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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts
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To: Joe Copia who wrote (24424)4/10/2002 8:09:29 AM
From: Joe Copia  Read Replies (2) of 25711
 
Risk Control Insight

"There are a lot of elements of risk control: Always know exactly where you stand. Don't concentrate too much of your money on one big trade or group of highly correlated trades. Always understand the risk/reward of the trade as it now stands, not as it existed when you put the position on. Some people say, 'I was only playing with the market's money.' That's the most ridiculous thing I ever heard. I'm not saying that all these concepts crystallized in one day, but I think that experience with my own account set me off the track of considering these aspects much more seriously."

- Bill Lipschutz, as quoted in: The New Market Wizards, by Jack Schwager
Independent Thinking Insight
"But in the stock market, resistance to change - or inflexibility - is an investor's worst enemy, because change is constant. For example, when a stock goes from 10 to 30, a subsequent drop to 20 somehow makes it look underpriced ? that 20 is higher than 10 does not alter the 1bargain' aspect! A subsequent rise to 30 makes it look 'too high' . . . Variations from a fixed level or 'Reference Point' always look wrong, and are psychological derivants of the Anti-Change Concepts lodged in the Mass Mind.
- James Dines, author: Mass Psychology
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