SanDisk SNDK In *Reminiscences of a Stock Operator*, the king of speculation, Jesse Livermore, said: Cut your losing positions, keep your winning ones. Why? Because trading is all about trial and error. And then there’s the Turtle Trading Rule: Enter directly when the price breaks the 20-day high, cut losses at 2 ATR, and if there’s floating profit, add to the position. Why? Because the essence of trading is trial and error. But our speculation gurus have never taught us to hold losing positions. In July’s downturn, I saw so many people go long, hold their positions, and get liquidated, losing everything. Now in August, SanDisk is rising, and people are starting to go short and hold losing positions again. Great, just great. Human nature never changes, only the market cycles.