I call Bernard Oppetit's way of dealing with opened positions the "Swiss method" because he always knows that he has to put his emotions aside and maintain an objective and neutral position.
Every trader knows that once a position is established, the situation is completely different. From then on, everything is real, no longer the data flashing on the screen or the numbers on the books. Expectations will affect expectations, emotions will interfere with reason, and objectivity will become subjectivity.
After opening a position, you will start looking for opportunities to close it, and the result will be profit or loss. Each situation triggers different emotions.
For example, if the position suffers a loss, many traders expect the situation to suddenly improve, they are afraid and are unwilling to accept the possibility of loss. You have a responsibility to identify such emotions and then decisively cut them off. Your decision must be based on the objective reasoning of the company's relevant analysis.
When facing open positions, you must pay attention to your reactions. If you don't have a clear idea, you may exit too early or too late. The key to dealing with open positions is the timing of exit.
Of course, you may also consider adding more, but the most concerned issue is usually exit. In this case, you have to maintain an open mind and an objective position to deal with open positions.
"Honesty is the key. In thinking, you have to start over every day. You have to forget the losses and costs of the position. Every day is a new day. Every day is starting from scratch. The profits and losses before today have been paid, and you are back to the starting line. There are no expected profits or losses in the account, and every morning is a new start."
"You have to be very, very honest with yourself. Don't deceive yourself. Whether the position bears a huge loss or accumulates a significant profit, you have to face yourself honestly. Deceiving yourself is also the main reason why people lose money in the market. I am happy to see that this is the case, otherwise, it would be difficult for us to make stable profits."
As Bernard Oppetit emphasized, when you try to evaluate open stocks from an objective perspective, emotions always interfere.
"For an excellent trader, the ability to control the 'heart' is far more important than how to use the 'brain'. Emotions are the most tricky part, even if a position may make you lose everything or earn millions, you have to maintain a completely objective position."