I'll throw something out.
Everyone is playing with a different amount of chips in front of them. I've been very fortunate, and I enjoy high stakes, so I probably take bigger positions than many on the iHub forums.
But it doesn't matter if you're trading with one hundred dollars or one million dollars, many of the same basic principles apply.
I lost $25,000 on NBG today. I'll get it back, I'm quite confident of that, but I didn't make my money by being foolish and this was not my finest hour.
I've saved my bacon many, many times by averaging down, as have most traders. It's a basic, necessary strategy when used correctly. I kept averaging down on NBG until I had a ridiculously huge position, each time saying those fateful words, "It just can't get any lower than this!"
Set your stops, either physical or mental. Know how much you're willing to risk/lose. When the stock reaches that point, no matter how much it hurts, cut it loose. Move on.
All that is needed to make a happy life is within yourself, in your way of thinking. -Marcus Aurelius
