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Steve,
I inherited about $100k when I was 22. That back in 1986. I read Barron's,
Fortune, Money, etc... and thought I knew all I needed to know to be a
"trader". I did okay... until July of 1987. At that point, everything I
was buying started going down instead of up like I was used to. On October
20th of 1987 I OWED my broker $5,000 for a margin call. Did I have a trading
plan? No. Did I have money management rules? No. Should I have been
investing my own money? Only what I was willing to use to pay "the
tuition". You see to be successful in anything you must pay "the tuition".
In sports it's bumps and bruises, in relationships it's broken hearts, but
in the investment and business world it's lost money.
If you want to trade, take a SMALL chunk and start paying tuition.
Diversify the rest in mutual funds or with a money manager with proven 10+
year track records. Oh, if you have a gambling or credit problem put some
in an irrevocable trust that you can touch until retirement.
Remember two old sayings: "Don't confuse brains with a bull market" and "A
wise man learns from OTHER people's mistakes!"
Good Luck,
Howard
>From: "Merkley, Steve" <SMerkley@xxxxxxx>
>To: "'realtraders@xxxxxxxxxxxx'" <realtraders@xxxxxxxxxxxx>
>Subject: RE: investing in stocks and or futures
>Date: Tue, 14 Sep 1999 07:58:58 -0700
>
>see below
>
> > -----Original Message-----
> > From: Merkley, Steve
> > Sent: Tuesday, September 14, 1999 8:49 AM
> > To: 'realtraders@xxxxxxxxxxxxxx'
> > Subject: investing in stocks and or futures
> >
> > hi realtraders,
> >
> > i will be receiving a fair amount of money soon and wanted to know if it
> > is reasonable to think that i can double my money every 3 years? the
> > amount of money i will be starting with is $100,000. i am looking to
> > either do this myself or have someone do it for me or any combination of
> > investing where i can get at least a 26% return on my money every year.
> > if i can do that, i can double my money every 3 years. are there
> > investors out there that anyone knows of that can consistently make at
> > least 26% on their money that would be interested in helping me to do
>that
> > also. you can either reply in private or give this information to the
> > group.
> >
> > thanks,
> >
> > steve merkley
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