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Don't know when to cut your losses
You hang on to a loser stock in the hopes that it will turn around.

Why: You are loss averse, and selling would make you own up to your mistake.

The fix: Before you buy a stock or fund, write down why you like it and the reasons you'd sell (the manager leaves, for instance, or a product flops). Pull that out when the price drops. Has anything changed?



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Last updated July 24 2008: 10:17 AM ET
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