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David wrote:
> I just bought a house and noticed Wade Cook tapes in the
> real estate agents car. After talking to him about he said
> that his retirement savings were gone after trading the Wade Cook
> system. Its sad.
Are you short WADE? :-)
----- Original Message -----
From: David Fenstemaker <dfens@xxxxxxxxxxxxx>
To: <omega-list@xxxxxxxxxx>
Sent: Saturday, July 17, 1999 5:14 PM
Subject: Re: Summary of comments: NASQAQ 100, SOES
> My own experience has been that it takes some number of
> years, alot of capital, trial and error, guts, and
> programming ability to be a successful day trader.
>
> I think why the "wash out" rate is so high is because
> most people who get into it think it will be much easier
> that it is and don't have the capital or ability to pick
> them self up off the floor after getting the crap
> kicked out of them by the market. Multiple times.
>
> Even seasoned people don't seem to learn caution.
> The big names are probably big names because they
> are reckless and lucky.
>
> For me they way to make money came through taking
> small consistent profits in high probability
> trades. The other key thing to learn is to exit
> a loss as soon as possible. Holding it prevents
> going to the next winning trade. Sometimes I still
> get stuck in this stupid mistake, because I think
> I know what the market is doing. Sometimes it
> forget to tell me right before it rips in the
> wrong direction ( which personally I think is rude :) ).
>
> I just bought a house and noticed Wade Cook tapes in the
> real estate agents car. After talking to him abit he said
> that is retirement savings were gone after trading the Wade Cook
> system. Its sad.
>
>
> David
>
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