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To: Paul Weiss who wrote (650)	11/19/1997 12:40:00 PM
From: ahhaha	Respond to of 29970

Sorry Paul. Mea Culpa. It might have been a joke, but I see so much stuff like it floating around, I feel I need to set the record straight in case there are others that are as naive as I am. It seems that people can't take losses and not react in some childish way blaming Bill Gates, the Tri-lateral Commission, the Intntl Banking Conspiracy, the specialists, and MMs for their bad luck. The secret of success in investment is to HOLD. It is tough to hold, hard work.Trading is always a loser. Got that? ALWAYS. There never has been a trader in the history of the world that has come out ahead. Boy, am I gonna catch it for such an obviously false claim like that. The greatest trader of all time was Jesse Livermore. He committed suicide after shorting at the top in '29, riding it down for a year, and then buying at what he thought was absurd undervaluation. He was right but you can never know how dumb people can be when in the grip of fear. So down it went and he bought more, borrowing from the Mob. Eventually, he got into debt to the tune of a couple of mill and then the SEC was formed with the new laws restricting margin. He couldn't come back so he pulled out the old gun. You never hear about the million similar disasters every year, you only hear about how clever some wag was for the press. There isn't a thread at this site that isn't filled with quick-buck enthusiasts. They think they are investing but they are trying to get something for nothing. I'm not saying you should never sell. Sell a bad idea. Sell a good idea that has gone bad. Even sell because a position has broken a major uptrend line and you have a better play at hand. But don't sell because "the experts know we are in a bear market", or "we've double topped", or "this play is obviously over-valued", or... No one knows the future. There are no closed time-like curves in this universe. You put your money down and take a chance. You can't be relieved of the risk. Risk is possibility of loss, never potential for gain. So when you see whining going on, you know what has happened. Risk!