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The hardest thing in trading is learning to take a loss. You must preserve
capital, to play again another day. You don't do that if you hold losers.
Richard Estes
-----Original Message-----
From: Al Taglavore <altag@xxxxxxxxxxxx>
To: meyer@xxxxxxxxxxx <meyer@xxxxxxxxxxx>
Cc: Rick Mortellra <rmjapan@xxxxxxxxxxxxx>; MetaStock List
<metastock-list@xxxxxxxxxxxxx>
Date: Tuesday, December 16, 1997 11:02 PM
Subject: Re: Yhoo 3 of 3
>Harley Meyer wrote:
>>
>> Hello Rick,
>> Not harsh at all.
>> Comments are interspursed below.
>>
>> Rick Mortellra wrote:
>> Snip>Snip>Snip>
>>
>>
>> As far as a $260 loss I couldn't stomach it. A few loses like that and I
>> would have no money to trade with. Granted cutting your losses and
>> moving on is good for some. But right now I can't aford it. Although I
>> am losing time by not making as much money. I am gradually gettting my
>> bearings straight and I am starting to make some money trading. We will
>> see as the rest of the week goes along.
>
>> Harley
>>Snip>Snip>Snip
>
>Harley,
>
>I have appreciated your many post on this list. Because of your obvious
>sincerity and honesty, I would ask that you reflect on the above
>statement: "...Cutting your losses and moving on...but right now I
>can't afford it." If you cannot afford to cut your losses, you are
>saying that you no longer are in control of the trade and you must now
>depend on HOPE that the market will come to your aid and salvation.
>Hope is the one emotion that the trader surely does not want...and the
>market does not even know you are a participant.
>
>I still use MSW ver 5.11. I re-checked the indicator list and do not
>find the indicator "HOPE", "PRAYER", "WISH".
>
>This post is an effort to share with you because you have shared with
>all of us. At some point in your investment career, overstaying a
>position will inflict serious pain. Better to learn to absorb the small
>hits.
>
>Al Taglavore
>
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