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> From: T-Bondtrader <t-bondtrader@xxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Re: RT Help for the Newbie
> Date: Sunday, March 21, 1999 1:16 PM
>
>
> People opt for discretionary day trading because it is possible to learn
> what is required to be successful.
It is at least as easy to learn to position trade. But you don't sell a
position trading manual, do you?
It is possible to be able to do
> everything for yourself, with minimum computer aids.
Far more resources are needed for daytrading than for position trading.
But for systems and
> longer term trading, there is a need for more money - on virtually all
> fronts.
Absolutely wrong. For instance, one can trade mid-am contracts on the
currencies, grains, metals, meats, etc.
The smaller guy aims to make a living out of the markets, the
> bigger player is looking to increase his wealth. Same market, different
> approach - and of course, different results.
Again, you are missing a very key point; One can not successfully determine
an appropriate trading style because of account size or availability. It is
an issue of one's personality and psychological makeup. Every successful
trader MUST find an approach that is congruent with his personality,
otherwise he will fail regardless of the timeframe or the size of his
account.
>
> The small guy would do better to find out, in the shortest possible time,
> whether or not the business is for him. He has to find out whether he
can
> trade or not - and find out fast.
An excellent prescription for failure. Probably one of the most important
elements to successful trading is experience. The best initial approach to
trading is that which insures the trader of staying in the game as long as
possible while learning. If one is desperate and has a "need" to be
successful immediately then failure is almost always assured.
He will not have a lot of capital and if
> he is the wrong temperament, he needs to know before he digs too deeply
> into his limited resources.
Again, anyone this desperate has no business trading.
> Without harping back, I reckon what I said needed saying, so I said it.
A very biased view because of the fact that the view you take is based on
how you trade and the product you sell. Your product may be fantastic. It
may be crap. The value a buyer receives from it will be determined by
whether of not it fits that indivdual's natural trading style.
>
> Furthermore, I do think that we ought to have a great deal more
discussion
> on the best way for those new to trading to start.
There is no one best way. One of the worst ways includes being delusional
and believing one can hop into a brand new profession and replace one's
current income by reading any manual or subscribing to any service. This is
a myth perpetuated throughout this industry by vendors and brokers. It is
necessary for their (the vendors and brokers) survival. They realize that
unless they capture the dollars of the new traders early they'll lose the
opportunity. The vast majority of the new money loses early and is out.
Then the vendors and brokers are left to deal with a much tougher market -
experienced traders who somehow have survived and have evolved past the
point of believing all the bullshit.
Regards,
Tom Alexander
>
> Bill Eykyn
> www.dbceuro.com/bille.htm
>
>
>
>
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