Short transcript excerpt advising traders to be patient in winning trades and impatient in losing trades: take time to let winners run and cut losers quickly to avoid account destruction. The clip emphasizes a behavioral pattern where traders take profits too early and hold losses too long.
A great trading rule that I like everyone to incorporate is learn when to be impatient and learn when to be patient. I see traders when they're in winning trades, they become very impatient. Oh, man, this trade's going up. I'm green. I have to take the green profit. I have to sell. And the moment they're in a red trade, they're the most patient trader ever because they're down $800 or $8,000. And they don't want to sell because they don't want to recognize the loss. In winning trades, be patient, guys. In losing trades, be impatient. Right. You, you shouldn't be holding losers for a long period of time and letting it destroy your account.
