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Mark;
Your story about your friend is all to familiar to me. Often more than not
people who don't have money are drawn to commodities because of the
leverage. Leverage is the one thing that does them in. After many years of
trading I made the old fatal mistake. I still can't believe I did it but
allowed somebody else to do my thinking for me. Here was my thinking then
and I think this is true about all who lose trading a system or trading
program. First one assumes that anybody that can program must be very
smart, not even true. Second the computer is a magnificent thing and a
great buzz word when couple with the words system and market. I had
experience with markets but not with computers and was in awe of them. That
led me into a false sense of security that resulted in my loss of capital.
So like your friend I have since learned and that being angry can be a
great motivator for knowledge. Also looking back greed and trying to get
something for nothing was the cause and I knew it then but over ruled it in
my mind.
Robert
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>>Robert
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>I have to tell this tell, a couple of years ago. A very good friend of mine
>who didn't have a bunch of money wanted to trade commodities. He had broker
>who has been in business here in Dallas for a long time. Get him all pumped
>up on cattle, being at a eight year low or something like that. He told me
>all the facts he had gathered and I listened. Then I pulled up a chart and
>asked just made the comment, I could go lower you know. I didn't really
>know anything about cattle at all, but I did know chart patterns and it
>looked like it could break either way to me. Any way with 2500.00 in this
>account he bought one cattle contract. When there was 300.00 left he closed
>the account. He had just made his first and last trade for a while. That
>was it he didn't trade for at least a year after that. I guess that very
>valuable lesson (of learning to cut your losses) burned deep in his soul
>because now years latter he daytrades the SP. Some learn some dont, most
>run out of money before they learn. Some spend all there money before they
>learn, on so called guru's wares. Moo...B
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