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Wayne Moody wrote:
> At 10:13 AM 8/20/97 -0700, Rick Ratchford wrote:
> >I thought Norman brought out some interesting points that I have to
> >agree with.
>
> Me too. It would seem that success in the pit or away has little
> to do with IQ or education. But what's going on when an untrained
> newcomer does nothing but watch a quote display and knows when
> to buy and sell? A certain orientation to do the opposite of the
> crowd? An ability to see what the market wants to do from the
> flow and sequence of trades?
>
> Who on this list feels that he/she is a natural trader, who could
> succeed
> with nothing but access to a quote machine? How do you describe what
> it is you see? Or is it what you do with what you see?
>
> Who else has known a natural trader? What was it the trader had?
>
> Has anyone here started out poorly, but learned how to trade by just
> watching the market, getting a "feel" for when to trade?
>
> For the rest of us:
>
> Is there anyone who has not been deep into studying a method, or doing
>
> their own research, and wondered "Geez, why is this so hard"? How far
> do you widen the search when looking for your own convictions?
>
> Simplicity does seem to be the thing. Your stuff tells you what's
> likely
> to happen next. You trade. It happens or it doesn't. You exit. After
> all,
> there's only 3 possible outcomes: up, down, or neither. Good trading
> is
> reacting properly to what it does.
>
> Nobody knows the next move. Some people know the probability of the
> next move. Some of those people know how to speculate on probability.
> And some of those people can control greed and fear. You can hack
> your way out of the loss column with the right attitude, but it's
> a long uphill climb. Probably leaving some of us a little jealous
> of the pizza delivery boy who stumbles into the pit and discovers
> his gift.
>
> I'd like to see input from those who did well right from the start.
> What exactly is the nature of this talent?
>
> Wayne Moody
> wlm95@xxxxxxxxxx
Aloha Wayne and RealTraders;
I need not say much more other than "ditto" to you Wayne. From this
Wayne's perspective, it's been a long uphill-go-at-it and the "feel"
part is necessary, and
in my case coming slowly but quite surely after about three years
trading options.
Just what is the natural trader--well, seems to me, it's those fortunate
ones who
have the talent for math, perhaps gifted at poker and other gambling
fun; reference
some of the Market Wizards in Jack Schwagers books Those are the
"lucky"
ones who gained a little experience (early on -the 70's) when the
markets were
totally different, stepped in at the right time ( Timing, again) and
were ahead of the
rest of us , by about a decade or two.
Not really sure if there is a "natural" trader, but being a musician, I
know that
certain things do come "naturally", but still need practice to reach
"perfection"
and that takes the ol' patience, perseverance, and discipline factors,
which are
the hardest to come by, regardless of your natural talent.
Controlled Desire is the Key along with Money Management and you can
only learn so much from a book. Riding that first bicycle wasn't easy,
but
turned out fun after some bruises.
Good trading everyone,
from one of the silent ones,
Aloha from the Islands,
Wayne S Royal
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