It is inseparable from human nature to HOPE and FEAR. In speculation, when the market goes against you, you hope every day will be the last day – and you lose more than you should had you not listened to hope.

The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. It is absolutely wrong to gamble in stocks the way the average man does. Instead of hoping he must fear; instead of fearing he must hope.

He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit.

-Jessie Livermore