To: AHM who wrote (894 ) 7/10/1998 12:20:00 AM From: ahhaha Respond to of 1510
You know AHM, when you first started commenting, I thought you were right on. Then the thread started blasting you and you over-reacted. I suggest avoid talking about price and what one is doing in one's own account. I tell people what percent I'm long and that's it. No one really knows or cares what someone else is doing, but it looks bad when one takes credit for success. One puts pressure on oneself when that is done. There's enough pressure just to survive. I'm incredibly successful by one criterion: I've out sat everyone else. All the honchos and hotshots of the past are long gone. I'm still here. Seems like a small thing, but to survive decades of Wall Street stress, is pretty amazing. I can live with it because I no longer trade and I see the market as humorous. I see adults who know better, acting childish. If you're attached to money, the possibility of loss brings out all the puerile emotions. There's my advantage. I'm not attached to money. I've been rich eight times. Do you understand? You can't be attached to money and been there eight times. When you are detached from money, life becomes pure happiness every waking moment. I don't expect others to understand this or seek it. Maybe monks, but not householders. With respect to what MMs do, does it matter? Bob Knight spends all that time watching trades. Does that help you one iota to make a good investment? The answer is no. More likely it induces paranoia and delusion encouraging wrong action. Some do that because it relieves stress just like I asserted that you were doing when you were divulging your trading actions. If you off load that stress, you are bagging yourself because the stress is a natural reaction to a state of danger and you are relieving yourself of states of capital protection. My experience is that you have to suffer to be on top. To be anywhere else fails; you aren't doing the work. Reminds me of the floor market makers who run for the bathroom when the annunciator board lights up. If a market maker or any maker of a market in stock like the NYSE specialist obeys the rules, they will maximize their return. When they make a market the market makes you get on the other side of the public action. The emotion driven public is reliably wrong, but the MMs often hate to get on the other side. The market forces them to benefit even though at any instant they think they know better. You will hear from me a reference to "pretense to knowledge". It is the essence of markets and is never taught at the university. MMs who have the pretense to knowledge don't last even if they aren't caught in rule violation. The market gives you enough rope to hang yourself. People do when they take the weak way out and break the rules. It's so dumb.