loss while hoping for best.The more experience trader ,having learned the importance of money management will exit quickly once it is apparent  he has made a bad trade.However ,the truly skilled trader will be able to do a 180- degree turn ,reversing his position at a loss if market behaviour  points to such a course of action.