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Niederhoffer & Laurel Kenner
Dedicated to the scientific method, free markets, deflating ballyhoo,
creating value, and laughter;
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Never Lose on Two Different Sides in One Day
mentions that he often sees a trader make two or three bad
ones in a day from one side, shrug it aside and then come back
on the opposite side.
"No problem -- I paid the price for
humility and knowledge, et al."
Livermore has a similar rule to show the importance of
sangfroid under pressure, something about buying 20000 and
then selling 30000 merely to deceive.
The rules and advice
smack of desperate gamblers to me and instead I follow an
opposite strategy: Never lose on two different sides on the