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My objection to paper trading is that there is a large psychological
component in trading decision-making. There is more to learn about
eliminating that component than there is in finding the "right system" for
successful trading. Concentrating on controlling losses is the first step
to being able to stay in the game. Having observed trading results by
amateurs and fund managers over the years (30 of them), I have yet to see
consistent very large returns. The distribution of positive returns is
very narrow. Developing the psyche to limit losses is, in my mind, the
first area for concentration.
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