Friday, 11 Dec 2015
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Making a loss? Sell.

If you are making a loss, read this list. You will have sold before you get to the bottom.

I was working for a Japanese broking house in London in 1987 when the stockmarket collapsed. The principal trading book (the broker’s own money traded in the markets by a team of professional traders) started bleeding as the traders responsible tried to trade themselves out of loss-making positions and did even more damage in the process. After a few months the head of the trading desk told them to close out everything even if it was in loss. Having done that he then sent four traders on holiday for a month. To stop them trading. He told them to go and play golf. They did. These moves saved the firm a fortune.

Walking away

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