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-----Original Message-----
From: Robert W Cummings
>I've
>been around long enough to realize trading is a sickness for some.
>Difference is if your sick and trade but make money its okay. If not its a
>tragic life
>Robert
I finally read Elder's "Trading for a Living" recently. It's been out for a
while, but is still valid. His description of the sickness you refer to is
that it is exactly the same as alcoholism. Maybe your old boss would
benefit from reading this. Otherwise, from what I know about alcoholism,
you have to hit bottom before you recognize a problem exists.
>
>My thoughts about this were either your a fool to be a fundamentalist or
trading is only half the war the other is the mind.
>
I think that you are being generous. I would estimate the 'mind' part at
much closer to 100%. Analysis, whether fundamental or technical, is
essential, but ultimately inconsequential. As are system vs. discretionary,
indicators (past) vs. predictions (future), daytrading vs. position, etc.
etc. Since there is someone making money with any one of these, then all of
them can be said to do the job.
What really matters is the implementation. It is like Mark Brown said a
while ago, if you have just lost several in a row, are you going to place
the next trade? If you don't, it'll always be the one that made back all of
your losses and then some. Action is all that counts. Overcoming the
obsticles your mind puts in the way. Everything else is woulda,
shoulda,coulda.
~Alan
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