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The Least Important Price
at 2006-02-06 23:45:28

Educational use only. Never intended as advice.

Price. There's market price, bid, ask, support and resistance, round numbers, moving averages, Fibonacci levels, your target price, your stop price, and the price you actually bought the 'vehicle' at.

The LEAST important price, by far, is where you bought. The market doesn't care where you or I bought; that price is irrelevant . Some tiny piece of our psyche doesn't want us to be 'losers', but I recall what Marty Schwartz wrote in Pit Bull, "I learned how to win when I learned how to lose."

"A small loss is a professional loss." "Cut your losses and let your winners run." That is our daily challenge, our weekly challenge, our monthly obligation. "Blow out your losers."


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