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Brent:
Yes, I take your point regards the 97%. I believe that to be
true. I can't comment about the possibility of 3% being liars.
Joe Ross did say he didn't believe the guy in 'Market Wizards'
who said he is right 80-90% of the time as that was almost
an impossibility. And Schwartz did make big bucks trading
the S&P's......I also said--and I believe this to be true--that one's
psychology and money management techniques are more
important than the actual methodology. Still can't let go of wond-
ering about those high win percentages though!
Charles
-----Original Message-----
From: BrentinUtahsDixie <brente@xxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Tuesday, March 16, 1999 2:23 PM
Subject: Re: CHAOS AND TRADING REALITY
>Did anyone ever tell you that 97% of day traders lose money and the other
3%
>are liars? I will tell you that for one, I have not seen anyone do as well
>as this. Even the exchanges will tell you that good winning percentages are
>less then 50%. So how do Traders make money? It's the win loss ratio. When
>they win they make enough to offset their losses plus a little. Almost
>everything else is hindsight talking.
>
>Brent
>
>>I read the discussion at the web site that Mr. Borasky cited.
>>Uhhhhhhh.........Truthfully, I'm lost. It would seem that the aspects
>>of practical importance regarding the link between chaos and
>>short term market movements is that they (the noise in short term
>>market fluctuations) are random. HOWEVER, if that is the case,
>>and market lore has long suggested this is the case, it does not
>>explain how and why some day traders and short term traders
>>maintain a 70% win percentage. I cited LBR in a previous post.
>>Marty Schwartz says he likes to be right 7 or 8 times out of 10.
>>Most of you have also probably read about one trader in "Market
>>Wizards" (Weinstein?) who says he is right on--was it 80 to 90
>>percent of his trades? Again, I'm not sure I understand what I
>>read but when the words like 'noise' and 'random' appeared I can
>>relate that to intra-day market price fluctuations. Comments?
>>
>>Charles
>>
>>
>
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