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Some of my students also get caught up in market direction and it is a difficult
task to break them of that habit. You are working against CNBC and all the
pundits. Ira.
proffittak@xxxxxxx wrote:
> 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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