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Sunday, September 19
Dear Bill & Group,
First the disclaimers:
1. I'm an old fart, 56, and if I've learned anything in 56 years it is
that I am very, very frequently wrong and often just plain
stupid, as well as being incredibly hardheaded and usually quite
tactless.
2. I've been trading financial markets only since 79, so I still have a
lot to learn.
3. While I have enjoyed some success on my own terms, I'm no Bill
Gates, either in smarts or $$$.
Now, having said that, I want to say more:
1. My experience suggest to me that there are as many ways to make
money as there are people. There is no "holy grail" and
simply having a computer program, real-time data, whatever, is not "the
answer." There is no "answer," despite what Omega
and all the other venders want you to believe. If there is any "answer,"
it is that there is no "answer," and everyone has to find
his/her own way (and usually by oneself).
2. Similarly, there is only one way to lose money: to let one's ego get
in the way, the way of reality, what "is", not what one
wants/hopes/expects/predicts there to be.
3. If there is any "trick" to trading, it is to find one's own voice,
not your buddy's voice, not some guru's voice, not Richard
Dennis' or George Soros' or Marty Schwartz's or Mark Brown's voice, but
your very own voice ... what works for you. A
quote I picked up several years ago says it much better:
"What's nice about finding your own voice is that it puts you out of the
competition. This is who you are and you trust that and
you're no longer competing with other people in subject matter or
anything else because you can't do what they do and they
can't do what you do."
You're no longer playing "their" game --- you're playing "your" game,
against yourself and no one else.
Bill, you say:
Last fall I went to end of day quotes
as an experiment using Ts4. Used DialData to download over
internet. It
was heaven. I made more money than ever and had no aggravation.
It sounds to me that you began to find your own voice. Congratulations
!!! My question to you is "What is the nature of your
resistance?" No one is successful at everything. You sound like you
have found something that works for you. What is your
resistance to that??? What are the programs, the scripts, the beliefs
that you carry around with you that tell you "That's not
enough? not good enough? I want/need more." My hunch is that when you
find some insight into these issues, your trading
will become even more successful, possibly by leaps and bounds. Can you
allow yourself that success? Can you allow trading to be easy and
natural for you? As one of Schwager's original "Market Wizards" said,
we all get out of the market exactly
what we want. What do you want? To be a dazzling real-time trader? To
make (or lose) money? To have (or have no)
aggravation? To go with the flow (or to continually sweat bullets)?
What? To me, those are the relevant questions.
My best to you and your trading success.
Sincerely,
Richard
William R Wood wrote:
Im having a debate with a fellow trader (and myself) about whether to
continue to use RT quotes. [...]
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