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Who makes money?



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Congratulations and grateful thanks to Earl Adamy for a
very thoughtful and helpful message.

The original query was about DAYTRADING, and Earl's reply
indicated he spends a total of 45 hours/week doing this.
And Earl's successful at it, which deserves applause.

I'm writing to draw attention to an article in Club 3000
News, in which a 100% purely mechanical system POSITION
trader gave his brokerage statements and equity curve.

  Time period of report:  12/31/96 to 12/31/97 (a full calendar year)
  Time spent trading:     120 minutes/week
  Net profit:             +$118,000
  Return on capital:      +87.8%
  Max drawdown:           -42%

Shortly after this article appeared, there was discussion
about it here on the omega-list.  But those messages have not
(yet) made it into the archives, so you can't find them yet
via web search engines.  {maybe I should just say, *I* couldn't
find them via web search engines, but then I am lousy at it}.

This is not to say that position trading is "better" than
daytrading, or that 2 hours/week is "better" than 45 hours/week.
It's just a different approach, perhaps providing a different
perspective from which to ponder and contemplate.

I confess that I am the author of the article.
Mark Johnson