|
PureBytes Links
Trading Reference Links
|
Andy,
The answer to your question was in Roy's newsletter about two issues
back in the discusson on the using daily and weekly charts to find
market bias.
Read the treasure map story again and ask yourself how many times
you've seen exactly the same the problem with former co-workers,
employees and friends.
No matter how many ways it's stated that story sums it up.
For those who don't subscribe to Roy's newsletter but should, I've
excerpted that one paragraph. Roy's newsletter is not just about how
to code, or the code for great indicators, or excellent trading
systems--sometimes it has great psychological lessons in it too. So
here's the explanation one more time of why 99% of want-to-be traders
can't make money with a proven simple trading system.
"The way I explain it is if you had a newsletter that was uniquely the
best newsletter ever written, with an undeniable track record on how
to find buried treasure, only 1% of the subscribers would be able to
follow the map to the treasure. Some would declare the map invalid
before ever leaving the house, some would injure themselves while
trying to leave the house, some would have to draw all over the map
confusing the directions and sending themselves to the North Pole, and
some would lose the map before getting to the starting point. Of
course, others would simply get distracted along the way and wind up
at the International House of Pancakes for breakfast."
--- In equismetastock@xxxxxxxxxxxxxxx, "metastkuser"
<andysmith_999@xxxx> wrote:
> 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!!!
------------------------ Yahoo! Groups Sponsor --------------------~-->
In low income neighborhoods, 84% do not own computers.
At Network for Good, help bridge the Digital Divide!
http://us.click.yahoo.com/EpW3eD/3MnJAA/cosFAA/BefplB/TM
--------------------------------------------------------------------~->
Yahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/equismetastock/
<*> To unsubscribe from this group, send an email to:
equismetastock-unsubscribe@xxxxxxxxxxxxxxx
<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/
|