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Could you please do all of us a favor and tell us where we can find this
"Give Away" educational material. I am sure it will benefit many of us that
are still learning.
Thank you
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> From: THE DOCTOR <droex@xxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Re: GEN: Worthless Pursuit
> Date: Saturday, March 07, 1998 11:07 AM
>
> Trot,
>
> You clearly raise a number of points that all of have pondered,considered
> and examined over many years and many trades.
>
> I know a good many folks who are successful at trading and many are
> chronicled in Schwager's books(Market Wizards and New Market Wizzards)as
> well as Alan Rubenfeld's "Supertraders". I've even seen certified
results
> of a good many very.very successful folks and only a very few have
something
> to sell. I've also seen the trading results of many of the most "well
know"
> and vocal Peddlers. Like you one quickly draws the conclusions you draw.
>
> Having said that the issue becomes what is really worth learning and what
is
> hype.
>
> THE BEST TRADERS IN THE WORLD aren't really good at making money. THEY
ARE
> - IN FACT- SUPERB at not LOSING IT. IMHO that is the key...I learned a
long
> time ago that without genuine certified results(I work for the CBOE
which
> gives me the unique opportunity to view actual trading performance)there
is
> more lying about trading results than there is about sex. Generally the
> more visible the bigger the lie.
> The really good people RARELY HAVE A PRODUCT TO SELL. Ironically some of
> the best people have their stuff available for free....Sheldon
Natenburg's
> volatility seminar is a give a way....Tom Dorsey's point and figure work
is
> a give a way....Terry Haggery(an associate of mine at CBOE and probably
one
> of the finest option minds around)is a give a way.
>
> Having said that the key is quality education.......not trying to buy a
> quick answer silver bullet system. Read the chapter in "NEW MARKET
WIZARDS"
> about Blair Hull.
> Blair trades dozens of market everyday....with an incredible
disipline...and
> earns more than some fortune 500 companies.
>
> Don't give up...KEEP LEARNING.....avoid the "experts....gurus......fake
> wizzards..and peddlers." Much of the good stuff is free and almost all
the
> crap is overpriced.
>
> Troy Kelley wrote:
>
> > I am about to start trading on a system I have worked hard on, but I am
> > beginning to wonder whether this is a worthless pursuit.
> >
> > Reasons: Larry Williams doesn't trade, he sells his stuff. Neiderhoffer
> > went bust. Tom DeMark doesn't trade. Schwager doesn't trade. Linda
> > Rasche doesn't trade any more. Richard Dennis had a 60 percent drawdown
> > last I heard. I am not sure if Gann really ever made any money. These
> > are the biggest players in this world, and they don't make a living
from
> > purely trading. I am wondering if all these people just had a lucky
> > streak and now all they can do is sell their "knowledge".
> >
> > When I started this, I assumed that if I could predict the direction of
> > the market I would make money. But now I realize that prediction is
easy
> > compared to actually making money from the prediction. I think this is
> > also what Larry, Linda, Tom ect..all these other people realize.
> > Prediction is easy, making money from the prediction is hard. And once
> > you start making money, making money for extendend periods of time is
> > almost impossible.
> >
> > I think the real problem is not figuring out the randomness of the
> > market, but dealing with all the competition of the market players. We
> > are all taking money from each other. We are all smart people and we
> > don't like loosing money. This makes for an incredibly competitive
> > environment. It also means that no one, no one, will stay on top for
> > very long.
> >
> > Just some thoughts. I welcome any replies.
> >
> > Troy
>
>
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