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Controlling losses is a big part of trading. Trading can be emotional and it can be hard to let go of a losing stock. You may have worked really hard researching a stock that you trade and you may get attached to it and this can cloud your judgement when all the other traders are running for the exits. You can't let this happen. If a trade turns against you, get out quickly! You can wait for the stock to come back up a little bit because inevitably it should. But sell when you get that strength and don't look back!
By "Winners Take Care of Themselves", Cramer means that if you are winning trades you will be successful. Winning stocks will make you money when you trade them. Even if you punch out prematurely you should still be making money. Any trade that makes you money is an above average trade.
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