Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: AllansAlias who wrote (42110)	6/14/2002 10:58:08 AM
From: AllansAlias	Read Replies (1) \| Respond to of 209892

The speculator's chief enemies are always boring from within. It is inseparable from human nature to hope and to fear. In speculation when the market goes against you you hope that every day will be the last day -- and you lose more than you should had you not listened to hope -- to the same ally that is so potent a success-bringer to empire builders and pioneers, big and little. And when the market goes your way you become fearful that the next day will take away your profit, and you get out -- too soon. Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit. It is absolutely wrong to gamble in stocks the way the average man does. ________________________________ I think, of all the smart things ever written about trading, the most profound is "The first loss is the best loss." When you read on SI (or whereever) about folks that cling to their positions even though price moves against them week after week, you are reading a fool. It is fascinating to me that we have hundreds of years of writings on the subject, freely or cheaply available to all who want to read it, yet we see today case after case of traders letting ALL their profits slip away, or investors letting their positions go underwater beyond what they thought was possible, yet they hold. Fascinating. This is why folks like Zeev are successful. They have a strategy and they are not stubborn. Y'all know AllansAlias' maxim #4: Being wrong happens often enough. It's being stubborn that's expensive. Just killin' time while she bounces...