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Strategies & Market Trends : From the Trading Desk
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To: xstuckey who wrote (1838)12/1/1997 9:52:00 PM
From: Robert Graham  Read Replies (1) of 4969
 
If I had been Don, I would have pointed out that this is much easier to accomplish with your own money than with the responsibility for the money of others.

You are a rather unique indivudual who is concerned about losing other people's money. I am sincere when I say this. I have learned that it is usually the other way around.

For example, there is the trader that trades for an company. They can be very successful trading the firm's money. Now they want to trade their own money so they can obtain the profits they have been creating for the company. What happens is when they trade for themselves, there performance is washed out and they end up going back to trading other people's money in short order. This is becuase trading for a firm is just a job. They can leave this behind at the end of every day. Emotional detachment is easier for them in this situation. However, when they place their own money at stake, this is a very different experience for the, that many find they cannot emotionally detach themselves from. So they end up making mistakes that they would not have mede in their previous job. As a consequence, they end up losing their money.

Now thinking about this, I see that it would be differrent to me if I were to lose other *individual's* money than if a lost a firm's money. So I would have the same problem that you would in this situation. So it now looks like I agree with what you have said! :)

Bob Graham
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