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Because I agree with much of what Norman wrote about here, I am also
CC'ing this to my TTC/Fdates Forum.
It is funny that this post was made considering that I just wrote a post
entitled "Those Who Do..Those Who Don't". The main jest was basically
the same. I brought out a part in a Star Trek movie where Scotty tries
to get a Machintosh computer to do work for him by speaking in the
mouse. The thought of having to actually type on the keyboard brought
out a comment of, "how quaint".
As a trading teacher myself of sorts, I'm amazed of how some actually
expect everything to be done for them. These are the ones who look for
that golden egg newsletter that tells them 'exactly' what to trade,
where to trade it, how much, etc.
The Fdate Report I send out each week provides much information, but I
do not tell anyone when or what to buy, how much, etc. What I do is give
them all the information they need to get started to figure that out
themselves. Usually all that is left for them is taking out their TTC
and solving for price since time is done for them. In short, I do not
believe in a lazy trader and don't wish to be a party to many
newsletters that claim to do it all for them.
But a program isn't going to do anyone any good if they don't work it.
Yet, how many do you think have Advanced GET, Natures Pulse, TTC,
Cycletrader, OmniTrader, etc. and haven't even read past page 6, let
alone learned the workings of their investments?
I'm not sure about the 1 out of 100 trader statistic though. Sure, it
may be correct and accurate, but from the email I receive from my
clients, many seem to be doing real well now and that ratio is much
higher than 1 out of 100. It leads me to believe that 1 out of 100 is
due to these ones not finding something that works 'for them'.
We all have our quirky personality and tastes. I'm so happy that there
is more than one way to successfully trade. I wish I had the skills of
some of the day traders on this list. I'm not a natural daytrader, but a
spotty one. Mine is more mixed, such as when my so-called daytrades
actually turn into short-term trades. You see, I trade leaving my
contracts going over a night or more. I also only trade with the trend
which in daytrading it is my understanding that both ways are taken
advantage of.
So, we can pick and choose. Yet, we go back to the fact that no matter
what plan, method, etc a trader comes across, there are those who fall
under the different names Norman mentioned, such as the Moths, Inspired
Losers, etc. Some convince themselves they can't do it, and some turn
off as soon as they are doing it.
But don't despair if you feel you may fall into the 99 out of 100
category Norman mentioned. It is my experience that traders can over
come these limitations if they so desire and have the right direction.
So keep getting up and going after the dream as long as it is a dream,
and make it a reality. I can't think of anything that is more enjoyable
in doing as an occupation.
cheers!
:)
rick
nwinski wrote:
>
>
>
> Robert,
>
> Thanks for a very good post. But, you missed a major counter point
> to your arguement of every trader being a human sponge. The market
> has a psychological safety valve to this. What is that? I am glad you
> asked. If I could right now post the proof for the "Holy Grail" trading
> system which would virtually guaranteed to make everyone trading one S&P
> contract $1 mil. in the next six months, 90% would either discard or
> ignore it. These people are closed minded and are not willing to
> research every avenue to become successful, which is what it takes. They
> are not willing to pay the price for success. They want someone to do it
> for them, then they want a free ride and will find a way to screw up
> that.
> These people somehow don't feel that they deserve to be successful or
> are not willing to do what it takes to become successful. These folks
> we can call Primo Losers. <g> Of the remaining 10%, half would listen
> but soon loose interest because it requires doing ten minutes of
> homework each day and then managing the buy/sell orders. We can call
> these
> folks Inspired Losers. They think they would like to be successful and
> even entertain the thought of doing what it takes, but then they chicken
> out. Of the 5 out of 100 left, 3 would try it, ask a few questions, and
> find a way to screw up the system so they would lose money and quit in
> disgust. I call these people Moths. They like to fly near the light but
> it also scares them so they fly away if they get too close. Their
> subconscience sabotage's their noble intentions by not allowing them to
> either listen, execute instructions, or have the discipline to
> persistently pursue their goal. Out of 100 people, that leaves 2. 1 of
> these two will do everything required, make money, and then after a
> short while, decide it doesn't fit their style. Call these folks
> Acrophobiacs
> because the are afraid of the heights of success. That leaves 1 out
> of 100 who can investigate a successful system, ask necessary follow up
> questions, and pursure a successful plan in a disciplined and persisent
> manner in order to achieve success. Call this person a Winner.
> The above is based on real life experiences. I have often been a
> speaker at trading conferences. I have had over 100 people in a room
> at a time. Usually most of these folks choose to hear me vs. going
> to another lecture, so they are there by choice. I have often laid out
> future trades, which market, the exact date, etc. Seldom do I ever hear
> from anyone as to whether these trades where right or wrong. I have
> video tapes of my lectures where I laid out many very successful trades
> in advance. Very few ever contact me after the seminar. In a rational
> world, one would think that if you found the goose who could lay the
> golden egg for you, you would want to keep in touch with that goose. But
> that is not the case. Typically only a few do this. I have outlined the
> typical profile of what happens above. This is the market's safety
> valve. Most people will not do what it takes to be successful. In fact,
> I beleive that 90% of people are walking around in a trance totally
> unaware of most of what is going around them. They sleep walk their way
> thru life. All they know is how to get to their job, how to get home,
> and what's on TV. This is why I don't worry about offering to teach my
> market techniques to
> the public. I know that out of 100, only 10 will have the discipline
> to finish the course. Of those 10, less than 5 will follow thru to
> go to the next step of applying this knowlegdge and do further study.
> Therefore, I get paid 100 times over to actually only have a a few learn
> and use my approch. The market info biz is just like the pits where
> 95% subsidize, support, and benefit the remaining 5%. Its very sporting
> and generous of those folks to do this, don't you think?
> I have also found that the more open and freely I give out
> information, the less likely people are to listen. People don't value
> what they get for free. This is why it is a service to a student of
> the markets to pay for what they get. Because I posted this for free,
> I don't expect anyone to remember it for more than 5 seconds...well
> there
> may be one out of a hundred. <G>
>
> Exceptionally,
>
> Norman
>
> P.S. To the one out of one hundred, I will be a speaker at the 10th
> Annual Astro-Economic Conference, Oct. 18-19, 1997, Chicago, IL. There
> will be 20 expert speakers on Astro-trading related topics. If you
> think you may be interested in this conference, please e-mail me
> and ask for AEC information. Please indicate if you want to receive
> information via e-mail or a brochure via snail mail. Please include your
> names, address, and telephone number. Thanks.
>
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