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I'm sure that I will never make a bigger contribution to this thread (and to
this list) than to strongly recommend the following books by Jack Schwager:
- The Market Wizards
- The New Market Wizards
- Schwager on Futures: Technical Analysis
For a little more than a hundred bucks, you get the wisdom of world class
traders (in the wizards series) and Schwager's textbook on Charting and
Trading. The wizards series books consist of interviews with 40-50 world
class traders. It's an awesome experience to read both of them over a two
week period. The textbook on Technical Analysis is clearly based on the
theoretical but has an amazing amount of practical advice on specific
trading contexts. (I only do stocks and options but still think its
extremely useful.)
There, it's done. I've made the most important contribution to the list
that I'll ever make. :-)
Steven Buss
Walnut Creek, CA
sbuss@xxxxxxxxxxx
-----Original Message-----
From: Richard Estes <restes@xxxxxxxxx>
To: Harley D Meyer <Harley.D.Meyer-2@xxxxxxxxxx>
Cc: metastock-list@xxxxxxxxxxxxx <metastock-list@xxxxxxxxxxxxx>
Date: Thursday, October 23, 1997 5:32 AM
Subject: Re: Trading....
>"every stock that I have held has moved higher in price. I kid you not.
But
>I lost money on 90%
>of them. I would get scared jump out and give them my money."
>
>"I knew it could move against me. In fact all my indicators said go long
at
>this point. I'll wait I thought. "
>
>"I am trying to keep a position in at all times be it right or wrong. Then
>trading in & out as my indicators tell me."
>
>"I guess because I am still scared is why I am leaning toward this
>strategy."
>
>Harley, Thanks for the naked truth. I am not criticizing but suggesting you
>review your "strategy". If it works, miracles still happen. Can't believe
>you will find a successful trader agreeing with your plan. You are lucky,
>you didn't get hurt.
>
>Don't average down. Don't go against your indicators. Don't "MAKE" a trade
>work. Don't run scared.
>
>Do set up an entry based on indicators. Do have a planned exit if trade
goes
>against you. Stay with trade until indicators say get out. You should be
>using a system or plan that provides you with entry and exit based on your
>mindset (what you will risk, what you want from trade). Do pay low
>commissions.
>
>Richard Estes
>-----Original Message-----
>From: Harley Meyer <Harley.D.Meyer-2@xxxxxxxxxx>
>To: leokarl@xxxxxxxxxxx <leokarl@xxxxxxxxxxx>
>Cc: metastock-list@xxxxxxxxxxxxx <metastock-list@xxxxxxxxxxxxx>;
>randy@xxxxxxxxxxxxxxxx <randy@xxxxxxxxxxxxxxxx>
>Date: Wednesday, October 22, 1997 9:41 PM
>Subject: Re: Trading....
>
>
>>Leo,
>>
>>You can tell who's behind in their email. But I enjoyed this thread a
great
>>deal.
>>
>>I myself have picked some winners. If I am not mistaken almost every stock
>that
>>I have held has moved higher in price. I kid you not. But I lost money on
>90%
>>of them. I would get scared jump out and give them my money.
>>
>>I am now trying a new strategy. And I am thinking that there is a stategy
>that
>>one needs to employee when a stock moves against you. This works well when
>>going short but here is a recent example.
>>
>>I went short on ONSL at 28 3/4. I knew it could move against me. In fact
>all my
>>indicators said go long at this point. I'll wait I thought. The price
>marched
>>to 35 in a coupe of days. I was scared. Thought it would go to $40. On the
>way
>>down I took another postion at 33. So my average cost was 31. I was
>prepared to
>>average at 40 if i had too. No sleep & analysis paralysis was the norm.
>>
>>The price dropped to 28 a few days later intraday. I could of covered for
a
>>nice gain. But I waited. I said I was going to ride this out for a month.
>Wait
>>for it to drop to 20.
>>
>>Well it moved against me again & I didn't want to go through the no-sleep
>again
>>so I covered at 30 1/4 for a small gain. If I would of waited another hour
>I
>>could of covered at 28 3/8. Feel like a loser. No because I won. I said
>come
>>hell or high water I was going to make this trade work. I had to go the
>wife
>>and we had to add some money to the account. You know how that can come
>off.
>>
>>I also had fun. So I took another position at 28 3/4 again. Two days later
>>(Tuesday) covered for about a $50 gain.
>>
>>Tuesday at the end of the day I took another short position the day before
>>earnings. Shoot the thing was in line w/ estimates & went up as high as 2
>>bucks. Then low and behold about 45 minutes before the market was closed
it
>was
>>down 1/4 of a point. It closed up 3/8. I have to laugh. Tommorrow
>(Thursday) it
>>might roar up to 50 for all I know, but for now I choose to play the game
>to
>>keep from losing money.
>>
>>>
>>We all know that most stocks oscillate. So the risk of working a security
>so
>>that one can try to avoid a loss is reasonable. Nothing else if I fail the
>>trade is net net close to break even. With commisions of $10s it's worth a
>try.
>>
>>I guess because I am still scared is why I am leaning toward this
strategy.
>>I ordered the forms today.
>>
>>
>>Harley Meyer
>>meyer093@xxxxxxxxxx
>>
>>
>
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