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I appreciate your posts on this topic. What are the books you'd recommend?
Thanks.
Steven Buss
sbuss@xxxxxxxxxxx
Walnut Creek, CA, USA
-----Original Message-----
From: Timothy Morge <tmorge@xxxxxxxxxxxxxxx>
To: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
Date: Monday, March 16, 1998 6:36 AM
Subject: Money Management, continued...
>
>
>I'm sure most traders that have been trading for any length of time, no
>matter their style, would agree just how important good money management
>is to their trading success. I know that when I read a trading magazine
>or read a list like this, it's always the thought that someone invented
>a totally *new* and exciting method of trading that captures my
>interest. And yet, over time, the thing makes the most difference in my
>trading is money management. Pure and simple. Boring. Easy to describe.
>
>But human nature being what it is, I guess most all of us are weakest
>when it hurts us the most. It's always one of those days when you aren't
>at your best that you let your stop get past you...and then you do
>further damage trying to deal with that mistake. And soon, you are truly
>up a river without...well, the canoe sank awhile ago. The discipline of
>trading is the area that is most difficult to pay attention to and to
>practice over and over.
>
>I know several sources of good advice in the area of sensible money
>management and these works I treasure as my best friends. I'd trade all
>the books in my trading library to keep the two or three that contain
>that good sense about money management. And again, the ideas in those
>books are not earth shattering or new or unique. But they are the most
>important things *I* can re-learn and study over and over and over and
>over...
>
>I don't know if people are even interested in talking about this thread
>any longer or if they want to know good sources for this common sense
>topic. I'll post more thoughts and/or sources if people want to hear
>more. If not, I'll go back to reading it to myself [truthfully, when
>someone asks me about money management or my trading practices, it
>forces me to go over them in my head and clarify them. This process is
>invaluable...it's as good as re-studying the material, perhaps better.].
>
>Tim Morge
>
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