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FWIW
Regards,
Ton Maas
ms-irb@xxxxxxxxxxxxxxxx
Dismiss the ".nospam" bit (including the dot) when replying and
note the new address change. Also for my Homepage
http://home.planet.nl/~anthmaas
----- Original Message -----
From: Linda Raschke
To: A Maas
Sent: maandag 30 augustus 1999 2:19
Subject: Linda Raschke - Trading Information
>
>
>
> Dear Fellow Trader:
>
> Moore Research Center, Inc. has been tracking an amazing correlation detailing the
> sequence of daily bar patterns that clustered around the 1987 August market
> top. I thought that you would find the research quite interesting to review,
> since last week's action unfolded with 100% accuracy. They have been gracious
> enough to publish a link sharing their work at: http://www.mrci.com/special/dj87.htm
>
> Secondly, if you would like to join us online during the day, our real-time
> trading room (LBRTrading Room) is open for free on the first day of the month,
> which is this Wednesday. To log on, go to:
> http://www.mtrader.com/linda.htm, or hit the Chatroom at: http://www.mrci.com/lbr/.
> When it asks for a password, type in any 5-digit word. We post our market
> commentary, analysis, and the trades we make for our own office during the
> day, in addition to noting things of educational interest.
>
> Lastly, Mark Cook and I have been working on producing a joint trading
> seminar devoted to short term trading in SP futures and the bond markets.
> I thought this brief article hit upon some basic points for successful
> trading. (For information on the seminar, go to: http://www.mrci.com/lbr/daytrade)
>
> WHAT MAKES A TRADER SUCCESSFUL - Mark Cook
>
> Many people have asked me over the years what it takes to be a successful
> trader. The answer is not clear but here are a few thoughts to ponder and
> apply. First, you must have a complete commitment to trading and do it
> full-time. If it is a hobby or a secondary pastime, I know how the
> bottom line will be - a big minus. Trading must be addressed as a profession
> because if you do not treat it as such, let me assure you, those who do treat
> it this way will separate you from your money very quickly.
>
> Secondly, you must fit your trading habits to your individual personality. If
> you are an impulsive individual, your style will reflect more trading than
> a calculating individual who waits for all the indicators to fall into place.
> The personality factors more than any other factors I know will determine
> success or failure. If you are an emotional person, admit that you are and
> structure your trading habits to make emotions a positive influence, not a
> negative one. If you are either greedy or fearful, that will affect your
> decision making on a position and without recognizing the governing emotion,
> your decisions will tend to be wrong.
>
> When I experience emotions in the market, they tend to be fear. Whenever I
> am the most fearful of the market, I recognize that at these times there can
> also be some of the best opportunities. Whenever my fears become
> overwhelming, my discipline tells me to buy or sell, and discipline
> must win out or you are doomed to failure.
>
> The work ethic can never be overstated. I watch the market all day long
> from the opening bell to the closing bell. I have kept diaries on every day
> in the market for the last nine years, sometimes having over 40 entries in
> my diary per day. If I do not do my work, my profit suffers. There is no
> short cut in trading and the market will quickly find if you are lazy.
>
> Planning is the objective part of trading. Start with the worst case
> scenario and work from there. You will never be more objective than before
> you execute a trade. Once you are in a trade, emotions take over. The plan
> must be in place before the activity takes place. Determine a plan that
> tells you when you are wrong and admit it. Get out, retreat, and live to
> fight another day.
>
> As the day progresses, know how much money you have made or lost. It is
> much like knowing the score of a basketball game at every instant and you
> are the coach. Trading is a job and your paycheck is determined by your
> ability. You can only maximize your ability if you have all the information.
>
> The key to S & P trading is to live by the rule that "a dollar made should
> be kept." This means that profits should be guarded like Fort Knox to keep
> losses from stealing your net worth. Enter every trade with the understanding
> of your risk, not your profit potential. If you can honestly answer to
> yourself that this risk is acceptable then the trade should be implemented.
>
> What happens is that human nature causes greed to become a focal point in
> minds. This thought of "how much money can I make" dominates the mind set
> and blots out the negative of "how much money can I lose". Until your focus
> is entirely comprehending the negative, or losses, the positive, or profits,
> will allude you. Many times I have seen people trading the S & P Futures to
> have a very profitable run of short duration. The 'walk on water' conviction
> does one thing, it enables you to get to deeper water before you drown. The
> mistaken air of confidence is just an emotion that precedes the consumption
> of humility.
>
> Let's look at one last rule - a must do. Have complete faith in your
> indicators. Many times your indicators give a buy or a sell signal and you
> don't follow it because you just don't have the confidence that this time
> the signal is right. Successful traders believe in their indicators but are
> also very aware that nothing is 100% foolproof. Not taking a trade that is
> set-up using indicators you have developed is like calling yourself a liar.
> The indicator is a product of you telling yourself to do a trade and you
> respond by saying, " Indicator, you are not giving me a true signal." Grade
> yourself a 'red F' and go sit in the corner.
>
> The best advice I can give to anyone who aspires to become a trader is to
> observe those who are successful. Any information that you can procure on
> trading philosophies, trading mechanics and trading techniques of the pros
> is well worth your while. If learning from those who have experience cuts
> down on your learning curve time, isn't it worth it? I have heard persons
> say that they were going to learn by themselves. Learning for yourself will
> work if you have the time and the financial resources. Stubbornness and
> pride can be hazardous to your wealth. If you do pursue learning from the
> 'masters' do not be surprised to find that there are many different ways
> to trade profitably. Do not try to clone another individual because your
> personality is never exactly the same as theirs. Observe, learn and test
> the waters to arrive at the confidence level you will need to achieve
> consistent success.
>
> Finally, and most importantly, trading is a long-term commitment. I
> fervently believe that it takes several years to become a true professional.
> Each year you should become more consistent in your profits and enjoy more
> confidence in your indicators. My final daily rule is to take every trade
> and dissect it. This will provide a road map for success by knowing where
> you have been and what mistakes you can learn from and which to avoid.
> ..................................
>
> Mark Cook and I have been sharing our daily trading statements with each
> other for the last 20 months. During this time we have been comparing not
> only our own trading styles and execution methods, but even more importantly,
> the ways that professional fulltime traders have been able to structure their
> trading environment to enable them to achieve CONSISTENT success.
>
> The joint, real-time trading workshop that we are giving is based on our
> collaborative efforts to extract the best material from our combined 40
> years of FULL-TIME trading experience. Mark will also be revealing his
> bond trade setup that he publishes on his daily advisory service. He has
> achieved an astounding 85% published win/loss ratio with this trade over
> the last 2 years.
>
> For more information on material covered in the workshops, go to:
> http://www.mrci.com/lbr/daytrade/
>
> Space is restricted and the September Ft. Lauderdale workshop at which
> Marty Schwartz will also be speaking, has only 7 spots left. If you have
> any further questions on the seminar material, Mark will be available by
> phone between 5 - 7 PM, EST, at: 330-484-0331. Weekdays through Sept. 10.
> He will be happy to twist your arm if you are sitting on the fence!
>
> For registration information, contact Laura at LBRGroup Inc., 888-LIMITDN.
>
> Trade smart and prosper!
>
> Best Wishes, Linda Raschke
>
>
> If you wish to be deleted from our guest book, please reply to this
> email with the word "REMOVE" entered as the subject. We use your
> e-mail registration to send out notices of new stories and postings to
> our site. We do not sell, rent, or lend out our list in any way!
>
>
>
>
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