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Gold/Mining/Energy : Position Trading in Canada

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To: The Osprey who wrote (1705)	10/8/1999 1:10:00 AM
From: Ward Nicholson	Read Replies (1) of 2259

Osprey: Dr. Battra? Never heard of him. One of the biggest mistakes a trader can make is listening to anyone or anything other than the market itself. I assume this guy was some type of economist. They're almost as bad as analysts. Economists fail to understand that the market is composed of people. People react to all kinds of events...not just economic data. People react to what other people do. The market is a living, breathing entity. The most classic mistake people make is to view a market move as irrational and trade against it because is doesn't line up with economic or fundamental "reality". However irrational the behaviour of the market, I've never seen any trader make money by betting against the market...only by submitting to it. As for the October thing...I view it as a superstition. For some people October is always an anxious time. Others pay no attention to it. In this year's case I just chalk it up to coincidence that the technical state of the market looks this bad at this time of the year. If you can make the argument that the technical state of the market isn't a good reason for fearing what's happened in previous Octobers, I'd love to read it. WN

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