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Thank you Ira,
You are right. I began trading about 2 years ago with 8000. account. It
only took me about 6 months to lose it all. Since then, I have been
investigating everything I could find, testing it to see if I could
faithfully trade it, and make some money without a large drawdown. Once I
find that method, I will detail a business plan that I can follow. I have
given up looking for the holy grail or the one indicator that will make me
profitable. Meanwhile, I am still searching for a method I am comfortable
with.
Thanks again,
Randy
Did you ever notice: When you put the 2 words
"The" and "IRS" together it spells "THEIRS?"
----- Original Message -----
From: "Ira Tunik" <irat@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, January 25, 2002 8:04 PM
Subject: Re: [RT] Trading Plan
> If you are just a beginning trader stay away from the NY markets. So that
would
> eliminate Sugar, coffee, etc. What you want is a liquid market that does
not
> have the appearance of manipulation. If you are going to trade the
currencies,
> stay with the yen and the euro. they will give you liquidity and strong
trend
> to follow. You will also have the volatility you need to make some money.
>
> Like anything else you should have a business plan. You should have a
trading
> strategy that goes one step beyond, "I will follow the trend" or I will
pursue
> and break out strategy. Trading breakouts will give you about a 38%
probability
> of a successful trade. There are a lot better systems out there if you
take the
> time to learn them. Don't be so anxious to start, be anxious to learn.
> Education will give you knowledge, but knowledge alone will not give you
> success. You have to understand how to apply that knowledge. Whether you
use
> Gann, Eliot, swing trading, or any one of the individually developed
systems
> using various indicators, or astrology, you have to have a sound
foundation
> before you embark with cold, hard cash. If not, instead of earning extra
cash
> you will looking to replace the cash in your trading account.
>
> I wish you good luck on this new venture of yours. Ira.
>
> Randy Barlow wrote:
>
> > I plan to trade the grains, bean complex, sugar, meats, cotton and
canadian
> > dollar.
> >
> > I am not in a position to day trade as I will be trading EndOfDay to try
and
> > make some extra money.
> >
> > I plan on trading in the direction of the trend on daily charts but have
not
> > decided whether to try for 1 to 5 day moves or, when better capitalized,
> > trading with the trend on a longer time frame. I am considering trading
> > break-outs on a short term basis, using a tight stop.
> >
> > Randy
>
>
>
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>
>
>
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>
>
>
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