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If anyone wishes to reach me contact me thru the education dept at CME.Or if
you need further assistance contact Phil Lane he seems toknow what is best
for everyone.
-----Original Message-----
From: HeyPeter <heypeter@xxxxxxxxxxxxxx>
To: Phil Lane <logical@xxxxxxxxxxxxx>; omegalist <omega-list@xxxxxxxxxx>
Date: Wednesday, October 28, 1998 10:16 PM
Subject: Re: I give up.
>Phil et al
>
>Here's my tuppence for the MONTH . . .
>
>Phil Lane wrote:
>>
>> At 03:45 PM 10/27/98 -0800, Neal wrote:
>> >Phi, are you having a day worse than mine?
>>
>> I was having a fine day until I downloaded the Omega list.
>> Nea1, how do you know that this stuff doesn't do more HARM than good? Are
>> you willing to accept the responsibility? I'm still waiting for you to
>> answer these questions.
>>
>But . . . first thing traders need to learn is to take full
>responsibility for their trades. It is no-one elses fault but your own
>- you are wholly responsible for the outcomes of your trading.
>Once we accept full responsibility, and don't blame anyone or anything
>else for what happens, we are then empowered - we can take control
>because we are no longer a victim. We have choices, we can control our
>positions, we have the right mind set . . .
>
>> I've been trying to make an IMPORTANT POINT lately but feel like a voice
>> crying in the wilderness. That being that it's a BIG MISTAKE to listen
to,
>> care about, or especially to seek out the Market Opinion of others. When
>> they lay it on you unsolicited you should run the other way. And when
they
>> start telling you how they were Right on this or that you should
recognize
>> it for what it is: Blatant self promotion, insidiously designed to appeal
>> to those who are weak in their convictions and confused in their opinion.
>
>AGREED. The only valid reason to trade is to make money - this is not
>about trying to be right or control the market. You have to let go of
>your ego and give up the pretence that anyone really knows which way the
>market will flow or why on a consistent basis. Here I am reminded of
>something Bill Williams wrote (note I am not a big fan of his fractal
>misnomer and hype but this is posted on my wall)
>
>"LET THE MARKET ORGANISE THE NEW INFORMATION"
>
>Our job is to listen to the market and concentrate on EXECUTION - on
>putting the trade on and taking it off. Forget the opinions, views,
>whys and wherefores - that's not your job as a TRADER. Let the market
>do that job - the market is the final arbiter of your success - not your
>ego.
>
>To make money you have to be long when it IS going up and short when it
>IS going down. Plain and simple.
>At some stage even "countertrend" traders must follow that to make money
>- that's the essence. Our trading programs should and must reflect this
>simple rule.
>
>
>Warning: pop-psych to follow: This letting go is of course the hardest
>thing to do. There is an enormous conflict to resolve within yourself.
>Try this for size ( note I am a big fan of Adrienne Laris Tograhie).
>
>Assume you are composed of many parts. Take "Mr
>Right/Bigshot/BigMouth/Analyst" and visualise him in one hand. In the
>other take "Mr Execute/Sheep/Easymon/Trader". Whatever works for you.
>Both have needs to be fulfilled but are in conflict. Mr Analyst needs
>to talk/be right/acknowledged - Mr Trader needs to act/follow/make money
>etc. Have them talk to each other. Then get a 3rd part - your creative
>self - to resolve the conflict and get all parts to agree.
>eg Analyst will paper trade, Trader will real trade.
>Analyst will talk/spin after the final bell, Trader will walk/act during
>the session.
>Do whatever works to get these guys working together, yet satisfing
>their own needs.
>
>>
>> In my own sick mind I feel like if I could just get people to see this
>> point they could potentially save a lot of money. That's my motivation.
But
>> I do hereby give up. Everybody has to learn the hard way.
>
>Don't give up, keep telling it like you see it . . .
>
>>
>> P.S. To the bottom buyer in corn: Did I understand that this was Neal's
>> idea? Here's another idea: Everytime it goes down another 5% you should
>> double up. Then when you get a margin call you can get a cash advance on
>> your visa card. Finally when you're flat broke you can go ask Neal for
>> help.
>
>Trade what you see and not what you think/hear/read . . .
>
>
>KISS
>
>Peter
>
>(Keep It Simple Smart)
>
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