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Hi Tim,
I think the energy spent is to analyze the trend and
anticipate alternative moves, this can be very profitable regardless if the
trader was right or wrong.
Without going into philosophical discussion, I will
explain what I mean: On 3/31/2001 I posted 2 messages which I anticipated what
appeared to be double bottom(needed confirmation) based on 2 different
methodology, in fact I was already on the long side holding positions overnight,
next day I found I was wrong in my analysis, I took a lose and double my
position on the short side and I am on the short side since Monday.
Simply, it does not matter if trader is right or wrong,
the most important thing is controlling the "ego" quickly, admit being wrong and
take the other side.
Haytham
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