> Sure. But there's always a gain, regardless. Not true. Suppose you buy a stock for $5 on Jan 1 2016. It rises to $20 on Jan 1 2016. If you sell on Jan 1, you

> Sure. But there's always a gain, regardless. Not true. Suppose you buy a stock for $5 on Jan 1 2016. It rises to $20 on Jan 1 2016. If you sell on Jan 1, you make 15x.65 9.75. If you hold until Jan 2 and the price declines by $1 to $19, you make 14x.85=11.9. Hence, you're better off holding till the next day, even though the stock goes down.