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That's Right! MasterTalk tonight. I have an interesting quote tonight that I am going to use by Mark Weinstein. It goes as follows...“The biggest mistake I made was having a specific target of what I wanted out of the trade. I think there are a lot of people in this business who just enjoy watching others lose money. I don't believe anyone ever gets wiped out in the market because of bad luck; there is always some other reason for it. Either you were off when you did the trade, or you didn't have the experience. There is always a mistake involved. I have found that the greatest traders are the ones who are most afraid of the markets. Don't get too complacent once you have made profits. The toughest thing in the world is holding on to profits. You have to learn how to lose; it is more important than learning how to win. Limit losses quickly. Most traders hold on to their losses too long because they hope the loss will not get larger. They take profits too soon, because they fear the profit will diminish. Instead, traders should fear a larger loss and hope for a larger profit.”
Similar to what we normally discuss, however he takes a stab at having a profit target, which hasn't really been put into words before. Is it bad to have target prices? If we didn't use them, how do we know when to get out with a profit???
My emphasis tonight will be triangles and how to read/trade them. I'm not posting the trades yet, since I will need that to lure you in to listening tonight.
See you tonight!!!
Ouch. But I know he's more right than I want to admit. See (hear) ya tonite.
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Anonymous |
8/16/2006 06:58:00 PM