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Technical Analysis: Power Tools for Active Investors by Gerald Appel

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Changing Your Bets While the Race Is Still Underway

Let’s suppose you have a choice.

You go to the racetrack to bet on the fourth race, research the history of the horses, evaluate the racing conditions, check out the jockeys, evaluate the odds, and finally buy your tickets. Your selection starts well enough but, by the first turn, starts to fade, falling back into the pack, never to re-emerge; your betting capital disappears with the horse. The rules of the track, of course, do allow you to bet on more than one horse. The more horses you bet on, the greater your chances are that one will come through or at least place or show, but then there are all those losers....

Then you find a track that offers another way to play. You may start by betting ...

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