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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who wrote (875)11/8/1997 2:00:00 PM
From: Timelord  Read Replies (1) of 12617
 
irby: I would say that he didn't have any strategy before he bought the stock, and instead allowed the market (and his emotions) lead him around. One of the main lessons I've learned from my reading is you need to have clear goals and strategy before you buy. That includes having a system to identify where to buy, and knowing both the upside and downside of the position you are taking before you even make the trade. Once you establish that, the downside sell point prepares you for the loss and preserves your capital, and the upside prepares you to accept your gain and be happy with it. Discipline is necessary to execute your strategy and to keep your emotions out of it. I also re-read his post, and the worst thing you can do is to make a trade to "recover" your last loss.

Incidentally, have you read the Robert Koppel and Robert Koppel and Howard Abell books, The Intuitive Trader, The Outer Game Of Trading and The Inner Game of Trading? Three excellent books, although the first was my favorite. They support much of what is written by Elder in Trading For a Living, but delve deeper into the psycholigical aspects of trading. They focus on options trading, but the lessons apply equally well to the equity markets.

Alex

I've been lurking for a few weeks and only position trade at this point, but I may jump in if I feel I have something to contribute. Lots of great info. on this thread, thanks to all.
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