Len, to clarify myself, I said stop loses "real or mental". I NEVER use real stop losses. I always use mental stop loses. Also, I NEVER buy illiquid stocks so that has never been a problem for me. Have I ever bailed out of a stock and taken the 8% loss only to see it run up ? Hell yes, but I have also bailed out with an 8% loss and watched the stock drop like a rock many more times than they have gone up.
BTW, the stocks that I sold in June 2007 are down a total of $162,200. 17 stocks are lower and only two are higher. None of those were sold at a loss, but all were sold after they had dropped 8% from their highs while I was holding them.
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