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I have traded options for years and on many occassions have bought out of the
money calls and puts and made a lot of money. As a market maker you learn what
to buy and what not to. And who says you have to hold them till expiration,
another dumb idea. In the case of the ads. The markets went opposite to their
proganostication.
Terry S. Smith wrote:
> Why are most of them losers? Because they convince you to buy way out of the
> money Calls and Puts. Who is selling these out of the money calls and puts?
> The brokerage firm that is advertising on television. Its like printing
> money, legally. They know these options will never be exercised. This scam
> is to teach the beginner a lesson or two on how making EASY MONEY will be
> the hardest work they will ever do.
> -----Original Message-----
> From: Ira <ist@xxxxxx>
> To: tesla@xxxxxxx <tesla@xxxxxxx>
> Cc: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Date: Monday, October 26, 1998 9:29 AM
> Subject: Re: GEN: books on currency
>
> >Those commercials have been on for several years. Almost every
> recommendation
> >has been a loser. Like heating oil last year. They really know how to press
> the
> >uninitiated's greedy button though. Ira
> >
> >Terry S. Smith wrote:
> >
> >> Mark Douglas The Disciplined Trader should be the first book for him to
> >> read. He will likely feel because he was successful in his prior business
> he
> >> can automatically transfer that into the trading environment. WRONG. In
> an
> >> unstructured environment where anything can happen he will need to have
> the
> >> proper mind set so that he does not do Financial and psychological damage
> to
> >> himself. Any of my friend who ask me how to break into trading (like
> there
> >> some head honcho they need to talk to for getting hired) I tell them to
> work
> >> on themselves first then find a trading method and market that fits their
> >> psychological makeup. The fact he is letting a Television commercial
> dictate
> >> what kind of market to trade really sets off some red flags.
> >> -----Original Message-----
> >> From: cb <cpbow@xxxxxxxxxxxxx>
> >> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> >> Date: Sunday, October 25, 1998 5:10 PM
> >> Subject: Re: GEN: books on currency
> >>
> >> >Joe Frabosilio wrote:
> >> >>
> >> >> Hello everyone,
> >> >>
> >> >> A friend of mine wants to trade the yen. I had recommended that he
> read
> >> >> Schwager on Futures. Are there any other books that I should have
> >> >> recommended to him? He is a real beginner to any type of trading. He
> >> >> got caught up in the hype from a Television commerical and from a
> couple
> >> >> of brokers that he had called.
> >> >>
> >> >> Thanks for your time and effort,
> >> >> Joe Frabosilio
> >> >
> >> >
> >> >"Elements of Successful Trading" by Rotella.
> >> >"Winner Take All" by Gallagher
> >> >These are not books on currencies but very valuable to a "real
> >> >beginner". The first is a very broad intro to futures, options, tech.
> >> >analysis, and $mgmt. The second is a book full of warnings and also a
> >> >good non-mathematical *illustration* of $mgmt.
> >> >
> >> >You also might try to de-hype him as much as possible. Speaking from
> >> >experience, I think very few beginners have really taken to heart the
> >> >concept of drawdown, what a gap move might do to them, etc. This is
> >> >probably true even when the data is at least in part in front of them,
> >> >and you can assume that the TV ads didn't talk much about that!
> >> >
> >> > Conrad Bowers
> >> >
> >> >been a beginner for 3 yrs. now..... :|
> >> >
> >
> >
> >
> >
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