June 20, 2002I'm going to use this space to update where my thinking is these days, as a supplement to my recent posts. I started Maria Nemeth's book The Energy of Money a couple of months ago, saw its potential, but wasn't feeling its need, but that has changed due some squabbles on the message board I unfortunately let myself get involved in. The downside is it distracted my attention from markets. The upside is that it is drawing me back to larger goals, namely becoming a professional trader in the sense of supporting myself entirely by my own ideas and efforts. I've flirted with the possibility before but was too scared to attempt it. But if I call other people Chicken Littles for investing in CD's, don't I fall into the same category with respect to instruments I avoid? If I'm not willing to learn how to manage the risks of any instrument out there, then I'm a Chicken Little myself. If that's what I am, then that's what I am, but I'm not going to excuse away an opportunity to challenge myself and argue that I can't and shouldn't attempt to trade professionally, even in view of the 90-95% failure rate. If I'm going to fail, I'm going to fail and know why. As one of my adopted mentors writes: There is nothing like losing all you have in the world for teaching you what not to do. And when you know what not to do in order not to lose money, you begin to learn what to do in order to win. Did you get that? You begin to learn! (Reminiscences, p.58) I don't expect to lose all, because professional traders manage their risks and keep themselves in the game, but the possiblity no longer scares me, which is very liberating. I can think about each trade on its own merits and in its entirety, not just about possible adverse consequences. In keeping with that plan I'm pulling the plug on any further involvement with this message board, but I am sincerely grateful to each member for all the feedback you have given me over the past couple of months. All of it has been invaluable, whether I agreed or not, liked it or not. Feathers and flattery don't make a fighter and winner, but the tough stretches and long pulls, the blisters and the bruises. You've provided me with that and I thank you. Trade well, as you own paths direct you, Charlie
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