Ed Mamula.com

Well, the Cable isn’t waiting for the Fed…GBP/USD was up sharply overnight, and on the strength of a 10 lot trade in my personal Cable Glider Account that will close with a profit in excess of 100 pips ($10,000), I have met my first mini-goal on the liquid net worth scale.  For those of you playing along at home, I set these goals at the end of January 2007;  the first one was liquid net worth of $100,000.  I have met that goal as of today.  The next goal is $100,000 in my FX account…we’ll see how it goes! 

 This also marks a new equity peak in the Cable Glider account, and the second $10,000 + single trade profit.

Oh, and for the love of God, please don’t use my site to time entries in your own accounts!  I keep my current position in the “Snapshot” section of the sidebar, but I update this manually, and NOT in real time…I’m not running a signal service here.

A reader has informed me that it is possible to get the Turtle Rules for free;  apparently the download URL is shown before the $29.95 donation is made.  I don’t know if the author intended that or not, but in any case, it does appear to be an optional donation.

My system is NOT the Turtle System.  I think that the Turtle Rules are valuable because they get us thinking about a “complete” trading system.  Lots of traders think a “system” is a set of entry criteria…well, that’s just part of it, and perhaps the least important part!

On page 2 of the Turtle Rules, there is a section called “The Ugly Truth about the System Sellers” I don’t know the whole story;  they are making some references to people selling the Turtle System, and they have a problem with it.  I guess if some 3rd party were selling something called “Ed Mamula’s REAL ORIGINAL CABLE GLIDER” for $995, I’d be just a bit upset too! For this reason, I don’t intend to get any more specific about the Cable Glider other than what was posted when the blog was first launched in January.  My purpose here is not to sell the reader anything;  it’s only to document my own experience.

The reason why I recommend that every aspiring mechanical trader read Van Tharp’s “Trade Your Way to Financial Freedom” is because it gets us in the mindset of developing our OWN systems, systems that will work for us as individuals.  Once we mentally graduate from looking for a system to buy and use to looking at other systems for insight on how to enhance our own systems, I believe we’ve made a giant leap forward toward success.  Black box systems (ones that can be purchased but whose rules are unknown to the buyer) tend only to cause us frustration in the long run, because even if they are “successful”, we are ill-equipped to follow the rules.