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Good response
-----Original Message-----
From: FelixTY <FelixTY@xxxxxxxxxxx>
To: Neal T. Weintraub <ntw@xxxxxxxxxxx>
Cc: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
Date: Wednesday, October 07, 1998 2:00 PM
Subject: Re: The 95% losers Join now.
>Neil,
> Am not kidding. I was once a knife carrying daily hand to hand combat
floor
>traders for more than five years. After quite sometime, the stress will
kill you
>(irregardless you are making money or not).
>
>Which usually the decision making of buying and selling is made from gut
>feeling. But
>nowadays you have to have got a sort of "system" (irregardless whether
>technical or fundamental) to tell you when to get out or get back in
telling
>you that you are wrong.
>
>The movement of prices are so volatile, we need tools to improve your
entries,
>and exits
>or when to reverse because the price action tells you that the last action
you
>have taken was wrong. Okay, I accept its your style is not to touch those
>elcetrical things (aka computers)but you still have to have a "systematic"
>approach for consistent,competent
>trading decision making. The trading world for me these days, I have to
find
>better and
>bigger set of knives, there really are some good methods. If you dislike
any
>indicators,
>there are some simple and good chart "bar pattern" setups to aid you. (at
least
>this
>minimal tool/weapon)) These alone are definitely better than any gut feel
or
>emotional decision making (monetarily,psychologically physically speaking).
I
>sincerely believe that instinctve decision making will go the way of the
>dinosaurs. Even if you are correct once in a while, can you do it
consistently,
>week after week, year after year. By the time
>the years goes by, your brain and emotional setups are already punch drunk,
you
>get
>burned out faster aside from not really a full pocketbook for all your
efforts.
>
>Volatility these days can turn your stomach in and out if you trade with
>instincts alone,
>even or especially intra day trades. We really need a "systematic"
approach. If
>not,the
>market will really kill you literally, figuratively speaking. Yes, I also
agree,
>we have to
>have some fundamental background of what the government is doing in
affecting
>the markets and the positions of the insiders (as in your COT), and what
they
>are up to.
>With technical approach, you really don't need market specific fundamentals
for
>stocks (as in company balance sheet,income statement,etc.) or commodities
>(inventory supply,
>or harvest), current market prices already factored in these data. If you
got
>too much
>fundamental info, they just confuses me with conflicting ideas, so I just
threw
>them out,
>and am still doing okay. In my world of trading stock market, I have seen
almost
>80%
>of our shares losing 95% value the last 12 months. (irregardless of company
>fundamentals). So, its nothing everyday even for a blue chip to move 10-15%
both
>
>directions each day. If you don't have a good knife (edge), you wouldn't
last a
>month.
>
>Apology for such a long one, was a stockbroker,as you know, we are all
>windbags.
>
>Regards,
> Felix
>
>
>
>
>Neal T. Weintraub wrote:
>
>> True. True. Yes, I am going to put a truth indicator on my computer
>
>
>
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