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Ken,
I'd thought I add a few points to your conclusion.
People who traded for a living in the early 1900's made money. People who traded wheat for a living around the period of the Egyptian pyramid construction days made money.
People who trade currently make money.
One can conclude that the environment that all these people traded in allowed them to make money. The tools and techniques have to be varied, yet they all made/make money.
What is the answer to this riddle?
The answer lies in the definition of a trade (as explained in one of my published works): the three parts to a successful trade. There are three parts to a trade: 1. decision-making; 2. execution; and 3. management. This is what I named the "DEMit Principle". Remember, demit: Decide, Execute, Manage.
The Decision component wherein you decide to buy/sell or hold, does NOT make the money. It just tells you with a high probability whether or not your DECISION to buy/sell or hold will make have a high probability of making money.
The Execution component wherein you execute your decision "at the market", "on a limit", "on a stop order", or whatever myriad of techniques one can conjure up also does NOT make the money. It just creates a position for you to possibly make money.
The part where all the money is made or even where all the money is LOST, is in the MANAGEMENT component. This is where successful traders make money, and unsuccessful traders lose their shirts. Focus on this area with discipline after you've Decided and Executed and you will make money.
William F. Eng
successful author and somewhat successful trader
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In a message dated 6/14/2004 9:05:46 AM Central Daylight Time, closeks@xxxxxxxx writes:
Subj: RE: [amibroker] Re: Fib solutions vs the tough market decisions
Date: 6/14/2004 9:05:46 AM Central Daylight Time
From: closeks@xxxxxxxx
Reply-to: amibroker@xxxxxxxxxxxxxxx
To: amibroker@xxxxxxxxxxxxxxx
Sent from the Internet
Rakesh: sorry for duplicating your explanation. I did not scroll up and
read the messages later in my Inbox.
Do you regularly use GET to trade and are you successful with it?
I tried for over a year with RT GET (the $3K model but on sale when I
got it) and was not very successful, unfortunately. It was soon after
that that I began to realize that trading success is not a function of
the great tools one can buy or rent, but how one uses one or two simple
tools and is consistent with that tool.
Ken
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