Wednesday, June 05, 2013

I notice a lot of impressionable traders, dealers suffer from what is termed "guruitis". This is where, after having a bad time in the markets or not having things go their way, look to a "guru", usually  someone they see as making money. They mistakenly think the guru has a secret formula or some secret method that can make them successful at trading. Trading is not about having a guru to follow, but about looking inwards at oneself, examining one's strength and weaknesses to overcome the dark forces of fear and greed, the bane of all traders...

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"There is the plain fool who does the wrong thing at all times anywhere, but there is the Wall Street fool who thinks he must trade all the time."J Livermore Manchester City FCl Crude Palm Oil

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From Dragons and Bulls by Stanley Kroll
Introduction and Foreword
The Importance of an Investment Strategy
5 The Art of War, by Sun Tau (circa 506 BC) and The Art of Trading Success (circa AD 1994)
That's the way you want to bet
Long-term v Short term trading
Technicals v Fundamentals
Perception v Reality
Part 1: Winners and Losers
Part 2: Winners and Losers
Sun Tzu: The Art of War
Those who tell don't know, those who know don't tell
Why there is no such thing as a "bad market"
The Secret to Trading Success
The Experts, do they know better?
Risk control and money management
Larry Hite: The Billion Dollar fund Manager
Systems Trading:Kroll's Suggested Method
Buy the Strength Sell the Weakness
Good advice
The 'good bets' business by Larry Hite
Don't lose your shirt
Ed Sykota's secret trend trading system