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take small but tolerable losses. You will win by ending the bad trades quickly and riding the profitable trades as long as you dare. |
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Traders who follow my advice can have positive gain in the long run. In trading, you cannot expect to win 100 percent of the time. But good traders can expect to be right more than they are wrong. Your training and experience are the key to success and the yellow brick road to profitable trading. |
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Every successful trader has suffered losses and market rejection at one time or another. Failure and success are not two opposite ends of the spectrum because of the educational and self-improvement values of failure. Success is a path and not a goal. Trading errors do not constitute failure assuming that you learn from the mistakes. Truth will sooner come out of error than from confusion (Sir Francis Bacon). Trading success is a way of life in which each failure is one of the building blocks upon which success is based. Turn minor setbacks into positive learning experiences by determining what went wrong and experimenting until you find a trading style that works for you. When Thomas Edison was searching for the filament that would illuminate the electric light bulb, he suffered over 800 failures. When his helper complained about the wasted time, Edison replied that the time had not been wasted because they already found more than 800 alloys that did not work. |
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In order to calculate risk, you must have a great sense of timing. Rockefeller Center is a keystone office building in an exclusive neighborhood in New York City. Yet when it was built in the Great Depression of the 1930s, it was virtually untenanted. The Great Depression was raging and the unrented Rockefeller Center was a drag on the real estate market. The Rockefeller family had to use its great influence to move its own Standard Oil Company and the Chase Manhattan Bank into the building. |
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