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The motto I think represents trading most is " an elephant eats you in one bite,
you eat the elephant one bite at a time". Ira
Jack Higgins wrote:
> 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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