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I wonder though, It is true that a lot of "good traders" go bust at one
time or another, I don't think it constitutues the majority of "good
traders". I think putting a lot weight on that statement can set one up for
trouble. It is true that we are in a business of risk taking (speculating)
and therefore when you take risks you can be on the wrong side sometimes.
But if we think all good traders go bust, we may set our subliminial mind
to make us go bust, just so that we may become a good trader (our mind
sometimes works in strange ways).
Am I making sense?
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> From: GwGautier <Gw.Gautier@xxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Re: GEN: Comments on History
> Date: Wednesday, December 24, 1997 2:00 AM
>
> Visavis wrote:
> >
> > Quoting from the book "The New Money Master" by John Train on page
> > 246:
> >
> > Andrew Tobias offers a pleasant "technical analysis" story. There was
> > a $600 seminar on such matters in New York's Waldorf Astoria Hotel on
> > Dec 6-7, 1986. One of the most promising gurus was "Norman Winski"
> > described in the invitation as follows: "In 1975, he became a member
> > and market maker on the floor of CBOE. During an 18 month period,
> > 1976-1977, he successfully parlayed $500 into nearly $1,000,000."
> > (Tobias observes that one could scarcely do that unsuccessfully). The
> > invitation forgot to mention a little problem: In September 1977 -
> > still ten years before the famous seminar - Winski went bust.
> >
> > This information is not intended to constitute as an act of insult,
> > embarrassment or downgrade a certain person/methodology but rather to
> > inform and help us all to learn to be more succesfully in terms of
> > trading.
> >
> > If this above was correct, we could ask for more opinion from Mr.
> > Winski on what had happen? And what changes & mistakes does he observe
> > and brought him back to today as a NEW CONFIDENT TRADER at present.
> >
> > Hope Mr. Winski will put this in constructive comment to help us
> > traders on our won wrong doing and fault.
> >
> > Glad by the long years of Mr. Winski experience as a trader would
> > serve as a good lessons in life as a trader.
> >
> > I don't know about Mr. Winski, either then, or today, but I do know
most
> if not all successful traders go bust at one time or the other. That is
> usually a strong incentive to learn risk and money management... which
> stick allthemore thereafter! I believe this is partly a reason for their
> success.
>
> Happy trading to all
>
> Gwenn
>
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