"The only thing to do when a person is wrong is to be right - by ceasing to
be wrong. Cut your losses quickly, without hesitation." - Jesse Livermore
A timeless lesson for tough markets and the inevitable losses that will come your way (in good markets and bad) in the course of speculation. Manage your risk, don't let your ego's need to be proven "right" take over your trading.
1. Jesse Livermore on trading (quotes).
2. Marty Schwartz ("Pit Bull", trader) speaks at Amherst College.