Every trade consists of a winner and a loser. It is important to stay in the winner side. The argument saying trading is not important as they can be a loser or they do not want others to suffer does not make a lot of sense to me.
To illustrate, I sold all my tech sectors in the beginning of April 2000 (should be earlier). I made my profit and I do not really care who are the losers on the other side of the trade. It enforces the point that timing is important and stocks with P/Es over 50 are risky. Simple concept similar to 'greed and fear' repeats itself time after time.
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