Forex Trading - View Single Post

MiniMe · #4 (**permalink**) 02-09-2008, 02:27 AM

Quote:

Originally Posted by Bongo

Hi All,
Forex vs Poker?
This is my question.
What is the different?
Bongo

I will qoute a friend "Project1972" who qouted Larry Williams

The Farmer, the Gambler, and the Speculator.

There are only three or four rules to follow. But .........you and me we overdo the game........and end up pouring money in, good after bad.

How come? What can we do about it ? At last weekend's seminar in Florida Jake Bernstein shared a very telling story. It goes like this:

Several years ago Jake was speaking to a brokerage firm gathering of farmers, ranchers and a few speculators. After his speech he was asked if he'd like to meet the one customer who made money. they said he wasn't very bright, but made money. Always.

The old farmer and Jake hit it off pretty well, so the gent asked Jake if he'd like to learn his system "Sure," Jake replied. "I'd like to see what you do."

With that, the crusty, aged trader opened up his chart of Pork Bellies and brought out a pendulum on a string....held it over the belly chart and advise Jake "If it swings up and Down on the page, I buy 'em...........if it swing cross ways I sell 'em. There it is, Jake, Now ya seen my system."

Jake stepped back, thought for a minute, and then asked, "That's all, there's nothing else to it ?"

"Mmmm," mumbled the market wizard. "There is one other thing, but it don't mean much, I think. If I got a loss at the end of the day, I get out of them things."

I mulled over this wisdom on the delayed flight home (a bomb threat forced us to switch to another airline) and while driving up I-5 listening to Country Western music a 1:15 AM heard-I mean really heard- Kenny Rogers' song "The Gambler" It struck me that everyone else has focused on his words, "Know when to hold them, know when to fold them"....but the real message I heard was in the refrain, "You gotta know what to throw away, know what to keep."

That dumb old farmer must have written Kenny's song. A gambler knows what to throw away....bad cards. Traders might want to listen to the farmer's and the gambler's work the next time they want to play speculator.""