RE: [RT] For newbies, RealTraders Email List Archive

Bob,

Thank you for the Public Service Announcement (PSA). How people can twist a simple ‘Caveat Emptor’ into a nasty email is beyond me. People new to an endeavor often get caught up in vendor hype and forgets that it is up to them, the purchaser, to do their own due diligence and determine the value of products offered. Periodically providing announcements of this type is the job of good moderators, which you have been. This list has a long history of members twisting the words of others just to hear themselves ‘talk’. As difficult as it might be you need to consider the source and ignore it. Providing a vehicle for them to repeatedly hear themselves ‘talk’ only plays to their need to hear themselves ‘talk’. It’s a never ending cycle. Just post the PSAs you feel appropriate and move on.

Chuck

From: realtraders@xxxxxxxxxxxxxxx [mailto:realtraders@xxxxxxxxxxxxxxx] On Behalf Of Clyde Lee
Sent: Tuesday, March 27, 2007 9:18 PM
To: realtraders@xxxxxxxxxxxxxxx
Subject: Re: [RT] For newbies

Bob,

I think your comments were ill advised.

You came late into this list and filled a void as a moderator

but in that position you should have "moderated" and not

tried to be the "godfather".

There are many of us who provide a service that is more

educational than it is monetarily rewarding.

Keep your less than well informed ideas to yourself and

let this list operate openly and without a hammer hand

expressing something that is probably not in the best

interest of the members -- particularly the "newbie" members.

I'm not sure that anyone is a "newbie" but I do know that

we have many who can well accept guidance from those of

us who have been around a long time.

If one of these "newbie's" purchases some type of a "system"

that provides them with information that leads to them finding

a method that fits their style of trading then SO BE IT AND

GOOD FOR THEM -- AND THE VENDOR.

Clyde Lee

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Clyde Lee                 phone: 713.783.9540
SYTECH Corporation
7910 Westglen, Suite 105
Houston, TX 77063     fax: 713.783.1092
WebSite:       www.theswingmachine.com
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----- Original Message -----

From: BobsKC

To: realtraders@yahoogroups.com

Sent: Tuesday, March 27, 2007 08:50 PM

Subject: Re: [RT] For newbies

You fall into the possible category. You are the reason we can never say never. You are an honorable man who I would trust above nearly all others. You are the exception and there are always exceptions. But, my statements remain valid in spite of you. :))

Bob

At 03:08 PM 3/27/2007 -0700, you wrote:

I fall into the reasonable category. I retired off of the options floor in 1985. Traded up stairs and then at home. Trading is like a narcotic for me and very difficult to stop. I had a heart attach and the doctor said no more trading. Several months later someone I knew contacted me. He couldn't make a living and asked me to teach him to trade. I was reluctant to give out the system, but I said yes. To this day that party can't trade but he does write a successful news letter and does some teaching. I found that I liked teaching and have continued. The majority of people that come here do so based upon a referral from someone else who has been here. Are all the students that leave here successful? No. In any field of endeavor, is everyone who tries it successful and the answer to that is still no. The statistics seem to indicate that 90% of new ventures fail. My success rate has been just the reverse of that. So there are some of us who do teach for reasons other than those given in your post. I still follow the markets, I still teach a little and I post a blog on a daily basis. There is some vacation time in there also.

Ira
www.thetradersguide.net

From: BobsKC

To: realtraders@yahoogroups.com

Sent: Tuesday, March 27, 2007 1:48 PM

Subject: Re: [RT] For newbies

It's possible there could be a legitimate reason but it is also possible that someone could throw darts at a stock list and make a huge amount of money. ie: *Anything* is *possible* but the question is, how likely is it? We must all make decisions based on the probability of things and not on the possibility of things. As an advocate of methodologies, you surely would agree with this statement.

Bob

At 12:48 PM 3/27/2007 -0700, you wrote:

Bob,

Generally I agree with the content of your post, especially concerning those methods that are actively sold through mass advertising or direct mail. However, there may be legitimate reasons for making a new technology available to others. Have you ever heard of The Prediction Company? After developing a superior trading methodology based on nonlinear dynamic modeling, this group of scientists sold it to a major bank. This group had divergent interest and wished to pursue other activities. (Read "The Predictors" by Thomas Bass.) Was this a legitimate reason to sell?

Let's take another example. Active traders know that it is a time consuming and often stressful occupation. Suppose an individual developed an outstanding methodology and traded it successfully for a number of years before being advised, for health reasons, to reduce his activity. Would the desire to extract a stream of income from the methodology without the day-to- day trading activity be a legitimate reason to sell it to others?

And there is the issue of scale. Suppose the same individual above traded a six figure portfolio successfully for a number of years using a break-through technology. Then he was offered an opportunity to apply it to a hundred million dollar fund. Would it be a legitimate reason to sell?

So, perhaps you can agree that there may be legitimate reasons for making new technology available to others. As always a buyer should exercise due diligence but it is the value of the product which should be questioned - not the motivation of the seller.

Best Regards,

Jim

----- Original Message -----

From: BobsKC

To: realtraders@yahoogroups.com

Sent: Tuesday, March 27, 2007 11:18 AM

Subject: [RT] For newbies

Some time ago, I changed the rules on our list to allow advertising as long

as it didn't get out of hand and there was no pumping. I am pleased to say

that it has not gotten out of hand and has been minimal and

professional. Still, it is only a matter of common sense to think about

trading systems and stock picking systems. If the person promoting their

product really had a holy grail of trading, why would they need to sell it

to you? Put another way, if you have the combination to the safe, why sell

it to someone else? Just go in there and get all the gold you want, when

you want. Selling the combination only puts people in your line of access

and redefines how much gold there is to split since nothing is in endless

supply.

Having said that, I do not doubt the validity of those who are trying to

sell trading systems. I only doubt the need to do it if their systems work

so well. You should ask yourself these same questions before you begin

writing checks.

Hope everyone has a great trading week.

Bob

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