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---Chris Jackson <chrisj@xxxxxxxxxx> wrote:
>
> > Subject: 10 Important Truths
> > Date: Sat, 27 Jun 1998 16:13:43 -0700
> > From: Jim Allen <jallen7@xxxxxxxxxxxxx>
> > Organization: EarthLink Network, Inc.
> > Newsgroups: misc.invest.futures
> >
> > I have been playing the trading game off and on for more than 30
years.
> > I now
> > trade for a wealthy family whose investments I manage. I have SC,
TS,
> > Adv. GET,
> > real time data and a whole bunch of other stuff, memberships in
secret
> > societies,
> > overnight faxed newsletters, lots of books, software, probably
having
> > spent close
> > to $50,000.00. Our stock and futures trading commitment is
considerably
> > more than
> > $2 million.
> >
> > If I were in your position, but knowing what I now know, I would use
> > whatever you
> > have now and study, study, study charts, read every book on
trading you
> > can get
> > your hands on, and work through the ideas you encounter and
establish
> > for yourself
> > what works and what doesn't. I don't care much for Elliot wave
and such
> > stuff
> > myself, but that's beside the point. SuperCharts and end of day
data is
> > fine to
> > start with.(Sure as hell alot better than what was available in the
> > '60's!)
> >
> > By all means, after papertrading to shake out all the bugs, try
trading
> > grains on MidAm
> > with small capital until you learn enough to succeed. Have
patience.
> > Build your
> > capital up by frugality, and cautious investment.
> >
> > Advance GET is wonderful. It will put the little wave counts and a
> > whole lot more
> > on the screen with one mouse click. Learn to count the waves
yourself,
> > then if
> > that works for you, and you get to where Adv. GET makes sense,
you'll
> > know
> > when it's leading you down the path to ruin. Get to be an expert on
> > what you
> > are doing.
> >
> > You lack two things right now that are absolutely critical to
trading
> > success.
> > The confidence that comes from experience, knowing what works for
you,
> > and
> > capital. Going into the CBOT or Merc with that small of a stake
turns
> > trading
> > into crapshooting, frankly, because now, you can't afford a
mistake, at
> > the very
> > time when you are most likely to be making them! You can't win if
you
> > can't
> > play! If I make a $50,000 mistake (and I have lost $50,000 in one
day,
> > several
> > times!), it makes me feel really awful, but doesn't put me out of
the
> > game, or
> > even close.
> >
> > Above all else, waste no time or money on these system
> > vendors/newsletter gurus.
> > I don't know of any of them who are wealthy, or even successful,
from
> > the insight
> > they are so eager to sell you. Few of them trade, and as far as I
can
> > tell, none
> > trade successfully. Before you believe you've found The Guru,
> > rigorously verify
> > his claims with proof of live trading. For the most part, they are
> > selling maps
> > to the gold at the end of the rainbow to people who yearn for wealth
> > without
> > working, who hope (I can't imagine that they believe it) that they
can
> > write a
> > check for a few thousand or so, plug in a computer, do what it says
> > there on the
> > screen and in a year or two be rich beyond their wildest dreams.
If you
> > read
> > Market Wizards I and II, you'll notice that none of the traders said
> > their
> > success came from mailing a check to a vendor and following the
> > instructions!
> >
> > In order to profit, you have to take money away from people who are
> > doing
> > this for a living, who have gotten the privilege of trading for a
living
> > the same
> > way a football player or pro golfer gets to make millions playing
a game
> > that many would play for free...by being the best at what he is
doing!
> >
> > At the end of however long it takes, you will find the truth of
this:
> >
> > 1. Buy low.
> > 2. Sell high.
> > 3. Take losses as quick as possible, as few as possible and as
small as
> > possible.
> > 4. Let your good trades run, but don't let a winner turn into a
loser.
> > 5. Nobody predicts the future.
> > 6. Keep your risk small in relation to your capital, a few percent
> > tops!
> > 7. It shoooooooooo is fast!
> > 8. The winner is the first guy to realize what's going to happen
next.
NUMBER 8) CONTRADICTS NUMBER 5) ABOVE.....
> > 9. Find a broker you trust, and pay him reasonably. The cheapest
oats
> > have almost always already been run through the horse.
> > 10. Don't do nothin' stupid!
> >
> > Good luck!
> >
> > Jim Allen
> >
> > cyfertrader@xxxxxxxxxxx wrote:
> >
> > > A question....
> > >
> > > I have been studying futures for a little over a year...bought
some
> > > books....use SC4...I have $3K to start out in futures... Here is
the
> > question.
> >
> > >> SNIP<<
>
>
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