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Hi Lou,
Thursday, July 3, 2003, 9:51:18 AM, you wrote:
LH> Yuki -
LH> Just a note to let you know how much I enjoy reading your trading
LH> insights. If you ever write a book on the philosophy of trading,
LH> I want one of the first ones.
You are very kind. ^^_^^
Start with these personal musings I have conjured up over the years:
1) You (you the collective you, anyone involved in this business for
any length of time) are very likely too smart for this business.
1a) Because of your native intelligence, you are remarkably
unqualified to judge market insanity. (Are you listening, DT?) ^_-
1b) In fact, because of your very intelligence, you are very likely
to define normal market action (the fantastic interplay of the gut
emotions of fear and greed, once they really *begin* to kick in --
note the emphasis on 'begin') as the very definition of insanity.
1c) By the time real insanity arrives, (I shall leave that definition
to someone not as smart as we are.) ^^_^^ you've stopped paying
attention. Section 1b has numbed you to reality, and you have taken a
break from the action. (Been there; done that.)
2) One of my favorites, one I first wrote about 5 years ago: The
crowd is capable of more insane behavior than the lone individual can
ever conceive of.
Talk about twisted . . .
The major banks opened up around 10 percent higher this morning, now
after the lunch break they are 3 to 4 percent in the red.
There is blood all over Tokyo today, folks. It's running in the
streets.
I wouldn't enter an order today with Saddam Hussein's money. ^_-
Yuki
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