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Like lambs being led to slaughter. Playing follow the leader can be very costly.
Soros has lost Billions in a day on a wrong trade. He has also been very
successful. Which trade are you going to be a part of. When you win you are a
genius and when you lose Soros was the reason. The old corporate game of
designation of blame. If you have a workable system, why do need to know what Mr.
Soros is doing. It will show up on the charts a lot faster then it does in the
news.
If you don't have faith in yourself and the system you are using, find a system
that works and you have faith in. There is enough information out there by
reputable people to derive thousands of systems that will work for different people
with different needs.
To piggy back on someone else's trades will get you caught in places you don't want
to be. Soros Pound trade was great, his Yen trade cost him a billion. How much
has the silver trade cost Buffet and his fund? Or is he profitable? No one but
Buffet really knows. If you piggy backed this trade, how will you know when he
gets out and leaves you holding the bag full of sh-t with the silver handle.
In this business you use your knowledge and experience and have only yourself to
blame if you lose. If you win, take some of the winnings and reward yourself and
your family with something special and out of the ordinary for there is no feeling
of accomplishment in just making money for the sake of making money.
Have a good week end. Ira.
Mervin Yeung wrote:
> Originally intended for BOTTrader only but I change my mind. This is
> the reason that this forum is so great. Quality posts like BOTTrader's
> expand my mind and also help me think deeper in order to reply.
> Thanks!
>
> ------------------------------------------------------------------------
>
> Subject: Re: Soros
> Date: Fri, 14 May 1999 13:19:18 -0700
> From: Mervin Yeung <tinyeung@xxxxxxxx>
> Organization: @Home Network
> To: BOTTrader@xxxxxxx
> References: <d820e435.246ddba8@xxxxxxx>
>
> Good points. If developing countries recover, capital will flow to
> these nations instead of to the US. Then, without capital inflow,
> current account deficit will be a huge problem. However, this may be 1
> or 2 years down the road. And it is a big IF. Quantum Fund's bet may
> be too early. Especially if they are leveraged.
>
> BOTTrader@xxxxxxx wrote:
> >
> > merv:
> > any soros fund bet may be consistent with his recent remarks that "the worst
> > is over" as far as the worldwide economic turmoil of the last few years.
> >
> >
> > Technically speaking:
> >
> > 1) If you use April 95 as the turning point in the dollar, then in the DX
> > index you have a good Elliott Wave structure, with wave 3 topping august 98,
> > w4 bottoming in Oct, and a weak wave 5 currently reaching a double-top
> > peaking area. With even money of reaching the DX wave three high around 102
> > set in Aug 98.
> >
> > 2) the above coincides with the JY reaching a w5 bottom in Aug 98, and the DM
> > currently approaching a w5 bottom in a tight downward regression channel.
> > The SF is mapping out a triple bottom at this time. One elliot count calls
> > for a new low, but marginally so.
> >
> > 3) Third-world currencies have rallied substantially from their post-crash
> > bottoms and int'l portfolio money is now rushing into their stock markets, a
> > trend likely to continue for perhaps several years.
> >
> > If portfolio preference is shifting towards non-US markets, and economic
> > recoveries will create greater non-US local demands for non-US currencies,
> > the fundamental analysis will leave us looking squarely at the US trade
> > deficit and over-extended technical charts.....
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