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In a message dated 10/15/00 9:53:59 PM Eastern Daylight Time, ist@xxxxxx
writes:
<< The problem with making a prediction or having an opinion is that you
have a tendency to defend that opinion. That is why having an opinion
is bad for a trader. If you have a position and you put it on for all
the right reasons, when it starts to go against you it is human nature
to try and defend that position. One of the reasons for a stop placement
at the time the order is filled. One rule I have always followed. If
for any reason I don't feel right about a position that I hold, I
liquidate immediately. Once I have no position to defend I can look at
the situation with a clear head and once again make a trading decision
based upon my system with defined targets and stop. What ever I decide
to do next is not influenced by ego, a past decision, or the fact that I
have to admit that this trade was on the short end of the probability
curve. Defending a position is the biggest mistake most new traders
make.
>>
could not say it better myself
also
after teaching many students i find even myself defending my view instead
of liquidating,
and that is why last week i have posted my losing trade to show others how
NOT to make my mistake,
Ben
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