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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Boplicity who wrote (12036)	11/6/2000 11:45:50 PM
From: elpolvo	Respond to of 65232

RR's talk in Atlanta (everyone should read this too) here's a recap of the talk that RR gave during the saturday night dinner at the porch party in atlanta last june. he talked about what it takes to succeed in investing, how he had been hammered several times, how the main ingredient is attitude and a determination to keep going... to not give up... to not let failure make you quit. he talked about his own failures early on, how he just about lost everything, how sad and depressed he was. you could look around the room and see everyone almost crying because EVERY ONE OF US has been in that same situation. he said you just have to stop whining and stop feeling sorry for yourself and go back to work at it. he trades options. risky, yes, but with that risk comes the potential to earn big. for inspiration he said, 'if you have $6300, all you need to do is to have four doubles to run it to $100,000. but you have to have the guts to risk it all.' he likes to buy calls and take his profit when they double. he tries not to get greedy and he makes himself sell and buy another stock or another strike price or another expiration month. he has a watch list of maybe ten stocks or less and he tries to buy calls on one at a time - he tries to get them when they are near the bottom of their range... he rides them up (to a double if possible - it is much easier for a call price to double than for a stock price to double) and then he does it again on something else. options are not something you can buy and hold. he said he wrote, '$1,000,000 is just four trades away' on a slip of paper and tacked it up by his computer where he could see it all day. he only talked for about 10 minutes but he touched everyone very deeply and positively. we all stood and gave him a standing ovation when he was done. and i'm sure we all resolved within ourselves to stop whining and get to work on our investment plans. it was a shining moment and a memorable experience. at that moment rick became as much a mentor as voltaire. -elpolvo