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Linda,
You may want to consider buying options instead of trading the underlying
commodity. This could give your system a chance to prove itself while
defining your max risk. It's not as exciting but it gets you in the game and
allows you to play longer. I also find the following motto helpful in
keeping things in perspective:
"Sometimes you eat the bear, and sometimes the bear eats you." Feel free to
substitute bull for bear as required for the current trend.
Jack
-----Original Message-----
From: Linda Swope <lswope@xxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Friday, April 02, 1999 2:23 PM
Subject: Re: was [Bull Market]
>Regarding Norm's and others' suggestion of longer terms trades:
>
>I'm coming around to that point! I sure was ready to give up the stress of
>scalping! My new system sees the trades. I believe this system will suit
>my personality. All things point to go, but I've been afraid to pull the
>trigger for one reason. I'm afraid to hold anything overnight. A stop
>won't protect me from a major move overnight against me.
>
>Help me face that fear and I'll be ready to go!
>
>> The bottomline is that the daytrader must undergo many times the
>stress
>>than does a longer term trader in quest for a return on capital that is
>attained
>>by very few and that probably more likely would be attained if they
>lengthened
>>their time horizon. Additionally, if one has a successful long term
trading
>>strategy, there is no reason that one couldn't keep another job or
>profession,
>>entering orders before the market opens, and therefore maintain another
>income.
>>So the cost of daytrading is potentially loss of an income from another
>job,
>>business, or profession, paying high fees and commissions for quotes and
>>brokerage, and unknown and unlimited personal and health costs due to the
>very
>>high stress.
>>
>> I was a floor trader in Chicago for 12 years, so I know about
>>daytrading.. It was alot of fun when I was in my 20s. It was less fun in
my
>30s.
>>It was then, in anticipation of where I wanted to be in my 40s, that I
>started
>>to train myself to trade from off the floor and started a long journey
>toward
>>learning how to trade on a longer term basis. I had studied many traders
>and
>>money managers and concluded that the really big money was made from off
>the
>>trading floor on longer term positions. I don't think George Soros or
>Warren
>>Buffet do very much daytrading. Yet, they both started with relative small
>sums
>>of capital and have built up their capital far beyond what most daytraders
>would
>>ever dream.
>>
>> I have spent the last dozen years on a path that has taken me from
>holding
>>positions for as little as a few seconds to a few hours to now taking
>positions
>>that I sometimes hold for weeks or months. I am very happy in my current
>trading
>>and life style. I am now away from the trading floor, the high stress of
>short
>>term trading, and I live in a paradisic part of the world. I find it very
>ironic
>>that the rest of the world seems to be rushing in the opposite direction.
>They
>>remind me of the moth wanting to fly toward the flame, a brilliant but
>short
>>existence.
>>
>>Relaxedly,
>>
>>Norman
>>
>>
>>
>>
>>>
>>>
>>> linda@xxxxxxxxxxxxxx
>>> Climb the mountains & get their glad tidings: Peace will flow into you
as
>>> sunshine into flower; the winds will blow their freshness into you &
>storms
>>> their energy, & cares will drop off you like autumn leaves. John Muir
>1838 -
>>> 1914
>>>
>>> -----Original Message-----
>>> From: Dtrader <dan@xxxxxxxxxxxxxxxxx>
>>> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
>>> Date: Thursday, April 01, 1999 12:19 PM
>>> Subject: was [Bull Market]
>>>
>>> >
>>> >
>>> >on the other hand, so do 90% of artists, musicians and most new
>businesses.
>>> >
>>> >i'm not real sure this statistic has much relevance.
>>> >
>>> >dan
>>> >
>>> >
>>> >
>>> >-----Original Message-----
>>> >From: Norman Phair <ericrogers@xxxxxxxxxxxxx>
>>> >To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
>>> >Date: Thursday, April 01, 1999 1:59 PM
>>> >Subject: Re: Bull Market
>>> >
>>> >
>>> >:I have heard figures as high as 90% of the people that do day trading
>>> >:fail. No work, no reward.
>>> >:
>>> >:Norman E,
>>> >:
>>> >:> "Peter M. Beckwith" wrote:
>>> >:>
>>> >:> Great post, Ira.
>>> >:>
>>> >:> Not only are there more on-line trading commercials than beer and
>auto
>>> >:> commercials, but the content and substance of these commercials is
>>> >:> completely off-line. The firms that sponsor these commercials hire
>>> >:> teams of lawyers to settle suitability of investment lawsuits and
>>> >:> arbitration suits all them time from people who lost their
shirts(not
>>> >:> to mention their homes) after daytrading on the internet for a
couple
>>> >:> of months. You would think that after all of the horror stories out
>>> >:> there about people who didn't understand what margin was or that if
>>> >:> the stock goes against you x percent you have to meet the cash
>>> >:> requirement, the firms themselves would take a more responsible
>>> >:> stance. Instead, most of us who keep CNBC on in the background have
>>> >:> to watch an Ameritrade commercial about a mom and housewive who can
>>> >:> take the kids to school and throw some money in a biotech company to
>>> >:> the tune of $1700/day or the guy who owns his own island, etc...
>>> >:>
>>> >:> I don't know what we are going to see with this market, but one
day(I
>>> >:> hope) we can look back and just laugh at how absurd those
commercials
>>> >:> really were. I am hoping it is sooner rather than later and then
>>> >:> maybe, just maybe the public will understand that trading is a
>>> >:> profession, not a hobby that you take up in your spare time...
>>> >:>
>>> >:> Pete Beckwith
>>> >:>
>>> >:>
>>> >:
>>> >
>>
>
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