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At 08:46 AM 30/09/2003, you wrote:
>hello,
>>> snip <<<
>But I have not found any grail in Darvas...
>>> snip <<<
Why the current interest in Darvas? He operated in the 1950's when
personal computers were unknown. As a dancer he was constantly travelling,
often in the Far East, living out of hotel rooms, getting daily updates
from his broker by cable which he sometimes had to retrieve from an embassy
in handwritten form. His subscription to Barron's usually reached him four
days late. He selected volatile issues which stair-stepped up. His
"boxes" were written notations of support and resistance levels at each
step. He placed buy orders above them and stop-loss orders below them - a
simple break-out system. I believe the original Larry Williams system was
similar. Darvas was highly leveraged, took great risk and went through an
emotional wringer. Those who succeed get to write a book about "How I Made
a Million Dollars Before Breakfast"; those who fail are never heard from.
The book "How I Made $2,000,000 in the Stock Market" is more useful for
Darvas's frank account of his mistakes and what he learned than for this
system. Darvas also kept a trading journal, something that Mark Boucher
notes as one of the characteristics of almost all of the great traders.
HHP
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