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<SPAN
class=510075000-23042001>Geoff,
What
book are you talking about?
<A
href="">The
Art of Electronic Futures Trading: Building a Winning System by Avoiding
Psychological Pitfalls <FONT face=Arial
color=#0000ff size=2>by <FONT face="Times New Roman" color=#000000
size=3>William S. Kaiser?
<SPAN
class=510075000-23042001>
<SPAN
class=510075000-23042001>Thanks,
<SPAN
class=510075000-23042001>Dima.
<SPAN
class=510075000-23042001>
<FONT face=Tahoma
size=2>-----Original Message-----From: gmulhall@xxxxxxxxxx
[mailto:gmulhall@xxxx]On Behalf Of
gmulhall@xxxxSent: Sunday, April 22, 2001 7:03
PMTo: amibroker@xxxxxxxxxxxxxxxSubject: [amibroker]
Damage ControlFolks,I've not read or heard
anyone better on Damage Control/Position Size/Stop Loss & Pyramiding than
in his book 'The Art of Trading'.GeoffOriginal
Message:-----------------From: Dr. S. Nathan Berger
snberger@xxxxDate: Sat, 21 Apr 2001 18:56:31 -0400To:
amibroker@xxxxxxxxxxxxxxxSubject: [amibroker] Running
Alligators<html><body><tt>Steve-<BR><BR>Well,
Alligator is emphatically another example of how there is more
than<BR>one way to accomplish a task. And it's so colorful and
flashy!<BR><BR>However, since there seems to be many
relatively new investors out there,<BR>allow me to presume to give
some advice. I don't know how to program, but I<BR>have learneda
thing or two about how to invest.<BR><BR>One of the
criticisms I have seen of Williams' system is that although
he<BR>professes to love the simple approach, his system is
needlessly<BR>complicated. Someone wrote, "Balance lines, awesome
oscillators and<BR>fractals are just moving averages, MACD and chart
breakouts in disguise."<BR>But this is all beside the point.
<BR><BR>Technical indicators and elaborate software will
not spare you losing<BR>money. YOU MUST HAVE A SYSTEM OF DAMAGE
CONTROL- or risk management as it<BR>is better known. I traded for
many, many years before I started using stop<BR>losses, for example.
Now, the minute I get a fill on a position, I enter a<BR>stop loss
so that there is no way I'm going to enter at 10, clap my
hands<BR>in glee when the stock goes to 20, begin to worry whenit
drops back to 12,<BR>and end up praying it will somehow recoverwhen
it is at 6 and I'm still<BR>holding
it!<BR><BR>Get a copy of Elder's book, Trading for a
Living, by Dr. Alexander Elder.<BR>Believe me, his system will make
you money- as will so many other<BR>approaches to the market. But
his system for managing risk is much more<BR>valuable than any other
I have seen. It will keep you from regretting you<BR>ever decided to
invest in the markets.<BR><BR>And let me thank you again,
Steve, (and the rest of you programmers), for<BR>sharing what you
learned about Williams- and the AFL's you and others
have<BR>written- with the rest of us. I know my own trading position
has been made<BR>stronger by being exposed to what you know andwhat
you shared with us!<BR><BR>Nate
Berger<BR><BR></tt><br><!--
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