I read a good blog entry from Don Miller -- great reminder.
When I look at my gains this year (and losses) -- well, I have a lot of losses. I'm still learning. But the gains are concentrated in just a few names where I really made a bundle. And those big gains are what made this year work. Trading is not about being right or wrong. You will be right and wrong. The difference between the pros and amateurs is how they capitalize when things go right and minimize the losses on their mistakes. When you accept being wrong often... you can control the bleeding faster by taking action. And knowing when to let the winners run (and add to them) helps the big winners overcome the mistakes.
I want to focus on being selective now as the markets drop. I think I made a mistake following INSM. I'm getting a bad gut feeling and I've already taken a moderate loss. I think I will follow this advice, sell it out, and wait to reinvest it in a winner. There's no reason to be patient with loser stocks, especially ones I'm developing a bad feeling about.