Thursday, 21 February 2008

"It's Not About Who's Right"

"Winning traders think in the present and avoid thinking too much about the future. Beginners want to predict the future in their trading. When they win, they think it means they were right and they feel like heroes. When they lose, they feel like scum. That is the wrong approach." "They (Winning traders) never look at markets and say: "Gold is going up." They look at the future as unknowable in specifics but foreseeable in character. In other words, it is impossible to know whether a market is going to go up or down or whether a trend will stop now or in two months. You do know that there will be trends and that the character of price movements will not change because human emotion and cognition will not change." Curtis M. Faith: Way of the Turtle

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