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Re: [Metastockusers] Full time private trading... ... an unattainable dream?



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Bill - 
 
I was fortunate enough to hook up with Steve 
Karnish (who is an incredible system researcher and person) about a year ago. He 
shared his work with me and invited me to participate with him in development. 
What we (he) developed is a very simple trend qualifier and a variation of the 
CMO. I suppose you could call it the Karnish Momentum System. Very simple, very 
effective.
 
Dan Edens
 
 
<BLOCKQUOTE 
>
  ----- Original Message ----- 
  <DIV 
  >From: 
  <A title=bbeaman@xxxxxxxxxxxxxxxxx 
  href="">Bill Beaman 
  To: <A 
  title=Metastockusers@xxxxxxxxxxxxxxx 
  href="">Metastockusers@xxxxxxxxxxxxxxx 
  
  Sent: Thursday, January 16, 2003 7:39 
  AM
  Subject: Re: [Metastockusers] Full time 
  private trading... ... an unattainable dream?
  
  Dan,
  Did you develop the mechanical system yourself or 
  is it one 'off the shelf'?  Would you share the name or the 
  system?
  Thanks
  Bill Beaman
  <BLOCKQUOTE 
  >
    ----- Original Message ----- 
    <DIV 
    >From: 
    Dan 
    To: <A 
    title=Metastockusers@xxxxxxxxxxxxxxx 
    href="">Metastockusers@xxxxxxxxxxxxxxx 
    
    Sent: Thursday, January 16, 2003 8:34 
    AM
    Subject: Re: [Metastockusers] Full time 
    private trading... ... an unattainable dream?
    
    Nick- 
     
    I have been trading off and on for about 10 
    years, both privately and as a CTA for a time. I am definatley on the short 
    end of the net zero game as a whole, but my dream of being a full time 
    trader has been revitalized and is on the way to being realized in the last 
    year.
    Who knows, I may blow up the account and have 
    to start over again at some point,  but my experience in trading tells 
    me I've finally found what works for me. I think that is the key - what 
    works for each trader. I spent what feels like a lifetime with everything in 
    the trading world that didn't work for me.
    I disagree that one must switch markets to be 
    consistently successful. If any market has the characteristics of orderly 
    accumulation and distribution and sufficient liquidity, then it can 
    be consistently traded.The markets on the U.S. futures and equity 
    exchanges offer too many issues and markets that exhibit these 
    characteristics for me to consider trading more than just the cream of the 
    crop. I don't think it is necessary to switch from domestic to foreign 
    markets and from equities to futures to be successful - there are so many 
    market personalities within each of those sectors, that the opportunities 
    are far more than I have the capacity to consider.
    For me it would be ludicrous to ignore either 
    the long or short side of the market because it would mean giving up half 
    the potential profits. I use a 100% mechanical system developed with 
    Metastock that averages 76% winners. It's not perfect, but it backtested an 
    average gain of 240% annually over the last 2 years and is perfoming as 
    advertised in real trading.
    For me the clouds have lifted and I can finally 
    see the dream of being a full time successful trader on the way to being 
    realized.
     
    Dan Edens
     
     
     
     
    From: <A title=zaiguy@xxxxxxxxx 
    href="">Nick Leong 
    <BLOCKQUOTE 
    >
      To: <A 
      title=Metastockusers@xxxxxxxxxxxxxxx 
      href="">Metastockusers@xxxxxxxxxxxxxxx 
      
      Sent: Wednesday, January 15, 2003 
      4:29 PM
      Subject: [Metastockusers] Full time 
      private trading... ... an unattainable dream?
      
       Hi group,
      I’ve been reading some 
      articles about the hedge fund management industry and how most funds 
      sustained losses over the past 2 years especially since Sept 11 and the US 
      corporate scandal. This is coupled with a statistic I read that most 
      novice traders leave the trading arena after about 3 months. These events 
      really got me thinking… … is it really possible for one to be a full time 
      private trader?
      I’ve been trading privately 
      for about 4 years not and like most of you I’ve had my ups and downs. I am 
      a firm believer that trading the market is a zero sum game. Someone MUST 
      lose in order for me to make a gain. However, the law of averages dictates 
      that it is just not possible for anyone to be winning all the time. That 
      being the case, is it actually possible for anyone to be a full time 
      private trader (i.e. trade using only his own money and make a living out 
      of it)?
      The only possible way for one 
      to make money is possibly to be engaged in the right market at the right 
      time, e.g. to switch between the equities/futures/derivatives markets or 
      switch between the US/Europe/Asian markets. But we must also remember that 
      a private trader does not have the resources or the mental capacity to 
      handle so much information or research at a single time. What option would 
      be left then? To specialise and trade only in specific markets and sit 
      things out when everything is not going well? Do not forget that a 
      downturn in the market can last for years.
      We can go into the nitty 
      gritty and say that we must set up stops to prevent losses, but I’m sure 
      most of you have been in the situation where you were stopped out too 
      early or you had given so much room before being stopped out that you 
      suffered a painful loss. Don’t get me wrong, I believe that trading and 
      investing is an art and there is no one mechanical way of getting the 
      right results. Ultimately, we are all looking for one thing… …PROFITS. 
      However, I have come under the increasing impression that the odds are 
      severely stacked against the private trader.
      I look forward to hearing from 
      you guys on this matter.
      Thanks.
      <SPAN lang=EN-GB 
      >Nick 
      Leong
      
      
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