The best lesson I’ve ever learned about short-term trading happened while I was on a white-water rafting trip. Eight of us were in the raft when it hit a rock and flipped, launching us into the air like a catapult and sending everyone headfirst into the icy water. Half of us remembered that, in the event of a spill, we needed to stay calm and position ourselves on our back, feet facing downstream. We zipped around rocks and through cascades of water, eventually dragging ourselves safely ashore. An hour passed before we learned what had happened to the rest of the group. For them, a rescue operation went into effect, and the end result was a gashed leg, a concussion, and a near drowning. Later, when speaking to the other group, I ...

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