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o.k. they should invest in your workshops --- right
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> From: Neal T. Weintraub <thevindicator@xxxxxxxxxxx>
> To: cpbow@xxxxxxxxxxxxx
> Cc: omega-list@xxxxxxxxxx
> Subject: Re: Trading as a way to financial success (a reply)
> Date: 03 August 1998 16:00
>
> Thanks for your response.
> I wish more people were this direct. People tend to think all they need
is
> software and a system and they are on their way to Easy Street with Easy
> Language. Hey, maybe that could be a new slogan...Easy Street with Easy
> Language.
> You know when you consider that the Vanguard Funds are up nearly 100% in
> three years, it is hard to understand why people even fall prey to
commodex.
> The Merc has a course called before you trade. But I can tell you this.
> Anyone with less than 20,000 in trading cash should not be in Futures.
> Period. End of Story. I am tired of hearing about people saving $7500,
then
> buying software for $3500 and using the balance to trade.
> And anyone with more than $10,000 in credit card debt can never trader
> themselves out of debt.
> Take the $7500.00 and buy a vending route.
> -----Original Message-----
> From: Conrad Bowers <cpbow@xxxxxxxxxxxxx>
> To: Neal T. Weintraub <thevindicator@xxxxxxxxxxx>
> Cc: Omega List <omega-list@xxxxxxxxxx>
> Date: Sunday, August 02, 1998 3:23 PM
> Subject: Trading as a way to financial success (a reply)
>
>
> >Neal T. Weintraub wrote:
> >>
> >>
> >> wHAT DO YOU THINK OF TRADING AS A WAY TO FINANCIAL SUCCESS.
> >> PLEASE POST YOUR RESPONSE TO THE LIST.
> >>
> >
> > For a minute I thought this was a joke (in light of my very recent
> >post) but I believe it's not so here goes:
> >
> > I think you have to have a method that actually makes money and the
> >capital to withstand the drawdowns that will occur before you succeed.
> >That makes it not a very good way to go for someone of limited means or
> >anyone who is emotionally attached to money. The brochures that say,
> >we have a great system, and then show it on 20 commodities, often go on
> >to say, "you can trade this on a more limited portfolio with $5000".
> >Even tho they may have been honest in their testing, I believe the
> >chances of the smaller portfolio having acceptable results is much
> >lower. Primarily because the drawdown numbers for a smaller portfolio
> >will be more prone to being inaccurate or the portfolio "cherry picked".
> >
> > It's not the easy street it's made out to be either. Unless it's a
> >small portion of your net worth and NOT your way of making a living,
> >it's hard to see how it could not be anything but stressful to some
> >degree.
> >
> > For many of us who have other careers, it can become a second job in
> >itself, maybe even supplanting our original one. In effect my original
> >goal to pay off some debts has become a goal to succeed in trading. And
> >that goal has distracted me quite a bit from my first career. I can
> >tell you why I don't like my current job, but was the transition to
> >spending a lot of time on trading well thot out? Nope, it evolved. For
> >those of us who seek to make a transition (or by default are making the
> >transition) from our current career to trading as a means of making a
> >living or being sucessful, maybe we should step back partway along the
> >way and ask, was this the right thing to do?
> >Even if it was a means to $ sucess for an individual with another
> >career, it might not be right for them. I guess everyone has to ask
> >themselves what success is.
> >
> > Also I think your emotions have to favor you being in it. If you have
> >conflicting feelings about it, it's less likely you will succeed.
> >Recently, I built up my small account from about 3K to 6K, patiently
> >grinding out small losses and a few larger wins in options and
> >mini-contracts. But a number of emotionally charged issues have come
> >up, at times introducing frustration, discouragement, and even guilt
> >into my thoughts. After being rigorous (perhaps too much so) about
> >kicking back options that werent' making money, I suddenly stopped
> >looking at options i had altogether, same with most potential new
> >positions. What was going on? The only thing I can think of, is that
> >my ambivilence about some of my decisions, including getting into
> >trding, was being manifest by actions that might take me out of it. I
> >used to scoff at some of the stuff in M. Douglas book about how you may
> >defeat yourself - seemed crazy, why would anyone do that? But now, I
> >think I've seen it in my own trading.
> >
> > In short then I think it is a way to financial success for a few people
> >- The ones who either find a method and/or have the talent to succeed
> >in this field. It's a low-probability route for someone who does not
> >have a fair amount of capital already. I think its a way to financial
> >success for someone who:
> >
> >1. has a positive expectation system or talent, and has confidence in
> >it.
> >
> >2. has the capital to back that up.
> >
> >3. has a risk mgmt plan consisntent with 1+2.
> >
> >4. Doesn't have conflicting emotions about the money at risk; doesn't
> >have conflicting emotions about other issues or people that are in any
> >way impacted by the decision to trade.
> >
> >
> >What % of people in this crazy arena do you think have all 4? For those
> >it's a good way to financial success. For the rest, nope.
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