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It's true you can't buy success in trading you have to take your lumps.
Then you either get mad or give up either is fine as far as I'm concerned.
Not sure I would do it again knowing what I know now about trading and all
the years it took me. Then you discover the only one you can believe in is
yourself. After many years of trading I'm just now starting to enjoy it.
I've seen good programers, engineers, mathematicians, floor traders and
just extremely intelligent people fail at trading. It's more than knowledge
I think and more than experience its the getting mad and saying this is not
going to beat me attitude that prevailed for me. Each of the people above
were much smarter than me so it's one explanation I have why their gone and
I'm still here. Another explanation is I've grown to understand my risk
psyche and pretty much have conquered my emotions when trading. Self
honesty is a hard thing to learn and practise and the really smart guys
always seemed to have more of a problem with it(ego). Omega man is right
about having to get dirty to find your place in this arena. Still I do try
and prevent as much pain as I can for the newbie but the CFTC is a joke at
prevention anyway in the futures business. I'll never care if I ever get
famous are extremely rich from my trading all I want is to be happy and I
am without trading..but I had to learn that too. That's why I never get
impressed with the showboats traders, are some guy that's written books on
trading. Paid some programmer to write indicators and named them after
themselves.
I do read many books but find very few actually help in battle neither has
some guys system.
Robert
At 09:58 PM 6/21/1999 -0400, The Omega Man wrote:
>
>
>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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