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Gary,
I too, found the book severely wanting when I first read it.
The points you made below are exactly the ones I made when reading it - so I
won't repeat them.
However, on a day when I was getting beaten up, I tried it and was amazed to
find it worked.
Obviously, this was my interpretation of it which is similar to what Bill
wrote yesterday.
Otherwise, taken literally, you would be trading every change of tick - what
is that? 30,000 trades/day or so?
Even if it was possible it wouldn't be very profitable.
I developed a method/system that is so simple, it's embarrassing.
Then again, I need something that simple to stop me from having too many
opportunities to get in my own way.
As Bill said, execution is the key.
In a way, we all operate a 'switch' anyway. It's just that some are the
result of very complex calculations, others less so.
I'm not too good at the Zen thing.
I doubt the family would ever let me spend a minute a day in the lotus
position, let alone an hour.
Blinking for too long usually has my wife pointing at the lawn mower with
the words "Well if you're not doing anything". :-)
Rgds,
Kim
----- Original Message -----
From: "Gary Fritz" <fritz@xxxxxxxx>
To: "Bill Wynne" <tradewynne@xxxxxxxxxxx>
Cc: "Omega-List" <omega-list@xxxxxxxxxx>
Sent: Wednesday, April 17, 2002 9:28 PM
Subject: Re: Under financed trader seeking solutions to trigger pulling
issue
> > >Toppel even thinks looking at charts focuses too much on the past.
> > >You should "focus on the here and now and listen to the voice of the
> > >market."
> >
> > Hmmm....I didn't look at it that way. I agree it was sort of
> > "be here now," but I took from it that, whatever your method was,
> > you should be focused on executing *this* trade and not letting
> > yourself be effected by what happened on the last trade(s), or
> > the news, or whatever.
>
> Yes, that too, but he says you should focus on the present moment to
> the *exclusion* of all else, including history. Some quotes:
>
> "Charts are total gibberish. They have no validity. They are simply
> history..." p. 19.
>
> "As long as the market is rising, it is safe to buy into it. ... How
> do you know if a market is rising? Simple! Look at the last sale.
> Is it higher or lower than the previous sale? If it is higher, it
> must be going up." (Well, duh.) "Yes, it may go down again, but we
> do not know that. Remember, all we are concerned about is what is
> happening in the present moment. That's all that counts." p. 48.
>
> Buying any arbitrary uptick, with no knowledge of past market path,
> seems suicidal to me. Especially if you have no better exit strategy
> than "sell when it goes down."
>
> He does offer some useful concrete advice, but it's mostly trite
> truisms: don't add to a loser, let profits run, cut losses fast, the
> usual stuff. The meditation &etc suggestions are more helpful IMHO.
>
> > For example, the Zen of OddBall <VBG>....:
> > "If stocks go up then buy;
> > If stocks go down then sell;"
>
> Or the Zen of Will Rogers:
> "Buy stocks that go up.
> If they don't go up, don't buy them."
>
> :-)
> Gary
>
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