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<DIV><FONT color=#000000 size=2>Gary:</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>I agree with that article 100%.
Unfortunately, many people that I come across seem to think that trading is
about inside information or tips. I guess that is understandable
considering how many people have seen Wall Street or the number of people who
have read about Ivan Boesky and Michael Milliken. Most people who have
never been around the markets have no idea that there is a very scientific and
disciplined approach to the markets that most of us call
"trading". </FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>Peter Beckwith</FONT></DIV></BODY></HTML>
</x-html>From ???@??? Tue Mar 23 05:20:23 1999
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Date: Tue, 23 Mar 1999 00:28:31 -0800
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From: Peter G <ktata@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Re: RT Help for the Newbie
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The things I wish I'd known at the beginning were:
A: the "classic texts" (Murphy, Edwards & Magee etc.)
B: capitalization
C: risk management
D: "don't quit your day job"
E: psychology
I was lucky enough to find an honest and supportive broker.
I found it an important fact that large funds, big traders and small
traders all use different methodologies. They can all be successful.
Discretionary intraday swing trading, well capitalized mechnical trading,
"tape-reading" (i.e. Bill) etc. etc.
I think a set of E.O.D. charts and some good books that you study in the
evening after work are probably the most cost effective and sensible tools
to use until you become profitable. Trendlines, 1-2-3 bottoms and patience...
The most daunting aspect of daytrading, whether using R-Mesa or Bill's
approach, is that it's a full time endeavour. You cannot work another job.
Any beginner who tries to go full time.. well, another futures casualty is
likely. Believe me, I know from experience - as some RTs may remember.
PG
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