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John01
Wed Jun 23, 2010 5:04 am


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I certainly agree that the format of the room is fantastic for me: No extra discussion / distraction, just the essential analysis.

I also agree that Al tends to be very cautious - to the point of passing on several decent-looking trades at times - and I think that's part of the point:

CAUTION MAKES MONEY

After a while, you can often pick out about one trade per day that Al is not taking, but about which he will likely say at the day's review "My biggest mistake was not taking this, because ..."

I think that really demonstrates a point. If I break all my days into two types:

1. Days where my biggest mistake was TAKING a certain trade, and

2. Days where my biggest mistake was NOT TAKING a certain trade,

...the second category has easily been more profitable overall. In a business with so little room for error, erring on the side of caution is wise. So I think this serves as an example for us.