Just about the average down on loser part. Many profitable hedge funds and pro traders (including locals) do that because they have a directional bias at that time until proven otherwise. The directional bias part could be from analysis on higher timeframes, fundamentals, or, event driven. Some people also call that statistical trading ... call it whatever you like
Upon your advice, I have just completed reading Magee's "Winning the Mental Game on Wall Street" ("General Semantics of Wall Street") and was relieved to learn that nowhere did he come close to stating anything that even resembles your spurious and unfounded claim which I disputed earlier in the thread. But this should have been obvious by your evasive reply when I asked you to quote him. My faith in Magee has been restored. As for you, ignoring for the moment who is right or wrong, your attempt at dragging Magee into this was a case of convenient memory loss at best, and premeditated intellectual fraud at worst.