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Essan Soobraty wrote:
>The way I handle the media is:
>(1) Fade Jim Rogers when he mutters anything on CNBC
>(2) Never read the WSJ unless its 2 days old.
It never ceases to amaze me how destructive an influence the tug of
the media upon the psyche can be. The best answer for me has been to not
read or watch them at all. The cost of the "advice" and distraction from
a technical plan was far greater than the cost of the subscriptions.
Not long after I started trading, a salesman called and tried to
get me to subscribe to WSJ. I made the mistake of telling him I was a
relatively new trader. He suddenly switched to a hushed, conspiratorial
tone, confided that he used to work "On Wallstreet", and, as if inviting
me to join an elite inner circle, he shared his most precious secret.
The secret he shared with me was this:
"Reading the WSJ before open is the single most vital part of a
successful trading strategy."
My response to him, in equally hushed tones reflecting suitable awe
was "And now you're a paperboy?". <g>
Darrin Vernier
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