Millionaire TradersQ: Oh wow. You must have been in Qualcomm at around 50 or
80 right?
A: Yes, that’s exactly right.
Q: That’s the stock that went to the 600?
A: Six-hundred and split, yes. It was crazy.
Q: You took it for the ride because you basically went to break
even on the stop and just held on and held on?
A: Held on, yes, pretty much. Then I sold a quarter, sold another
quarter, then sold another quarter, you know I just kept riding it
up.
Q: Most traders have a problem with holding on to their winners
and yet you tend to naturally do that. What do you think makes
you different from everybody else? Why is it easy for you to hold
to winning positions and not want to cash them in?
A: Just learning from my past mistakes.
Q: So you also have an inclination to ring the cash register, but
you’ve learned how to control it?
A: Exactly. I mean being around other traders and other stock-
brokers and they would always seem to add to losers. They’d double
down. They’d sell their XYZ stock that went from 5 to 10 because
they doubled their money. But they’d buy the one that went 20 to
5 because it was so-called cheap. As I learned from my mistakes,
that’s not the right way to do it. If anything, you want to add to
your winners and get rid of your losers.