Perhaps desire to squeeze the last point out of a trade is the most difficult to fight against. It is also the most dangerous. How often has it happened in your own case that you have entered a commitment with a conservatively set goal which your judgment has told you was reasonable, only to throw over your resolutions when your stock has reached that point, because you thought, “there were four more points in the move?” The irony of it is that seemingly nine times out of ten (I know, for it has happened with me) the stock does not reach your hoped-for objective; then– to add humiliation to lost profits– it goes against you for another number of points; and, like as not, you end up with no profit at all, or a loss.
– Humphrey Neill, Tape Reading and Market Tactics
