JESSE LIVERMORE ON HOPE AND FEAR:

In speculation, when the market goes against you,
you hope that every day will be the last day
and you loose more than you should - had you not listened to hope.

And when the market goes your way
you will become fearful that the next day will take away your profit, and you get out - too soon.

Fear keeps you from making as much money as you ought to.

The successful trader has to fight these two deep-seated instincts.
He has to reverse what you might call his natural impulses:

Instead of hoping he must fear; instead of fearing he must hope.

He must fear that his loss may develop into a much bigger loss,
and hope that his profit may become a big profit.