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Technology Stocks : America On-Line (AOL)
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To: Steve Robinett who wrote (31255)9/22/1999 5:52:00 AM
From: Teresa Lo  Read Replies (4) of 41369
 
Well, us "TA" types aren't supposed to call tops or bottoms because if one tries, then one will end up buying high and selling low like the masses always do. The only thing I need to do to keep making money is not buy at the top and not hold the bag or initiate short positions at the bottom. The trend is my profit and keeps me in those nice Gucci shoes ;-)

And excerpt from an essay I wrote:

"Armed with the definition of uptrend and downtrend Oleman said that in his trading he would buy every dip on the way up and be wrong once at the top, whereupon prices would fail to make a higher high. And on a downtrend, he would sell every rally and be wrong once at the bottom when it would fail to make a lower low. How much simpler could it be? It sure beat what I had seen being done by the desk traders and retail clients all around me, namely, buying every lower low trying to catch the bottom and then shorting each higher high to try to get a top. These people were trading their egos. I thought it would be a good idea to just trade like Forrest Gump and make money instead. I did not press him further for he had parted with a real gem. He did say something about using Average True Range. I did not think it was right for me to ask for more handouts. It was time for me to find a way to employ this fundamental truth. The secret was so simple and so correct. I had indeed missed the "Forrest" by getting too close to the trees.

From intelligentspeculator.com
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