Comment on Article # 02

Being 4 years involve in future trading, I experienced both success and failure in manage money. I know that my experience is far too few compare to others who have been "ages" lurking around in the exchange... but like an old saying says that we are always in the learning phase...

Speaking of learning, I came a cross to day to another Joe Ross' (www.tradingeducators.com) article at the www.tradejuice.com, it's about "Manage Money"...
According to Joe, there are at least four categories of traders who attempt to manage money. There are probably other categories, but these are the the most common:

1. Those who successfully manage money for others but cannot manage their own account with any great degree of success because they are too careful with their own money, while they are more daring with the money of others.

2. Those who successfully manage money for others but cannot manage their own account with any great degree of success because they are too daring with their own money, while they are more careful with the money of others.

3. Those who successfully manage their own money but fail with managed money because they are too careful when managing money for others.

4. Those who successfully manage their own money but fail with managed money because they are too daring when managing money for others.

He also concluded that among these categories, none who successfully traded both managed accounts and their own accounts. There are some warnings and cautions that can be concluded.

To those of you who want to have your money managed, be aware that the individual success of any trader trading his/her own money is no guarantee that that person can successfully manage the money of others. It would seem to bear out the reality of placing managed money with a proven successful trader of managed money.

To those of you who want to manage money for others, be aware that successfully trading your own account is no guarantee that you will be able to successfully trade the account of other persons.

Failure in either of these situations is painful for all concerned! In fact, the pain can be so great as to prematurely end the trading hopes of either party.

Be very careful, because in both of these situations the result can be great personal pain. The pain may be both physical and mental, and can cause you to abort your trading career. I feel it is my duty to caution you about getting involved with managed money, whether you try to manage the money of others, or whether you want someone else to manage yours. The costs can be horrendous.

The responsibility of trading managed money can really wear you down. You may have to go for years without a vacation. You find yourself working late into the night, and working a significant portion of the weekends.

All work and no play is not a good thing for your trading career.

As I have experienced, managing money can be hard and harsh (.. :) ), and come to my thoughts that it's better if we stick to one "category" as mentioned by Joe Ross than attempting to cross over to another one... meaning that if one can't overcome his own emotion than, just do what he best do.. or what ever :)