Dear Version,
1: I apologized several times in my forum and in this one for everything negative I ever said about ET. I'll do that again this weekend, for good measure :>)
A lot of people, all complete strangers have written many <i>ass umptions</i> about me in various threads but only one has ever offered a retraction or apology anywhere. That lone exception is <b>Rennick</b>, and it showed a lot of class on his part.
When I'm wrong, I apologize quickly and completely. That's what men and women of character are supposed to do.
2: The other methods I bashed were $5,000 package purchases that touted scalping the ES for +2pts using a -2pt or -2.25pt stop, or scaling into ever-increasing positions as the market moved against you.
The premise taught there (for $5,000 +$400 per month on-going)was risk -6 to -8pts hanging in for +2pts when the market finally turns. That obviously distastrous illogic killed a ton of neophyte traders, many whom emails I still have as proof. I spoke out about that, and I still would do the same. Wouldn't you?
3: I said Jesse Livermore may have been the finest person on earth, and I hope he is Heaven looking down upon us now. He may have supported widows and orphans all his life, I don't know. But this we do know: he blew out all of his accounts repeatedly and to the end, before shooting himself to death over the despair of failing as a trader.
Am I right or right? Do I have his legacy as a trader correct, or am I way off on his financial success as a trader?
Why then is he and his posthumous biography held in such high esteem as the gospel of trading? Would that be much different than the biography of Scott Norwood explaining the nuances of kicking field goals under pressure-packed situations?
My opinion of Livermore the trader remains the same: <b>as a trader</b> he sucked. He failed repeatedly and miserably. He took his own life, ended prematurely due directly to his personal failure as a trader. Very tragic, isn't it? What kind of role model for aspiring traders is that? Is that a trader's legacy anyone here aspires to?
4: I looked up what an Ergodic indicator is. Please tell the "someone you know" that I have not and never will use this tool for trading. They are wrong, please correct them if you would. I'm sure it is a fine oscillator, for traders who use them. We could build a viable method around it, I'm sure.
5: My purpose here in this forum is to offer solid advice, bits of experience and suggestions in constructive fashion. That's why I'm here. No reference on my part in this forum has ever been made to anything else. That's the way it will remain :>)
*
BTW... in respect of the topic for this thread, I believe $20,000.00 is plenty enough capital for a skilled emini trader to build an empire with, in methodical fashion over time. $10k would probably work for most who are experienced, disciplined & skilled, $20k for sure. That said, $5mil is not enough for any trader who lacks experience, discipline and skill... the result will still be inevitable failure.
Have an excellent weekend!
Austin P
1: I apologized several times in my forum and in this one for everything negative I ever said about ET. I'll do that again this weekend, for good measure :>)
A lot of people, all complete strangers have written many <i>ass umptions</i> about me in various threads but only one has ever offered a retraction or apology anywhere. That lone exception is <b>Rennick</b>, and it showed a lot of class on his part.
When I'm wrong, I apologize quickly and completely. That's what men and women of character are supposed to do.
2: The other methods I bashed were $5,000 package purchases that touted scalping the ES for +2pts using a -2pt or -2.25pt stop, or scaling into ever-increasing positions as the market moved against you.
The premise taught there (for $5,000 +$400 per month on-going)was risk -6 to -8pts hanging in for +2pts when the market finally turns. That obviously distastrous illogic killed a ton of neophyte traders, many whom emails I still have as proof. I spoke out about that, and I still would do the same. Wouldn't you?
3: I said Jesse Livermore may have been the finest person on earth, and I hope he is Heaven looking down upon us now. He may have supported widows and orphans all his life, I don't know. But this we do know: he blew out all of his accounts repeatedly and to the end, before shooting himself to death over the despair of failing as a trader.
Am I right or right? Do I have his legacy as a trader correct, or am I way off on his financial success as a trader?
Why then is he and his posthumous biography held in such high esteem as the gospel of trading? Would that be much different than the biography of Scott Norwood explaining the nuances of kicking field goals under pressure-packed situations?
My opinion of Livermore the trader remains the same: <b>as a trader</b> he sucked. He failed repeatedly and miserably. He took his own life, ended prematurely due directly to his personal failure as a trader. Very tragic, isn't it? What kind of role model for aspiring traders is that? Is that a trader's legacy anyone here aspires to?
4: I looked up what an Ergodic indicator is. Please tell the "someone you know" that I have not and never will use this tool for trading. They are wrong, please correct them if you would. I'm sure it is a fine oscillator, for traders who use them. We could build a viable method around it, I'm sure.
5: My purpose here in this forum is to offer solid advice, bits of experience and suggestions in constructive fashion. That's why I'm here. No reference on my part in this forum has ever been made to anything else. That's the way it will remain :>)
*
BTW... in respect of the topic for this thread, I believe $20,000.00 is plenty enough capital for a skilled emini trader to build an empire with, in methodical fashion over time. $10k would probably work for most who are experienced, disciplined & skilled, $20k for sure. That said, $5mil is not enough for any trader who lacks experience, discipline and skill... the result will still be inevitable failure.
Have an excellent weekend!
Austin P
