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At 01:21 PM 8/16/98 EDT, CRLeBeau@xxxxxxx wrote:
>
>In a message dated 7/21/98 7:33:34 PM, robertwc@xxxxxxxxxxxxxxxxxx wrote:
>
><<My uncle called me one day and said simply get out of your
>cotton position now. I regrettably did and took a huge loss and soon after
>President Nixon lifted price controls and cotton went to a dollar from the
>low thirties. I would have been rich if I had stayed as planned. >>
>
>As you probably realize now, your Uncle gave you good advice. The error
here,
>if any, was in not getting back into the position at a later date. Just
>because we get out of a position with a loss does not preclude us from
getting
>back in.
>
>Chuck LeBeau
>traderclub.com
Hi Chuck
Yes that lesson was learned and what a good lesson to learn. Gives you
great freedom to exit a losing position
and stop that ridiculous mind game of trying to get even...LOL like the
market cares where your even. I have clients who will not buy back in the
markets unless it's lower or higher than they entered after a loss. Doesn't
matter how much time has past or what conditions changed. I learned this
common sense is hard to practise in markets as opposed to everyday life.
Robert
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