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| There's a lot more to the saying: "Being a good loser" than most people will ever realize when it comes to successfully trading the markets.
You come to see that being able to lose correctly is a big key to being successful. Can be a real revelation when you discover this.
Of course being able to lose well is also very essential in everyone's non-speculative lives.
Recall a new floor trader being introduced to floor trading by an old pro. The old pro takes a position and very quickly offsets it. The old pro tells the beginner, "That's how you take a loss." The beginner replies, "But you took a 1/8 pt loss.
The lesson is you keep your losses small and you take them without emotion. Losses are an essential part of the game but--and it's a big BUT--you gotta consistently keep them small and not let them get to you emotionally.
Don McCullough | |
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News, fundamentals and the markets
