ABSTRACT
The tactical problem (EN: Magee in this chapter addresses the question of tactics for the “speculator” who follows short and medium-term trends. The later sections of the chapter address the question of strategy and tactics for the long-term investor and provide a discussion of the term “speculator.”)
It is possible (as many traders have discovered) to lose money in a Bull Market-and, likewise, to lose money trading short in a Bear Market. You may be perfectly correct in judging the Major Trend; your long-term strategy, let us say, may be 100% right. But without tactics, without the ability to shape the details of the campaign on the eld, it is not possible to put your knowledge to work to your best advantage.
