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Robert Pisani wrote:
>
> I revise this about once a year, adding a few sentences or a paragraph or
> two here and there based upon my recent observations, and send it out.
> It's time again.
>
> TRADE SECRETS
>
> No one in the market is knowingly giving away money. Like an ordinary
> poker game, trading is a zero-sum business,
Not true. Stock trading is not zero sum. Even futures trading is not necessarily zero sum
since the other side of my trade may be a hedger or a speculator that may be out of the trade
on the next tick. Do you think HE cares what MY payoff is? No. He cares what the MARKET is
doing. And so do I. I what the market to go MY way.
<snip>
> The S&P and several other markets that I trade are steadily degrading,
> which is to say becoming more efficient. I have made measurements that
> demonstrate this clearly to me.
How do you measure this?
<snip>
Regards,
Bill Vedder
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