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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.
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