1.  It is just appalling the nerve strain people put themselves under trying to buy something today and sell it tomorrow.  2.  It's a small-win proposition. 3.  If you are a truly long-range investor, of which I am practically a vanishing breed, the profits are so tremendously greater. 

1.  Someone made a remark that, while it is factually correct, is completely unrealistic when he said, "Nobody ever went broke taking a profit."   2.  Well, it is true that you don't go broke taking a profit, but that ASSUMES you will make a profit on EVERYTHING you do.  3.  It doesn't allow for the mistakes you're bound to make in the investment business.

1.  Funny thing is, I know plenty of guys who consider themselves to be long-term investors but who are still perfectly happy to trade in and out and back into their favourite stocks.  2.  Then when their stock got up to a higher price, the pressure to sell got so strong.  3.  "Well, why don't we sell half of it, so as to get our bait back?"  4.  That is a totally ridiculous argument.  5.  Either this is a better investment than another one or a worse one.  6.  Getting your bait back is just a question of psychological comfort.  7.  It doesn't have anything to do with whether it is the right move or not.