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--- In gannsghost@xxxx, "topos8" <topos8@xxxx> wrote:
First I should say that the NDX has been a greased pig for me over
the past month. My calculations are all based on the observation that
the September, 2001 low formed on strong support which typically
starts a new bull market. So after 1230,(with a secondary "harmonic"
at 1210) the next level I can calculate as support is 1130.
The S&P closed below intermediate term support at 1061 but there
is a secondary harmonic at 1054 and if the market can recover that
level tomorrow I will stay bullish. Otherwise it will be down to
1013.
Sometimes markets go past the first strong support or resistance but
then they typically stop at the second one. My policy is to make
trades at each successive level and reverse position if the level is
taken out but the next one isn't hit.
I must point out, however, that the road to ruin lies in thinking
that you can catch every wiggle in the market, or even every big
wiggle. This isn't possible. All you can do is try to make your
share of good trades on the moves you can anticipate correctly, and
leave the rest of the trades for the other guys to make a living on.
It is easy to get into the habit of berating yourself (or others) for
not being perfect and not anticipating every swing. This is madness -
it guarantees that you will constantly feel bad about your trading.
Perfection is attainable only in hindsight. I didn't start to have
any success until I stopped trying to be perfect. A friend of mine
once took a look at a P&L and said "Carl, your're not loosing enough
money." What he meant was that I wasn't being aggressive enough in
making trades consistent with my views and, as a consequence, was
leaving a lot of potential profit on the table just because I was
paranoid about taking losses.
Good advice that I never forgot.
Carl
--- End forwarded message ---
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