“When a trader is asked what he thinks the market will do and answers, ‘I hope it goes up,’ odds are he is long and the market is going down. Hope should never be a trading evaluation. It is normally an indication of not admitting a bad position or having unrealistically optimistic expectations about a trend continuing forever. Once hope sets in, traders need to reevaluate their position quickly because hoping just doesn’t work.”
Marcel Link
High Probability Trading
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