Yes emotionly it's hard for you to hold any longer if your money keeps shrinking as your cost is pretty high. I guess in BK's dictionary "longs" means people (including me) who got in before last Aug's NR. Even though most of us picked a lot along the way up, our average is still pretty low (mine is about $2). So at this price these "longs" still can live with it. I admit it's not easy to see our money to be cut one third or half, but we still have good profits. This big difference makes us have different opinions on NOT trend.

So the key is when to get into a stock. In the past several years I also bought many stocks at the wrong time. I would lose huge if I had sold them because some of them down over 90%. So my strategy is if there's nothing wrong with companies' fundamentals, I'll just leave it. (Of course before getting in a stock I have to do enough dd. Another reason I have to hold is I'm bad at daytrade.) It could be pain in the butt sometimes waiting for them to recover. The longest I have waited was about 5 years; it was SVM.to (formerly SRL.v). I got in around 2002/2003 and paid $4.45. It dropped as low as $0.50 at the same year. In the past several years I just simply "ignored" this investment. As you may know, SRL finally formed a mine and became a major silver player. I sold it last year before its split. So over the 5 years my return on it was about 400%, which was 80% per year. - This strategy doesn't apply to margin and your money can be sat aside for years.

My story probably doesn't apply to you. But I just want you at ease and try to show you another side of play. Hope you get my point.