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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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8/19/04:
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.