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In a message dated 97-11-12 13:20:54 EST, ekthree@xxxxxxxxxxxxx writes:
<< His idea suggested to me that, even for profitable
traders, there is some element of psychological illness that pokes into the
picture at times, i.e. the need to trade regardless of winning or losing as
opposed to the desire of running a profitable trading business. >>
One can be "compulsive- obssessive" about food.....and yet one needs
to eat. Car dealers trade....when they go to a car auction.
The test is can you leave the table....not play a hand.....miss a month
of action....and not miss it.
There are times in all markets when "conditions are not condusive"
to proper "set ups" and the risk/reward is adverse to the trader.
During those periods, Jesse Livemore would step away....take
a cruise...do anythng else...and not come back until condions changed
in his favor.
For some time I have felt that we may be in a "deflationary" environment
not particularly condusive to trading commodities or stocks. I have
found "sitting on the side-lines" a very valid trading positions....
gloating over the money I didn't loose.
Trading per se is not Gambling....but Gambling may take the form of
trading. Self knowledge then becomes the first rule....before taking
on any new business venture.
It would be a serious omission, if Dr Elder didn't raise the point with
prospective "new entrepreneurs" to trading.
GerryB/jer33:3
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