Daily Speculations

The Web Site of Victor Niederhoffer & Laurel Kenner

Dedicated to the scientific method, free markets, deflating ballyhoo, creating value, and laughter;  a forum for us to use our meager abilities to make the world of specinvestments a better place.



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George Zachar on Strategy

One difference between chess and trading is that in trading (ex-option expirations/mergers), trading lacks a defined ending.

The benefit here is that after unwinding a trade, winning or losing, one can continue to monitor the market's trajectory, adding enormously to the amount of explanatory information available.

Emotionally, it is important to kill the coulda-woulda-shoulda reflex, of course. And following up, as I am currently doing with my surgeon, also puts one in the mindset of market as *process*, so that the trauma/drama of both entry and exit are made mundane, less stressful, and more readily critically evaluated.