Here is Part 2 of a sampling of the letters he received. Trading and investing are two different animals.
Most investors are terrible traders and vice- versa.
Most traders blow out at least once. That is the ego lesson, and usually learned after some success that has hyperinflated an already overblown ego that believes one single individual can be smarter and faster than the insiders on the Street. Trading is not something that can be learned in school, and it is my experience that the best traders usually dropped out or graduated as English majors. Overtrading is easy to do with all the noise created by the talking heads and ads these days. I currently invest online, and I have lost a few trades because I thought I knew what I was doing.