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Black Swans, White Swans
One of the biggest mistakes new traders make is to focus on the rare ‘Black Swan’ event happening instead of simply trading a methodical system. Too many traders continually bet on a big crash happening by buying put options or selling futures short in the middle of a bull market than simply going with the trend of the market. Too many new traders want to be the next Paul Tudor Jones by being right about a crash. Paul Tudor Jones did double his account selling short on Black Monday but the rest of his career was based on steady trades taken in the direction of a trend or betting against extended market tops and ... (full story)
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