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Here's the link to MARK ETZKORN's editorial piece in Active Trader
Magazine. Hopefully this might wake up some of the newbie's and
encourage them to find a new hobby, like bowling.
http://www.activetradermag.com/enote.htm
Pay attention to what he said about guru's so you can stop thinking
they know anything about making money other than how to write books
and sell seminars. Time to wake up out there.
Have fun boys and girls. Neverland Ranch is open for business again!
--- In equismetastock@xxxxxxxxxxxxxxx, "metastkuser"
<andysmith_999@xxxx> wrote:
> Super,
>
> Yes, thanks for the refresher. I also read Etzkorn's editorial -- I
> can't post the link without Roy's permission.
>
> Still, I'm struggling to understand the high failure rate. Seems to me
> that once a trader has a trustworthy system(s) with positive
> expectancy and knows which market conditions are suitable for trading
> the system(s), trading becomes routine and somewhat boring (which is
> good).
>
> To be frank, I'm concerned at this stage about what I don't know. Is
> there a secret affliction that dibilitates traders that I am unaware
> of? Will it get me (even though I've done my homework -- bookwise and
> actual trading)?
>
>
>
> --- In equismetastock@xxxxxxxxxxxxxxx, superfragalist <no_reply@xxxx>
> wrote:
> > 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!!!
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