What are two of the most repeated mantras about great traders? They: 1) Use good money management and don't ride a losing trade all the way down. They cut their losses short. 2) Don't get freaked out by sudden market moves that are opposite of their current position. Uhm, see a contradiction? So which is it? What constitutes a losing position to get out of and one to not get freaked out about? I see these two mantras often repeated in the same paragraph by the person repeating them. I am curious to know what folks think.