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If you have a trading system that produces trades which are, for all
practical purposes, statistically independent (as is the case with
many systems), then using equity feedback to decide which trades to
take with that system is *by definition* an application of the
gambler's fallacy. This doesn't mean that your system doesn't have an
edge or that it is not taking advantage of some recurring market
pattern or inefficiency. It means that the chronologically ordered
profits and losses are of no relevance in determining whether the next
trade will be a winner or loser, let alone by how much.
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