Go to Jeff Salisbury LWGate Home Page.From: Randy Barnes <rbarnes@mindspring.com>
Subject: Re: Re: Investing
Date: Wed, 02 Sep 1998 11:30:11 -0400
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> > Date: Mon, 31 Aug 1998 00:31:06 EDT > From: "Michael Kurela" <mkurela@hotmail.com> > Subject: Re: Investing > > >Date: Wed, 26 Aug 1998 23:15:29 -0400 > >From: "Steve Foulks" <steve_foulks@up.bresnan.net> > >Subject: Re: Investing > > Stock markets are efficient ONLY in the broadest sense of the terms. Michael, Steve, and others, What a great dialog. Thanks for sharing your views, and thanks especially for the depth of your discussion. I find validity in both your posts and agree completely with both of you on many aspects of your arguments, given the proper contexts and situations. Many people can and do make a fine living my trading the short term inefficiencies in the markets. The last month has been especially good for traders. More have probably been wiped out. I have studied the markets academically, and as a hobby, since 1982, and hope to someday sit on my butt and successfully trade my own account for my livelihood. As a word of warning to many on the list that think this way of trading is a road to riches, please realize that most people that pursue trading as a career end up far worse off than they were before. I takes a great deal of money to get started, and under capitalization is probably the top reason for failure. (Or second, right behind greed, and just ahead of inexperience.) The SOES (level II) trading offices that are opening on every corner these days are the perfect place to see this activity in action. Within 2 weeks of opening accounts 80% of the traders are history. It takes a long time and deep pockets to become an effective trader and is definitely a full time career. For those that succeed the rewards are great, but the markets are very efficient at devouring the weak. Watch your back, front, and sides. Most of us are far better advised to make regular investments into index funds, SPYders, or simple index-beating strategies and letting the EFFICIENCIES of the market and the magic of TIME do their thing. A young person with a little discipline can pack away a 7 figure nest egg without winning the lottery or attempting a career of a market trader. Best wishes to all you traders and investors alike. - -Randy - -
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