Views on trading... what I learned in 98 for making money.

[John Cappello <jvc689@xxxxxxx>]

Dear Tim,

I know your post is sincere and I made in the 6 figures myself in '98 
so I believe I can comment even though I doubt I hit your numbers.I 
know 1 or 2 others who may have exceeded it.

I doubt there are many locals on Realtraders so your methods may not 
work for those of us who need a sound trading method whether 
mechanical or discretionary or technical or fundamenatal.

I personaly do not know any successful gut traders who are non-local.

My question to you is this.How can we lowly non-locals take advantage 
of what you do other than philosophically.That would be of real value 
to a potentially excellent dialogue you have opened.

Constructively yours,

John


------------------ Reply Separator --------------------
Originally From: "Tim and Lynn Lee" <Timothy.H.Lee-1@xxxxxxxxxx>
Subject: Views on trading... what I learned in 98 for making money.
Date: 01/10/1999 06:58pm


RTs

I have been a member and occasional poster for a long time.  I enjoy 
the
list and the viewpoints  of all the members.
>From 1998 I learned or personally affirmed the following:
I believe trading is the best possible occupation in the world, and 
love
every minute of it, it feels truly like the hearbeat of the world to 
me.
 I made money in 98, well above the six figure mark.
 I am a local  and believe that is a key element of my success.
 I did not use any fancy technical indicators, instead I focused on 
making
thousands of trades which I believed to be slightly in my favor.
 I attempted to apply money management rigorously.
I benefited by being able to spread hundreds of contracts for no 
margin.
 I was lucky enough to talk everyday to  highly successful traders. 
Most of
these people were by the gut traders.
I traded outside markets successfully as long as I focused on  where 
people
put stops, it is possible to use pivot points successfully.
I traded much bigger when the market was more volatile and was moving
because of news driven events.  News events are must trade 
opportunities.
I truly believe trading is mostly focusing on yourself, once you 
believe in
a conspiracy "someone is doing you wrong mentality" you are setting 
yourself
up to be a loser.
I honestly believe you must be able to trade more than one contract to 
be
successful.
I believe you are most vulnerable to losing big right after you put on 
the
trade.
I believe you should trade every open position from the close of the 
day
before.
I believe you cannot be successful until you are convinced you are 
trading a
sound methodology.
Most new people in trading want to discover some secret way of trading 
they
want to be an explorer rather than a follower of a proven path.
I believe instead of paying thousands of dollars for a "think like a 
trader"
school you can start by increasing personal discipline and making 
lists
related to trading.
Sadly, none of the true money makers I know feels like sharing much of 
their
knowledge with anyone.  So, beware of who you are listening to, 
question
everything, this post included.