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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts
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To: Joe Copia who wrote (24507)5/1/2002 8:27:19 AM
From: Joe Copia  Read Replies (1) of 25711
 
Hesitation

" In a winning trade, the fear of losing will cause us to focus our attention on information that the market is going to take our profits away, compelling us to get out early. In a losing trade we will focus our attention on just the opposite information-anything other than that which would indicate the trade is a loser. Fear causes us to act without a perception of choice. When we are afraid to confront certain categories of market information, it drastically limits the choices that we perceive as available. Cutting a loss isn't a choice if we systematically block from our awareness any information that would indicate that we are in a losing trade. Staying in a winner isn't a choice if we are consumed with the fear that the market is going to take away our money... To prevent these blind spots in our perception, we have to learn to trade without fear."
- The Disciplined Trader: Developing Winning Attitudes, by Mark Douglas, p. 119
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