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Paul Rotter: A trader you should have no opinion. the more opinion you have, the harder gets it to get out of a losing position.
Quote from the Traders Magazine Interview 2004 Paul Rotter: The Worlds most Successful Trader
Q: Why don't you have any problems with closing out the position and even taking the opposite direction? Shouldn't a trader stick to his opinion?
A: No, definetly not. an analyst or some kind of gure has to stick to it, but as a trader you should have no opinion. The more opinion you have, the harder gets it to get out of a losing position.
One of the most used sayings in the stock market is “Trade what you SEE, not what you THINK”. Just wonder how many traders took this simple advice seriously and understood its real meaning. It they were, I am sure they would increase their trading profits multi-folds.
