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Neil Hughes wrote:
>Taking a profit rather than "letting profits run" makes for more
>frequent profits though you miss the big ones. More frequent winning
>trades are better for emotional control, ego, cash control,
>money-management etc. Increases the winning streaks, decreases the
>losing streaks, ( "emotional capital" ).
This appears to me to be making some degree of 'psychological wealth' a
higher priority to monetary gain.
This is sound trading.
My own experience - and most traders who have shared their experiences - is
that more profits are made (and more are kept) when psychological wealth is
highest.
Net profits reflect the state of the inner trader.
Monetary gain (and the probability of keeping any gains made) are maximised
by maximising psychological wealth.
First things first.
Good trading,
Ric Ingram.
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