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.get caught in the last hour when you're short a lot of futures because This approach is working more times than not."you tend to move very fast? If so, you need to be very cautious duringthe last hour if the chart looks a certain way.Says one trader: "If Mi-cron was thirty-seven and an eighth and now it's thirty-six and five- Greedy Tradingeighths coming off the high, maybe you're not sure about it runningup again, so you need to examine your thinking.If you missed it be- One trader, listening to tales of traders who hesitated, says, "I have thecause of technical reasons, you might not have been able to get it exact opposite problem.I know I can always make money.I know that Ibecause of the way it traded, which forced you into an uncomfortable can always generate a good idea or two.mode of operation." "I was up a dollar in Allstate.I'd bought seventy-five hundredshares at about sixty-three and it was now about sixty-four.The firsttime the market dipped, my stock went up a quarter from where theOvertrading market started to decline.So my stock was going up and the generalmarket was coming down.The market went down the second leg,On occasion, some traders will, in the words of Jed, "overtrade even and my stock faded a little.Now I was trapped.I thought the generalthough I don't really have a good idea, or I get in late.Or I'll trade market was going to bounce, so instead of selling it at sixty-fourjust because I want to be involved.It doesn't hurt the P&L that where I could have definitely sold stock, I sold some stock at sixty-much, but if you do it every day it can lose a lot of money.And I can't three and a half and then I didn't sell the last twenty-five hundredseem to stop doing it.I guess I just want to be involved as an active until about sixty-two and three-quarters.I had the best-acting stocktrader."of the day.I mean, there were a jillion buyers, one or two sellers, andMort describes the overtrading impulse this way: "You feel, I'm a it just went tick, tick, tick.and it didn't tick up.I had been uptrader and I should be trading.Here I'm sitting here, not trading.I'd about ten or twelve grand, and I finished the day minus three hun-better trade so I look like a trader."dred dollars."Mort has learned to know when he is in this psychological state.Looking back, this trader reasons, "In the effort to make more"The question is, what compels you to do that? Is it uncomfortable to money, I ended up not making any money.That's greed, and that's fear.sit there and do nothing? What else could you be doing when you're And it's operating all the time.I'm saying, T want to get more.' I wantsitting there doing nothing?"to hold on to my winners.But I don't take enough profits." 220 TRADI NG TO WI NCommon Mistakes 221Fear of Pulling the Trigger appropriate for that trade.But I am going to keep a checkpoint allalong the way." Mario knows his next step on the road to experience isIt pays to heed what goes on in your own brain, says another trader."If learning when to listen to his gut reactions and how to tune out allyou already know that Allied is a trade, that should be a signal to you other distracting static.Whatever you think about yourself as an explanation for your trad-that you need to buy it.You have to get to the point where you actonce that thought pops into your head.ing "I have this personality," or "I'm in this kind of mood," or "I'm"You need to monitor the internal conversation you're having.Lis- new," or "I'm too old," or "I'm forgetful" interferes with listening toyour thoughts about the trade at hand.Emotion-laden or judgmentalten to yourself every time you catch yourself with an idea.That's thewhole point of looking at the screen.You've already made the decision.thoughts have to be noticed, but must be put on a back burner for con-That's the trigger," this trader declares.sideration at some other time.None of these other thoughts has anythingHe warns, however, that you should not necessarily obey all to do with trading.The principal difference between inexperiencedthoughts
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