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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: SE who wrote (4873)	9/30/1998 8:47:00 AM
From: Patrick Slevin	Respond to of 44573

<it turns out 1055 would have been a good sell> As a matter of fact, I could not keep my eyes open so no, I did not catch the wave. Like I was saying to Don, I think I shall try to buy the drop and reverse. The day has a pattern that I have found difficult to trade in the past; this particular pattern has often been very profitable if you trade it correctly. But I've never found it easy to trade. Friday should be easier. EDIT. I think I posted somewhere yesterday that the two times for the Afternoon highs were 1:55 and 3:25; I was off 9 minutes as it was 3:34 EST. Too bad I did not trust my logic, no?

To: SE who wrote (4873)	9/30/1998 9:18:00 AM
From: Patrick Slevin	Respond to of 44573

I just came across this old message as I was cleaning out my e-mail archives. I thought you might get something out of it. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I'm of the opinion that there is actually a TRADING SECRET used by the best traders in the world. I think they all share a common....uncanny ability. They don't feel secure about there ability to complete winning trades. They don't really know how to make money. Their ability is their superb ability to NOT LOSE money. I firmly believe their ability is analyzing the risk reward of any trade. They don't know how to get rich..THEY DO KNOW HOW NOT TO GET POOR. A huge difference. Peter Lynch has it. George Soros has it. Warren Buffet has it. I could go on I am yet to meet aa world class trader who was really ever made a trade that they couldn't justify as an excellent risk reward. The mistake commonly made by "less than world class" traders is they measure risk with a naive view of possible loss based on a stop. It astounds me how many traders repeatedly enter into trades with a risk/reward based on a stop as opposed to some "series of expected outcomes."