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This is spam, my man. Why forward it to the whole list?
-----Original Message-----
From: Riccardo Ronco <rrb3@xxxxxxxxxxxxxx>
To: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
Date: Wednesday, September 01, 1999 12:27 AM
Subject: FW: Linda Raschke - Trading Information
>
>
>-----Original Message-----
>From: Linda Raschke [mailto:swm@xxxxxxxx]
>Sent: 30 August 1999 01:25
>To: Ronco Riccardo
>Subject: Linda Raschke - Trading Information
>
>
>
>
>
>Dear Fellow Trader:
>
>Moore Research Center, Inc. has been tracking an amazing correlation
>detailing the
>sequence of daily bar patterns that clustered around the 1987 August market
>top. I thought that you would find the research quite interesting to
>review,
>since last week's action unfolded with 100% accuracy. They have been
>gracious
>enough to publish a link sharing their work at:
>http://www.mrci.com/special/dj87.htm
>
>Secondly, if you would like to join us online during the day, our real-time
>trading room (LBRTrading Room) is open for free on the first day of the
>month,
>which is this Wednesday. To log on, go to:
>http://www.mtrader.com/linda.htm, or hit the Chatroom at:
>http://www.mrci.com/lbr/.
>When it asks for a password, type in any 5-digit word. We post our market
>commentary, analysis, and the trades we make for our own office during the
>day, in addition to noting things of educational interest.
>
>Lastly, Mark Cook and I have been working on producing a joint trading
>seminar devoted to short term trading in SP futures and the bond markets.
>I thought this brief article hit upon some basic points for successful
>trading. (For information on the seminar, go to:
>http://www.mrci.com/lbr/daytrade)
>
>WHAT MAKES A TRADER SUCCESSFUL - Mark Cook
>
>Many people have asked me over the years what it takes to be a successful
>trader. The answer is not clear but here are a few thoughts to ponder and
>apply. First, you must have a complete commitment to trading and do it
>full-time. If it is a hobby or a secondary pastime, I know how the
>bottom line will be - a big minus. Trading must be addressed as a
>profession
>because if you do not treat it as such, let me assure you, those who do
>treat
>it this way will separate you from your money very quickly.
>
>Secondly, you must fit your trading habits to your individual personality.
>If
>you are an impulsive individual, your style will reflect more trading than
>a calculating individual who waits for all the indicators to fall into
>place.
>The personality factors more than any other factors I know will determine
>success or failure. If you are an emotional person, admit that you are and
>structure your trading habits to make emotions a positive influence, not a
>negative one. If you are either greedy or fearful, that will affect your
>decision making on a position and without recognizing the governing
emotion,
>your decisions will tend to be wrong.
>
>When I experience emotions in the market, they tend to be fear. Whenever I
>am the most fearful of the market, I recognize that at these times there
can
>also be some of the best opportunities. Whenever my fears become
>overwhelming, my discipline tells me to buy or sell, and discipline
>must win out or you are doomed to failure.
>
>The work ethic can never be overstated. I watch the market all day long
>from the opening bell to the closing bell. I have kept diaries on every
day
>in the market for the last nine years, sometimes having over 40 entries in
>my diary per day. If I do not do my work, my profit suffers. There is no
>short cut in trading and the market will quickly find if you are lazy.
>
>Planning is the objective part of trading. Start with the worst case
>scenario and work from there. You will never be more objective than before
>you execute a trade. Once you are in a trade, emotions take over. The
plan
>must be in place before the activity takes place. Determine a plan that
>tells you when you are wrong and admit it. Get out, retreat, and live to
>fight another day.
>
>As the day progresses, know how much money you have made or lost. It is
>much like knowing the score of a basketball game at every instant and you
>are the coach. Trading is a job and your paycheck is determined by your
>ability. You can only maximize your ability if you have all the
>information.
>
>The key to S & P trading is to live by the rule that "a dollar made should
>be kept." This means that profits should be guarded like Fort Knox to keep
>losses from stealing your net worth. Enter every trade with the
>understanding
>of your risk, not your profit potential. If you can honestly answer to
>yourself that this risk is acceptable then the trade should be implemented.
>
>What happens is that human nature causes greed to become a focal point in
>minds. This thought of "how much money can I make" dominates the mind set
>and blots out the negative of "how much money can I lose". Until your
focus
>is entirely comprehending the negative, or losses, the positive, or
profits,
>will allude you. Many times I have seen people trading the S & P Futures
to
>have a very profitable run of short duration. The 'walk on water'
>conviction
>does one thing, it enables you to get to deeper water before you drown.
The
>mistaken air of confidence is just an emotion that precedes the consumption
>of humility.
>
>Let's look at one last rule - a must do. Have complete faith in your
>indicators. Many times your indicators give a buy or a sell signal and you
>don't follow it because you just don't have the confidence that this time
>the signal is right. Successful traders believe in their indicators but
are
>also very aware that nothing is 100% foolproof. Not taking a trade that is
>set-up using indicators you have developed is like calling yourself a liar.
>The indicator is a product of you telling yourself to do a trade and you
>respond by saying, " Indicator, you are not giving me a true signal." Grade
>yourself a 'red F' and go sit in the corner.
>
>The best advice I can give to anyone who aspires to become a trader is to
>observe those who are successful. Any information that you can procure on
>trading philosophies, trading mechanics and trading techniques of the pros
>is well worth your while. If learning from those who have experience cuts
>down on your learning curve time, isn't it worth it? I have heard persons
>say that they were going to learn by themselves. Learning for yourself
will
>work if you have the time and the financial resources. Stubbornness and
>pride can be hazardous to your wealth. If you do pursue learning from the
>'masters' do not be surprised to find that there are many different ways
>to trade profitably. Do not try to clone another individual because your
>personality is never exactly the same as theirs. Observe, learn and test
>the waters to arrive at the confidence level you will need to achieve
>consistent success.
>
>Finally, and most importantly, trading is a long-term commitment. I
>fervently believe that it takes several years to become a true
professional.
>Each year you should become more consistent in your profits and enjoy more
>confidence in your indicators. My final daily rule is to take every trade
>and dissect it. This will provide a road map for success by knowing where
>you have been and what mistakes you can learn from and which to avoid.
>..................................
>
>Mark Cook and I have been sharing our daily trading statements with each
>other for the last 20 months. During this time we have been comparing not
>only our own trading styles and execution methods, but even more
>importantly,
>the ways that professional fulltime traders have been able to structure
>their
>trading environment to enable them to achieve CONSISTENT success.
>
>The joint, real-time trading workshop that we are giving is based on our
>collaborative efforts to extract the best material from our combined 40
>years of FULL-TIME trading experience. Mark will also be revealing his
>bond trade setup that he publishes on his daily advisory service. He has
>achieved an astounding 85% published win/loss ratio with this trade over
>the last 2 years.
>
>For more information on material covered in the workshops, go to:
>http://www.mrci.com/lbr/daytrade/
>
>Space is restricted and the September Ft. Lauderdale workshop at which
>Marty Schwartz will also be speaking, has only 7 spots left. If you have
>any further questions on the seminar material, Mark will be available by
>phone between 5 - 7 PM, EST, at: 330-484-0331. Weekdays through Sept. 10.
>He will be happy to twist your arm if you are sitting on the fence!
>
>For registration information, contact Laura at LBRGroup Inc., 888-LIMITDN.
>
>Trade smart and prosper!
>
>Best Wishes, Linda Raschke
>
>
>If you wish to be deleted from our guest book, please reply to this
>email with the word "REMOVE" entered as the subject. We use your
>e-mail registration to send out notices of new stories and postings to
>our site. We do not sell, rent, or lend out our list in any way!
>
>
>
>
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