Wednesday, July 31, 2013

 
Jesse Livermore had a similar experience some 70 years ago. This is how he described it:
‘I was at a dinner party one evening and was seated next to a man who had heard that I was in Wall Street. Ar one point in the conversation, he asked if I could tell him how one could make some quick money in stocks. Without answering the question, I asked what business he was in, and he said that he was a surgeon. I then asked if he could tell me how one could make some quick money in surgery.’
 
So the next time you attend some seminar asking you to sign up and be a professional trader on whatever exchange, make sure one is prepared for the possible benefits vis the RISKS.

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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