Retreat to Advance

The old market makers had a saying:
"Better to take profit at the shoulder
than chase the wick to the top."
Better to retreat one percent in the green
than advance one percent into the red.
This is called farming without rows,
fighting without leverage,
holding without a position.
There is no greater disaster
than underestimating a bear market.
Underestimating a bear market
means losing everything you aped into during the bull.
When two traders are equally overleveraged,
the one who takes profit first wins.