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Beginning traders repeatedly make the same mistakes. For example, buy a two-contract prize at the same level 1 097. The market falls on 400 points, and then grows to 1 098. In the end of this transaction they get profit of $500, but thus could incur the loss in $2 000. They are so happy that the unprofitable transaction has appeared advantageous that miss one important point. When you are engaged it profits, equality of risks and incomes is supposed. If these traders with mind applied stops, to it, probably, it would be possible to leave the unprofitable transaction with the small loss at a rate of several hundreds before these losses could make some thousand.Instead beginning traders keep for an unprofitable position, hoping and dreaming that the market will be developed in their advantage. In trading there are no such concepts, as dreams and hopes — only one bitter reality of the market. In this case they have broken pravi -
METAMORPHOSES 135 it, but it has descended it from hands that only fixes a bad habit. Remember an old saying: you can break rules and it will descend to you from hands, but finally rules will win you.
I have a friend who after sale of own business has decided to be engaged in trading on a stock exchange floor. I have suggested it to stay in a hole together with me to learn it. Instead in one day when I was not nearby, he has bought one contract out of a hole. Right after it the market has fallen. What has it made further? Has bought one more contract, counting that the market should be near to the bottom and that he will get profit when the market again will grow. But the market continued to fall, its losses under two contracts have made $15 000. Finally the market has reached the bottom. My friend has bought one more contract. After the market has a little grown, it left all this bad story at a loss nearby $2 000 which could appear much more seriously. Adding an unprofitable position (in practice it is called as "averaging"), it has broken one more rule of trading. This dangerous practice can lead in due course you to pitiable consequences.
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