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Brent:
Your analogy to sports is right on. Also, when you say, "you can lead a
horse to water, but you can't make him drink..." is also correct. I believe
Richard Dennis said in NMW that he could post the exact entry and exits that
he would take the next day in a newspaper and many people would still lose
money. Another interesting thing that I have noticed is just how well many
traders do in hypothetical trading contests and yet in their own trading,
many of them lose their shirt. All of this should tell us something about
trading, that really it is a game that is played between the ears. The
system that a trader adopts is only good if it meshes with his/her
personality and with his/her "belief system". If you take one trader who
only likes spreads or straddle trading and tell him to be a breakout futures
trader, he might lose everytime and vice versa. I really think that this is
only something that you can come to understand after you have been at it for
awhile anyway.
I will tell you one thing that I have promised myself recently. I told
myself that I was done reading any books on trading, finito. I know now
after being at it for a decent amount of time that I have all of the tools
to really hit the big level, but I don't want to screw it up by trying to
predict the future or catch tops and bottoms, which is what the majority of
trading literature tries to accomplish. More than anything, it is a
confidence issue and a trade management issue once you have been at it long
enough. Enough said....
Regards
Pete Beckwith
-----Original Message-----
From: BrentinUtahsDixie <brente@xxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Saturday, April 10, 1999 11:37 AM
Subject: Re: Making $$$ from Trading
>Humphrey et al,
>
>You've seen a ton of advise here and there about trading. Very little can
ge
>added to it and when an experienced trader begins to explain what it is
that
>works, it begins to sound like the doctrine of an eastern religion or a
>psychology book.
>
>The reality of trading is that there is nothing easy about it. The inherent
>balance of being told to CONTROL YOUR RISK and understanding at the same
>time that THE GREATER THE RISK THE GREATER THE REWARD should immediately
>tell you that you've got a problem. The person that risks large and wins
>large gets into the headlines of some publication. They don't bother to
list
>the thousands that went down in flames. Luck DOES play a small part in
>trading.
>
>How many would be football players don't become pros, or any other sport
for
>that mater. Trading is very much like that.
>
>Over the course of my being associated with the forum I have seen excellent
>trading concepts presented in full, no secrets. You can lead a horse to
>water but you can't make him drink. It's also true with traders.
>
>Don't feel bad about the amount of time you spent. Many have spent more
than
>10 times as much without success. There is no one answer, there are many
>holy grails. Most people are better off putting their money in a bank or
>another extemely low risk investment. Quit or go on, think carefully about
>it.
>
>
>Brent
>
>
>-----Original Message-----
>From: Humphrey D Geiseb <okombahe@xxxxxxxxx>
>To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
>Date: Friday, April 09, 1999 1:44 PM
>Subject: Making $$$ from Trading
>
>
>>having lived in RT land for over one year. I am
>>wondering whether I am trading as a hobby or making
>>ends meet with this thang
>
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