Feedback in today:
“I had the pleasure of watching the Salem Abraham DVD yesterday. First, I have to thank Michael for putting this together. I think some people (including me) think of these great traders as having something no one else has, something that allows them to be as successful as they are. Maybe they grew up with the proverbial silver spoon in their mouths, and/or blessed with a certain type of intelligence and ability that can’t be learned or attained. After reading Michael’s two books we know they are just like anybody else. The one thing that separates them from the rest of the investing public is passion for what they do and the desire to make it work. Several things in this DVD will leave a lasting impression on me. First, when Abraham talked about some of the lessons his grandfather taught him; specifically, “Don’t look for good deals, look for great deals.” And he followed that up with “…a person only needs a few great deals to make a lot of money.” This summed up what trend following is all about. Look to hit the home run, not singles and doubles. Second, Michael asked him to suppose his son decided to play the lottery and roulette in Vegas all summer long. How would you address this? Abraham spoke about calculating the odds of whatever you do. If the odds are not on your side, don’t do it. Third, one learns after listening to Abraham that risk management is at the forefront of all of his trading decisions. You can have a system that wins 99% of the time, but if you bet the ranch every time, you will go broke. But the best lesson that I learned was in listening to him talk about his days at Notre Dame and on to working for the family business. His thoughts like “What am I going to do to make a living” were thoughts I’m sure everyone goes through. Thanks again Michael.