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I have a question (unrelated to Metastock) for the experienced traders
on this forum.
I have now read a dozen books on trading -- not the foo-foo books that
promise $10M in the next trade, but ones by Tharp (my favorite),
Chande, Le Beau, Stridsman, Elder, Covel, Schwager (and O'Neil,
Link,...) and a couple of Tharp's IITM publications on money
management etc. Will get to Kaufman next. And of course every issue of
Roy's MSTT which are simply marvellous.
I've put a couple of hopefully positive expectancy systems together
(discretionary at this point so it's not easy to use the system
tester). The systems have four stages: 1) setup (to identify market
trend and stock trend but not entry), 2) entry (looks at timing), 3)
exit and 4) money management. I have spent quite a bit of time on 3)
and 4) because I believe they hold the key to being a successful
trader. I use volatility as a significant determinant in all 4 stages.
So I've done my homework. The odd thing is that none of this has been
difficult to understand -- not just for me but I'm sure for anyone who
takes the time and has some patience.... and now I am confused.
1) Why do so many traders fail? Have they not read these books?
(Please don't reply that they are undercapitalized and/or they have
the wrong psychology for trading).
2) What do reading the next 50 books buy me (besides the enjoyment of
reading them)? Surely the law of diminshing returns kicks in right
about now.
3) At this point, what would the typical causes of failure be?
4) This is a Metastock forum. Can someone point me to a more
appropriate forum for this type of discussion (I have not found one).
Thanks!!!
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