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Robert W Cummings wrote:
>
In my first two years at this endeavor I bought every book that would
"fit" onto my credit cards, and even a few of the lower priced systems
plus some signal services.
I would view each book, each issue of S+C, and each Omega Users group
meeting breathlessly bec there might be one item that might be THE
secret I was looking for - the magic indicator that would make my
trading successful.
Approaching the end of my 3rd year, I'm still not successful and still
don't have a great system (the system i do have is still evolving and
needs much more testing). But i have changed my view of books. If I
buy a book I hope to find at least one idea that's neat and might be
useful in the future. (I actually read the single book rather than
skimming several looking for that magic indicator :) ) If I find that
neat idea that might be useful sometime than I figure it's a $50 well
spent. I just read Gallagher's book on options. Am I going to sell
straddles like he presents? No. But I learned a new way of calculating
mkt. volatility. That might help me decide whether or not to buy an
option.
Most courses and even some books are advertised misleadingly. I guess
its' because saying, "90% lose in this game, and this book might
decrease your chances of losing to 80%" won't sell many books!
If Ross did make up at least his initial trading experience, the one bad
thing is that this might make you rely more on what's said in the book
without testing it. But that's the key - you gotta test any idea in a
book unless very extensive testing is included with the idea (usually
not the case). So then it matters a lot less whether Ross trades. If,
as I've seen mentioned, he suggests closing out one of three contracts
at a very close target to cover costs, you have to see if that works
with *your* entries not his, bec. if *your* system doesn't give a very
high probability with a small target you might be adding a losing
component to your otherwise profitable system.
Conrad Bowers
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