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Pastimes : Thunder Dome
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To: wlheatmoon who wrote (157)8/9/2000 10:58:30 PM
From: Monty Lenard  Read Replies (3) of 335
 
I read all the books about and by Jessie Livermore. Really a lot of wisdom in Reminiscence of a Stock Operator.

Most would say that it does not apply in todays markets but they are wrong.

My own experience is that I if I start looking at how much money I am making or losing on a trade while I am in it, I forget about what is really happening with the stock from a tape and chart standpoint. I trade 99% technical and 1% fundamental. Hell we all know fundamentals don't count anymore anyway. Plus the chart is the money trail. Talk is cheap. I want to see if the crooks are putting their money where their mouth is and the only way I can tell that is by looking at a chart. The chart tells everything...it does not LIE. It even tells me what news is out there that has not been made public yet. Like I can look at a chart of a stock that has been killed and tell you that in a day or two the analysts will tell us it should be downgraded or one that is about to set a new high will be upgraded. :-))

Now one of my favorite quotes of Livermores is this

"Of course, if a man is both wise and lucky, he will not make the same mistake twice. But he will make any one of the ten thousand brothers and cousins of the original. The MISTAKE family is so large that there is always one of them around when you want to see what you can do in the fool-play line."

Monty
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