Question: Why do you change you mind so often?

A reader had sent me this question today. The answer is: The market changes my mind in the short-term plays. The longer term plays have different rules. I have learned that each successful trade should act exactly like you think it should. Experience taught me that "if it don't seem right- It probably isn't"- you fold. You go into a position because you should have a pretty good feeling on how the price should act and who the players are that you are playing against. The best positions are the ones that you know where they should go and you know how they should ebb and flow. The worst positions are the ones you lose "touch" with the price movement and you get trapped. Diggin in your heels because "you know you are right" has caused the demise of many and many investors and speculators-the graves lining Wall Street are full of that mentality- so are the poker tables. There is nothing wrong with "getting shaked out"-part of the game...the market will always make you "feel stupid" from time to time. We play in a game based upon probabilities; not certainties. If the probabilities change-you react. During strong trends-I don't change my mind very often-I ride the wave. We are not in those times!