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Here's something that has got to "blow" the newbie's mind:
Dennis: BLEW OUT
Niederhoffer: BLEW OUT
Schwager: BLEW OUT
LTCM: BLEW OUT
The list goes on...
Have you ever looked at the list of principals of LTCM? It reads like a
friggin' who's who of trading. Now these are guys, some of them 20 and 30
year vets of large trading, who blew out. What is the newbie supposed to
think? That he can go out and buy a system for $2500 that will put all of
the names above to shame? Something doesn't make sense here...
----- Original Message -----
From: The Jackal <tradejacker@xxxxxxxxx>
To: <omega-list@xxxxxxxxxx>
Sent: Monday, June 21, 1999 5:39 PM
Subject: truth is the greater imperative
> i, like mark and others, have good intentions as well because i've seen
> many traders blow out their accounts after purchasing or leasing the
> latest system de jour which received positive reviews in prominent
> trade rags such as futures and tasc. newbies, bless their dumb naive
> hearts, actually believe what is written about these systems and
> essentially mortgage the farm to throw 5-10k for an curve fit piece of
> fecal matter that explodes when it is traded for any length of time.
> this sad scenario repeats itself year after year while the trade rags
> happily rake in ad revenues while continuing to promote WHAT THEY KNOW
> IS JUNK!!! i know, i know, buyer beware, free market, and all that, but
> when magazines abandon any impartial objectivity in reviewing trading
> products, then we independent traders have to step up and warn others
> if the rags fail to do so. i view it as a moral imperative. why?
> because i want to promote market liquidty, and you can't do that when
> newbies blow out in a few months. it's best to keep as many new traders
> around as long as possible so that the vendor vultures don't go picking
> on their bones.
>
> TJ
>
> my mom and dad told me "trust no one" and it's served me well in
> business
>
> --- Tom DeMark <tomdemark@xxxxxxxx> wrote:
> (NOTE: this is not intended to discredit mark brown whom i sincerely
> believe often has meaningful good intentions as his goal)
>
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