Thursday, November 27, 2014

Words of wisdom by WD Gann, quoted by George Kleinman:

"Gann actually felt that the tape (today we call it the quote screen) was there to fool traders.

"The tape moves in mysterious ways, the multitude to deceive" is the way he put it. Prices can look the weakest or strongest at the strongest or weakest times. Watching quotes all day causes you to change your mind constantly. Trade too often, and this increases your percentage of being wrong. If you get in wrong, the quotes tend to keep you in wrong longer than you should be because every tick your way renews your hopes. If you get in right and you watch the screen too closely, there will come a minor move against you that will shake you out. This move, in the long run, means nothing, and as a result, you will lose a good position."

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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