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Excellent advice. Excellent perception. Ira knows what he's talking about
folks. Don't be a bull, don't be a bear, don't like a position so much
you'll show "them" you're right and most of all, don't get sucked in to
the prevailing "winds" on this list. In my 30 + years of trading,
contrarian indicators work better than anything and this list is 95%
bearish. As I said in my earlier post, it's smart to be bearish right now
and dumb to be positive on the equity markets. When everyone stacks up on
one end of the boat, it sinks. Be nimble, let the markets tell you what to
do, not the people on this list who obviously, (as Ira says), are defending
positions. (I'm lightly long going in to tomorrow watching for oil futures
in the morning).
Good trading,
Bob
At 06:41 PM 10/15/00 -0700, you wrote:
>The problem with making a prediction or having an opinion is that you have
>a tendency to defend that opinion. That is why having an opinion is bad
>for a trader. If you have a position and you put it on for all the right
>reasons, when it starts to go against you it is human nature to try and
>defend that position. One of the reasons for a stop placement at the time
>the order is filled. One rule I have always followed. If for any reason I
>don't feel right about a position that I hold, I liquidate immediately.
>Once I have no position to defend I can look at the situation with a clear
>head and once again make a trading decision based upon my system with
>defined targets and stop. What ever I decide to do next is not influenced
>by ego, a past decision, or the fact that I have to admit that this trade
>was on the short end of the probability curve. Defending a position is the
>biggest mistake most new traders make.
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