|
PureBytes Links
Trading Reference Links
|
I can't say who is winning, who is losing, who is lying or who is telling the
truth. There are certain facts that are available. I personally know of people
who have made several fortunes trading. Some day trading, some long term
traders and some just scalpers. I knew a trader who would make $300,000 in 30
to 45 days and spent the rest of the year giving a lot it back. Another trader
would make about the same and take the rest of the year off. Then there is the
trader that just cranked out a consistent amount week after week. Which one is
right? Are they all right in their way? Each used a different methodology.
These examples are not hypothetical, I knew each one of them. A good trader
should be able to make money using almost any system because he/she would
understand what the system was telling them when they looked at the screen. It
doesn't matter which indicators you use or what moving averages you use if they
are tuned to your trading time frame and you understand their meaning.
The winners just as soon have everyone believe that it is almost impossible to
make money trading. Most people have egos big enough to believe that they will
be in that winning 3%. They search for a system that will put them there. They
search for a guru that will sell them the information in a news letter or a 900
number. They feel that the answer is out there and that they can buy it on a
daily basis. There is no cure for the dreamer looking for easy riches, but
there is profit for those who are willing to work at the trade and learn and
understand what they are looking at on the screen and how to utilize that
information in a successful trading system.
Every person has different needs to be filled psychologically in order to be
successful at anything they do. Each individual needs to find that which will
work for them and then develop or put together a simple, concise plan of
attach. All the information is out there. You don't have to reinvent the
wheel, but you do have to do the work. Knowledge is power, but understanding
how to use that knowledge is what makes one successful.
Good trading, Ira
charles meyer wrote:
> 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
> >>
> >>
> >
|