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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: Don Green who wrote (1636)12/8/1997 2:50:00 PM
From: Ira Player  Read Replies (3) of 12617
 
Wisdom: a: accumulated philosophic or scientific learning : KNOWLEDGE. b: ability to discern inner qualities and relationships : INSIGHT. c: good sense : JUDGEMENT.

Where in that definition of wisdom does it state that wisdom is only gained by living through an experience? Or by any arbitrary measure of time?

Acquiring wisdom doesn't require that you experience something, only that you internalize the lessons presented by the event. Study can provide the information to improve the wisdom of your decisions. Steve's "wisdom" is not in question.

However, maintaining control of your emotions during an event that was, until it happens, only a theoretical exercise, is the real issue.

If you have read any of the analysis of Desert Storm, you will find that training and discipline allowed the military to perform effectively. Most of the people involved had never experienced a real battle, (bear market) with real people in the targets and real return fire. However, they were able to successfully engage under sever emotional conditions because training allowed them to understand what was happening and practice provided the discipline to overrule the emotional response.

That is the most significant argument to developing a system and having the discipline to stick with it. This doesn't preclude improving or modifying the system as the times and markets change.

Enjoy the ride.

Ira
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