Check yourself
It is an easy trap to fall into. Strangely it is when a high conviction trade becomes something more. The 'high conviction' becomes the 'this can't fail' trade. The risk becomes 'irrelevant' and the hopes of an entire decade get pinned into one trade.
It is just human nature and an easy trap to fall into. One of the last times this happened to many people at the same time was around the SNB when they pegged the EURCHF pair at 1.2000. The central bank were long EURCHF and so traders thought they were trading with an invincible partner. If the SNB couldn't pin the EURCHF pair to 1.2000 then no-one could. This was the trade of the century until, as Adam said, it wasn't. See below.
So, never let a trade turn into an investment. Just obey this principle. If you have ignore this advice and got fortunate, just don't ever repeat it. Trade long and prosper.
For newer traders, perhaps some seasoned hands could chip in with some comments to under score this message. You never know, you might be saving a home, a business, a marriage...
