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Ira,
Gwen once wrote that she would not tell people her position because then
it became an opinion. Your point exactly. Even seasoned
traders defend their ego.
Charles Marchand
At 06:41 PM 10/15/00 -0700, Ira Tunik 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.
Clyde Lee wrote:
> In one of the earlier posts on this subject there seemedto be
a
> questioning as to whether PREDICTIONS of any typehad any validity
in
> trading. I think they do as a PSYCHOLOGICAL edge/hinderance if
theyare
> right/wrong. Using predictions carefully and trading the
market
> withinthe constraints of such predictions can probably
improvethe
> bottom line for most of us. See the attached for a couple of
"boxes"
> to shoot at.Sorry for the big picture but it is tough to cover
> thismuch ground (time and price wise) on my "normal"
> pictures. Clyde - - - - - - - - - - - - - - - - - - - - - - -
- - - -
> - - -
> Clyde Lee
Chairman/CEO (Home
of SwingMachine)
> SYTECH Corporation email:
<clydelee@xxxxxxxxxxxx>
> 7910 Westglen, Suite
105
Work: (713) 783-9540
> Houston, TX
77063
Fax: (713) 783-1092
> - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
> - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
> To subscribe / unsubscribe from SwingMachine list
>
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>
> After joining list the freeware SwingMachine program
> (DOS Version) is available in the FILES area at:
>
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> - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
>
> ----- Original Message -----
> From: Dom Perrino
> To: realtraders@xxxxxxxxxxx
> Sent: Sunday, October 15, 2000
17:21
> Subject: Re: [RT] Re: chart
formations
> Hello Gitanshu,I like your posts
because they are
> informative, stimulating,and
interesting. Differences of
> opinion are not
>
>
>
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> To unsubscribe from this group, send an email to:
> realtraders-unsubscribe@xxxxxxxxxxx
>
>
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.
Clyde Lee wrote:
In
one of the earlier posts on this subject there seemedto be a questioning
as to whether PREDICTIONS of any typehad any validity in trading.
I think they do as a
PSYCHOLOGICAL edge/hinderance if theyare right/wrong.
Using predictions carefully and
trading the market withinthe constraints of such predictions can probably
improvethe bottom line for most of us.
See the attached for a couple of
"boxes" to shoot at.Sorry for the big picture but it is tough
to cover thismuch ground (time and price wise) on my "normal"
pictures.
Clyde - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - -
Clyde Lee
Chairman/CEO (Home
of SwingMachine)
SYTECH Corporation email:
<clydelee@xxxxxxxxxxxx>
7910 Westglen, Suite
105
Work: (713) 783-9540
Houston, TX
77063
Fax: (713) 783-1092
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
To subscribe / unsubscribe from SwingMachine list
http://www.egroups.com/list/swingmachine/
After joining list the freeware SwingMachine program
(DOS Version) is available in the FILES area at:
http://www.egroups.com/files/swingmachine/
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
----- Original Message -----
From: Dom Perrino
To: realtraders@xxxxxxxxxxx
Sent: Sunday, October 15, 2000 17:21
Subject: Re: [RT] Re: chart formations
Hello Gitanshu,I like your posts because they are informative, stimulating,and interesting. Differences of opinion are not
To unsubscribe from this group, send an email to:
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