People seem to be obsessed with catching the lows of stocks or selling the highs.
Stanley Druckenmiller once said he believes his return would have been much higher if he weren't so obsessed with catching turns and getting chopped up in the process.
He mentioned one of his mentors, George Soros, was perfect at timing. He would wait for the turn and then take massive size.
Jesse Livermore, the father of modern trading, found the same lesson over 100 years ago:
"One of the most helpful things that anybody can learn is to give up trying to catch the last eighth - or the first. These two are the most expensive eighths in the world.”
