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Finally someone has stepped up summed it up! Thanks Dennis for hopefully
ending these comments back and forth that are filling up my email trash bin
re: Futures Truth!
Any real trader that actually consistently makes money doesn't sell their
system -there's more money in the markets trading it rather than selling
it. I have heard every argument known to man from these system sellers as
to why they sell it rather than trade it - it's a joke! I've been a CTA
for 2 years with real audited track records - real returns - real money
made (+19.1%) - with real clients with real emotions involved. Yet these
system sellers come in - play on a different playing field - promise rose
gardens - deliver garbage - and scare these potential clients out of the
marketplace!
All the "systems" and "indicators" in the world only do 1 thing: provide
the emotional crutch for someone to jump "into" the trade! Successful
trading only comes to those who spend 90% of their research and time on how
to "get out" of the trade! Anyone of you that actually makes a living at
trading - day after day - month after month - year after year - as I've had
for 15 years on both the Floor, as a market maker, a CTA, a retail client,
and trading Major Wall Street Institutional proprietary accounts for profit
will agree - those that don't are too caught up with their ego - lack real
trading experience - or are typically not mentally, emotionally, &
physically fit to trade so they sit around all day and never get into the
market. And yet those people call themselves traders???!!!???
Buying systems is not a bad idea if you have realistic expectations such
as maybe the entry signals may historically have better odds of getting
into a trade than where you typically get in it at - remember that it is
only a crutch to help your emotional well-being rationalize the thought of
pulling the trigger to get you into an irrational - illogical
marketplace. The rest of your time should be spent on perfecting your exit
strategies/cash management through a repetitive mechanical routine - every
time. That's where all of your research, time and money should be
spent. Yet as I read these emails for the last year I still never see
anyone talk about this so I'll make my own conclusions regarding who is
really delivering any value here.
Personally I've never read the Futures Truth publication nor do I care to -
proof is in the pudding and that can only be found from trading REAL money
and not papertrading or staring at screens! If someone wants to buy a
system and be sold a bill of goods that sounds to good to be true - let him
be the fool I say - that's the only way they will learn! After all - any
of you long term real traders out there know exactly how much money you
have lost or wasted in the trading business before you began consistently
making money. If one really wants to learn - they need someone like a
mentor that teaches them everyday what they are doing - if they can talk
him/her into that - which I'm sure will be a high price! But like most
retail traders - they cut corners and spend 1000's of dollars on libraries,
courses and systems and still wind up with losing accounts - people hear
what they want to hear - it's human nature unfortunately. They then only
listen after they've seen the losses or their financial mistakes with their
own eyes.
Find someone to part with their methodology who maybe only stands to gain
from a percentage of profits and nothing else - maybe an old floor trader
or retired CTA with a proven track record audited by the NFA, etc., and
offer a percentage of your profits - maybe even to pay for their quote feed
but nothing else. If you can find that relationship - then you can stop
reading all these periodicals and take up golf, woodworking, skydiving,
fishing or spend more time with your wife and kids and enjoy life rather
than being totally consumed with finding the holy grail of trading because
you'll be making a living during trading hours and leaving work(trading)
where it belongs - at the office!
Happy Holidays!
Mike Herron
mike@xxxxxxxxxxxxxxxx
At 09:45 AM 12/21/00 -0800, you wrote:
>Let's cut to the chase. Would anybody in his right mind fully disclose a
>system that actually works to an 'independent tester' who is also in the
>business of selling systems? It would be a cold day in hell before I
>would. While we're on the subject, why would anyone sell a system that
>actually works to the public? It's hard for me to see the value in
>reading about the performance of systems that are, almost by definition,
>inferior. You can save yourself the cost of a subscription if you make a
>simple assumption. If it's for sale, it's no good. See how easy that is?
>:-)
>
>--
> Dennis
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