If a catalyst has passed and the price has not moved, time is telling you the thesis was wrong. Three quick checks before you act: 1. Name the mechanism in plain English: A time stop is an exit triggered because the asset failed to do what it was supposed to do within the expected window, even if the price stop was not hit. 2. Say why it matters for behavior or portfolio decisions: Dead capital has an opportunity cost. Waiting for a price stop in a stagnant trade drains both capital efficiency and mental energy. 3. Set the review question: Write down the state variable you would monitor first if this thesis started to drift. Market translation: If you buy ahead of an earnings event and the stock barely moves on a beat, the market is telling you the thesis is fully priced. Failure mode: Holding a catalyst-driven trade long after the catalyst is gone, hoping it turns into a value investment. That is usually where the edge is: not in the vocabulary, but in the structure underneath it.