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The Business of Trading: 101 steps to trading success by John Piper

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Analysts make predictions but traders make money

“I am the son and the heir of nothing in particular”

– Morrissey and Marr, “How Soon is Now?”

All the best traders I have ever spoken to believe that it is not possible to predict market action, I believe this myself. It is important that you come to also believe this. I often put this another way by saying that all analysis and trading techniques are meaningless or illusory. Thinking about this it occurs to me that this is perhaps a confusing way of saying the same thing.

But the main point is that whatever trading signal you take will only have a percentage chance of success. A trader must not get attached emotionally to any one trade and must trade what is really happening in the market. The ...

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