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Strategies & Market Trends : ahhaha's ahs

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To: Jorj X Mckie who wrote (5237)	8/13/2002 2:46:06 AM
From: ahhaha	Read Replies (1) of 24758

Chortle, you don't know squat. You're a hack amateur. I'm a pro and have been for decades. I was an MM on the PSEO floor in 1974. I've worn many hats in Wall Street before and since. I did my first trade in the early '60s. With respect to trading I'm telling you that you have NO CHANCE. And don't give me this bullshit about your 2% profits. Let me make something clear to you as a PRO. None of the floor pros can succeed at what you're trying to do. The ones that think they can don't last. They wash out. In order to survive there you have to do what you don't want to do most of the time. You have to get on the other side of the public action. That means you have to buy when the market is plunging. Hell, bud, you can't even do that now when it's imperative that you do. As soon as you buy you have to sell against the position to go delta neutral. Then you have to maintain that state. You find you're nothing but a mule responding like a machine to random inputs in mechanical fashion over which you have no control. If you don't do this, you get cleaned. Do you think you are more clever than a mule? On the public side the road to ruin is faster because the negative expected return is greater. At least on the floor you're near and you can broker positions or jockey the public action, or even hide from the annunciator in the bathroom. You also have a short haircut that gives you ability to hedge away errors which you don't have on the outside. The only chance to survive from public side is to convert the a priori negative return of trading into an a priori positive return of holding. Holding engages risk, but traders avoid risk, so traders end up avoiding return and keep profits. What you're doing follows a traditional path. You may have just enough luck to fool yourself that you'll end up ahead. You're better off in Beggas. If you don't like the market, then pull out and stay away until a time comes that will support rational holding.

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