I agree; the ability to stay in a good game is an incredibly significant part of making a profit. But at what opportunity cost? As you say, it's a metagame factor.
Suppose I am in a very good game. Where would you draw the line?
1) Staying up an hour later than usual because I don't have to be up early in the morning.
2) Staying up an hour later than usual even though I do have to be up early in the morning.
3) Not doing the house-cleaning (or some other necessary but unenjoyable task) because the game is good.
4) Missing an appointment (or some other necessary, but enjoyable, albeit non-remunaritive, task) because the game is good.
5) Standing up the girlfriend.
I think that everyone has their own line to draw and everyone has an opinion on where the line should be drawn (and, as can be seen above, we don't necessarily follow our own principles!). I would hesitate to say that someone has "got it wrong" because they play for a set four hours a day and then leave, even if the game is good. However, I would most definitely say that they had got it wrong if they left when they were a certain amount ahead, even if the game was good. In that sense, I don't think that the pair of attitudes are, as you claim, equally wrong-headed.
On that point, I would be less condemning of someone who had a rigid stop-loss principle, no matter how good the game, for reasons elucidated by Bluff and John Fox.
Re: Meta Game Again
I agree; the ability to stay in a good game is an incredibly significant part of making a profit. But at what opportunity cost? As you say, it's a metagame factor.
Suppose I am in a very good game. Where would you draw the line?
1) Staying up an hour later than usual because I don't have to be up early in the morning.
2) Staying up an hour later than usual even though I do have to be up early in the morning.
3) Not doing the house-cleaning (or some other necessary but unenjoyable task) because the game is good.
4) Missing an appointment (or some other necessary, but enjoyable, albeit non-remunaritive, task) because the game is good.
5) Standing up the girlfriend.
I think that everyone has their own line to draw and everyone has an opinion on where the line should be drawn (and, as can be seen above, we don't necessarily follow our own principles!). I would hesitate to say that someone has "got it wrong" because they play for a set four hours a day and then leave, even if the game is good. However, I would most definitely say that they had got it wrong if they left when they were a certain amount ahead, even if the game was good. In that sense, I don't think that the pair of attitudes are, as you claim, equally wrong-headed.
On that point, I would be less condemning of someone who had a rigid stop-loss principle, no matter how good the game, for reasons elucidated by Bluff and John Fox.
PJ