I bought this stock earlier this morning at 6.78. There is some short term resistance at $7.30, but if we can break through that level, we could see Callaway Golf (ELY) climb into the $8’s.
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Refusing to take a loss when the trade has turned, and the reason for getting into the trade in the first place is no longer valid, is one of the biggest problems traders face. In this video, Ryan Mallory discusses the pitfalls that comes with refusing to take the loss and instead opting to become a bagholder on one's trades.
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