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I agree, lots of that didn't make sense to me, but I think
he's exaggerating to make his point. For me, one of the hardest
things about trading is the waiting between trades, and then
the need for instant action. It's difficult to get into the
flow. In hoop, when a shooter is "in the zone," they say he's
"unconscious." From what I've seen the best traders (assuming
they have a good method/system) share this quality: they just fire
away without a second thought when they get a signal. I wonder
if the qualities that make the best system developers (curiosity,
trying new things, tweaking this and that, ie., they think a lot) are
sometimes different from those of the best traders (don't think, just do
it). Obviously, you need a good method and the ability to trade it,
so I guess that's why great traders are rare birds.
BW
>From: "Gary Fritz" <fritz@xxxxxxxx>
>Reply-To: fritz@xxxxxxxx
>To: "Bill Wynne" <tradewynne@xxxxxxxxxxx>
>CC: Omega-List <omega-list@xxxxxxxxxx>
>Subject: Re: Under financed trader seeking solutions to trigger pulling
>issue
>Date: Wed, 17 Apr 2002 20:28:57 -0600
>
> > >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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