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Gary -
I agree with you. I would not recommend Chris' book, or any other as a Holy
Grail. But, if you are looking for further input and information that might
help you make money, Chris' has a unique approach that is highly respected
amongst his peers.
Another point to make.
I AM SICK AND TIRED OF IDIOTS SAYING, "IF IT WAS WORTH ANYTHING HE WOULD
TRADE IT." That is, how can I put this nicely, MORONIC. There is a big
difference between analysis and putting your money where you mouth is. Maybe
some of us analysts need extra shots of testosterone, but trading and
analysis are two different skills. As a trader, I make a great analyst. I
have received, more than once, comments from my clients such as, " How are
you going to make me even richer this year." So, they find my input useful
and make good money trading off my ideas. But, I am not a great trader, not
even a good one.
For that matter, trading also depends on the situation. I know guys that
have made HUGE money trading for large money center banks in the bond and
currency markets. But, when it is their money, they turn into big losers. It
is psychological for sure, but just as there is no holy grail system, there
is also no holy grail to fix your mind.
Steve Poser
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Steven W. Poser, President
Poser Global Market Strategies Inc.
http://www.poserglobal.com
swp@xxxxxxxxxxxxxxx
Tel: 201-995-0845
Fax: 201-995-0846
-----Original Message-----
From: listmanager@xxxxxxxxxxxxxxx [mailto:listmanager@xxxxxxxxxxxxxxx]On
Behalf Of Gary Fritz
Sent: Wednesday, July 26, 2000 4:34 PM
To: realtraders@xxxxxxxxxxxxxxx
Cc: realtraders@xxxxxxxxxxxxxxx
Subject: [RT] Re: The Spiral Calendar
> Learn to read the tape. Defy human nature and do the hard part
> first (picking up the phone, placing the trade, managing the risk,
> exiting trade with profit or loss).
Did that. Destroyed my account. This was after studying my
methodology for over 6 months and paper-trading it very successfully,
in realtime, for 2 weeks (at roughly 4 trades per day).
And no, I didn't fall apart when I started trading real money. Each
trade I took, I executed just the way I was supposed to. The only
problem was, I didn't take EVERY trade. I'd take a loss, sit back to
lick my wounds while the methodology churned out a couple of big
wins, then take the next one and it was a loss, etc. My biggest
mistakes were starting with a too-small account, and trying to start
with big SP's instead of the then-brand-new e-mini's.
> The reason so many new traders look for the holy grail is because
> it delays the actual process of learning how to trade. Trust me, I
> am speaking from actual experience.
The reason SOME traders look for other alternatives is because
they're lousy at reading the tape. Fortunately for me, I kept
looking for my own "holy grail" (system trading, with systems I
developed myself) and it's worked out very well for me. Trust me,
*I* am speaking from actual experience.
If tape-reading works for you, that's great. That DOES NOT mean it's
the ONLY way or the only RIGHT way to trade, for every trader.
Gary
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