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Strategies & Market Trends : Ted Warren's Investolator
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From: Investolator20245/16/2024 11:54:00 AM
   of 1795
 
"The speculator enters the market with impatience and
eventually loses. I would like to see the speculator forget his great ambition
to get rich quickly. His imagination goes to extremes, but he
thinks it is sound reasoning. His emotions also run to extremes as the
market fluctuates. As these fluctuations control his emotions, most of
his trades are based on them. When he takes a loss it is because he is
afraid of a further drop in price. When his losses are piling up on him,
he is probably losing sleep. When he sells, it is a form of relief. Now
his losses can not grow larger. Often, he sells near or at the bottom of
a dip and when the price rallies he condemns himself for making that
mistake. He has lost his position. So invariably he buys back on a rally.
If it is only a rally, he soon finds himself again with a loss and again
will sell. This can happen several times in succession and can happen in
both a rising market and a falling one. This is called being whipsawed." - Ted Warren
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