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Hi Dave,
The book did not give me that impression, but it's been some time
since I read it. He does give some characteristics of winning and loosing
traders in the first few chapters that I thought where very good.
With that said, I do understand that philosophy. In everything we
do in life from Little League to rocket science we are conditioned to be
winners. Unfortunately, the market does not care how we feel about
ourselves, so if we believe in our own infallibility the market will quickly
and efficiently separate us from our money. Many successful traders take
the attitude that every trade will be a loss, until proven otherwise. This
makes them very defensive of their money, taking well thought out trades,
setting stops, using money management, and following a consistent exit
strategy.
Good luck and
good trading,
Ray
Raffurty
-----Original Message-----
From: David Hunt <adest@xxxxxxxxxx>
To: RAY RAFFURTY <rraff@xxxxxxxxxxx>; tesla@xxxxxxx <tesla@xxxxxxx>;
RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Wednesday, November 25, 1998 7:25 PM
Subject: Re: Wrong Lessons for trading.
>I must say when Dr Elder said in his Psychology Video say to yourself "I am
>a Loser" each day before trading, he lost me. Did anyone else have this
>effect from the book?
>
>David Hunt
>http://www.adest.com.au
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