DAYTRADING Fundamentals Message Board

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Strategies & Market Trends : DAYTRADING Fundamentals

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To: Cormac who wrote (7340)	3/12/2000 6:21:00 PM
From: ahhaha	Read Replies (1) of 18137

Livermore wasn't so interested in making money as he was interested in being the best. This often is the case for any professional once they have achieved enough success. In athletics it may be the only reason these old stars go on even unto embarrassing themselves and us. The reason why I claim he was the best is that he avoided publicity and it isn't recorded that he ever made any claims about his own success or how much money he had. Also, he made many attempts to help others to reach their stock market goals without seeking anything in return including recognition. It isn't possible to establish who is on top because money is no measure since right judgement under uncertainty is the product of risk and return. That may mean apparent under performing is the prudent or optimal continuation. That may mean that carrying big cash at certain times and so realizing a lower return is the best move. Who rewards anyone when the market opens up down 2000 points and someone has big cash? No one rewards you for preservation of capital. Using the theory of contrary opinion you can quickly reach the conclusion that preservation of capital is the most important operating premise.

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