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It is also in his book. It is in the chapter 1 Individual Psychology, sub
heading : 10. losers anonymous, page 37 under the title of "A meeting for
one" at the last paragraph: "This is why every morning before trading I sit
in front of the quote screen in my office and say: ' Good morning, my name
is Alex, and I am a loser, I have it in me to do serious financial damage
to my account.'"
One needs to read a few page prior to this statement and also the rest of
the chapter in order to assess the wisdom in this thought.
For those who do not have the book, let me illustrate it differently: if
Indians against Cowboys is an NFL game, then it is o.k. for the Indians to
pump themselves up with saying "we can do it, we can defeat them, we are
big and powerful etc." But if it is not the game but a scene of real war
as it unfortunately occurred in the history of USA then the Indians need to
look at their arrows and knives compare them with the guns and rifles of
the Cowboys and say "Good morning, I am an Indian, though this land is mine
and I deserve to win, but if I attack to these well organized gunmen with
my arrows my wife and my children can be left behind alone."
IOW, overenthusiasm and overconfidence though may lead to a temporary win
in sports it can lead to a disaster in real life. So, Dr. Elder's
confession helps the rubber meet the road, feet the ground, noses kept
down. It is a reality check "for some". For Cowboys, it is a different
story of course.
My apologies for the native American members for the example.
Murat
At 09:04 AM 11/22/00 -0500, you wrote:
>He has taught this approach at seminars. I can't say in its in his book
>Trading for a Living. As you know he is a psychiatrist by trade. He is using
>the same approach toward trading as they use at AA.
>
>
>
>----- Original Message -----
>From: Dan Cash <dcash@xxxxxxxxxxxx>
>To: <metastock@xxxxxxxxxxxxx>
>Sent: Tuesday, November 21, 2000 11:32 PM
>Subject: Re: Market Gurus
>
>
> > Joe,
> >
> > I do not recall your quote in his book. Would you please furnish a page
> > reference?
> >
> > Dan
> >
> > Joe Duffy wrote:
> >
> > > Alexander Elder advocates starting every day saying "I am a loser, I can
>do
> > > great damage to my account". Whatever else he repeats about others
>through
> > > heresay is pretty hollow, if thats how he views his own trading.
> > >
> > > ----- Original Message -----
> > > From: neo <neo1@xxxxxxxxx>
> > > To: <metastock@xxxxxxxxxxxxx>
> > > Sent: Tuesday, November 21, 2000 1:52 PM
> > > Subject: Market Gurus
> > >
> > > > I am reading Elder's "Trading for a Living" where he talks about
>market
> > > > gurus including Elliott and Gann:
> > > >
> > > > "I interviewed...Gann's son... He told me that his famous father could
>not
> > > > support his family by trading but earned his living by writing and
>selling
> > > > instructional courses... When [he] died...his estate...was valued at
> > > > slightly over $100,000."
> > > >
> > > > neo
> > > >
> > > >
> > > > -----Original Message-----
> > > > From: owner-metastock@xxxxxxxxxxxxx
> > > > [mailto:owner-metastock@xxxxxxxxxxxxx]On Behalf Of Amadeus
> > > > Sent: Monday, November 20, 2000 10:49 AM
> > > > To: metastock@xxxxxxxxxxxxx
> > > > Subject: Re: Viruses and Memory
> > > >
> > > >
> > > > Neo,
> > > >
> > > > You don't nedd to update the virus definitions file every morning
> > > > :-)
> > > >
> > > > Symantec puts on line a new file approximately every 15 days. And
> > > > the soft reminds you when your definition file has to be updated. BTW,
> > > > each update creates a file which takes near 5 Mo on your HD and I
> > > > deleted recently # 70 Mo on my HD. You will find these files at
> > > > C:\programe files\Commun Files\Symantec Shared\VirusDefs\
> > > >
> > > > There, each update is in a separate sub directory.
> > > >
> > > >
> > > >
> > > >
> > > >
> > > > neo a écrit :
> > > >
> > > > > Tom et al
> > > > >
> > > > > Virus attacks seem to be on the rise. I have now put Norton
> > > > > SystemWorks in my Startup folder to remind me to do a live update
> > > > > every morning before downloading any email. It is quick and will
>keep
> > > > > one current.Also on another related front, neither Rambooster or
> > > > > Cacheman will alter system.ini in the way I was suggesting to force
> > > > > Windows to use all RAM before the swapfile. I have discovered that
> > > > > programs do not return memory when they close and Rambooster works
> > > > > great here. Thanks for the suggestion.
> > > > >
> > > > > neo
> > > >
> > > >
> > > >
> >
> >
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