Our next Waikato Technical Analysts meeting will be Thursday 17 May, 7.15pm for 7.30 start as usual. $5 cover charge. The Morrinsville venue 2007 is the Morrinsville Community House Masonic Wing (at the rear of the main building) and opposite the Council car park, Canada St West. For those coming from Hamilton on Thames St, turn left at the ANZ Bank, and for those coming from Thames/Te Aroha turn right after the Caltex Service Station.
Please let me know by reply that you will be coming or not if you haven’t already done so.
We begin the meeting with an overview of the markets and general discussion on the current trading environment, global expansion, the local market M&A activity and the continuing possibility of US recession, then…
We continue our collective insights to the opportunities, threats and disciplines we could be attentive to in this 2007 trading year.
TOPIC THIS MONTH: RISK
THOUGHT FOR THE MONTH.
Dr Alexander Elder, in his Trading for a Living popularised his belief the successful trading is based on three M’s: Mind, Method and Money. In the 10 years or so since that publication hit the bookshelves many traders have looked at their own trading behaviour and have used Dr Elder’s ideas to modify their way of thinking about what they do, their trading strategies and their money management.
Over recent times the access to information, charting packages and platforms, and technology generally, has made the markets accessible for a wide range of traders. Gurus like Van Tharp and Brett Steenbarger have examined and popularised essential success factors for aspiring traders. There is, however, a consistently disturbing view expressed that the majority of aspiring traders a spectacularly unsuccessful.
You won’t go too far into any trading promotional material without finding a disclaimer that trading can be dangerous to your financial health and past results are no guarantee of future success. None of which stops brokers, promoters and sellers of various technical aids, and others, from attempting to convince prospective punters that they can trade their way to riches by means of their proprietary material.
Some traders do indeed become successful and are beacons of hope to those wanting what seems a quick buck and a time rich lifestyle. Many have become overnight successes after years of dedicated effort. And there are others who have reached dizzy heights from which they have crashed.
Indeed it’s a risky business.
Like Dr Elder suggests you do have to put your mind to the work, you do have to have a way to do the work and you certainly do have to manage the money bags with care and attention. How you do each of these things and how you integrate them for success is the challenge!
Life is a risk and subject to random events of disaster. The risk of trading lies in the possibility and probability of things not turning out as you expect and you lose!
Risk comes from not knowing what you’re doing >>> Warren Buffet
Successful trading!I hope to see you at the meeting.
Cheers and profits