daytrading feb 14 morning, page-143

Re POP (Phantom of the pits)...

I know it's been discussed here previously...A couple of quotes.....

"In a losing game such as trading, we shall start against the majority and assume we are wrong until
proven correct! (We do not assume we are correct until proven wrong.)

Positions established must be reduced
and removed until or unless the market proves the position correct! (We allow the market to verify correct
positions.)"


"Most traders keep their position until it proves to be wrong for them. I say don't keep any position unless it proves to be correct"


http://www.trading-naked.com/library/Phantom_of_the%20_Pits.pdf


It takes a bit of getting your head around,but well worth the effort IMO


Cheers