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Strategies & Market Trends : Trade What You See, Not What You Think
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To: Threei who started this subject11/4/2000 12:29:53 PM
From: LemonFlavor  Read Replies (1) of 867
 
I'm reading Reminiscences of a Stock Operator for the second time. There is a good section on tape reading starting on page 121 that is hitting home to me much more now than the first time I read it. This is along the lines of what Vadym is writing about in more detail and applying to our market with our tools. There are many quotable quotes in this section of the book (as there are in the whole book). One of my favorites that is really hitting home to me now which Vadym just also wrote about:

"In a narrow market, when prices are not getting anywhere to speak of but move within a narrow range, there is no sense in trying to anticipate what the next big movement is going to be--up or down. The thing to do is to watch the market, read the tape to determine the limits of the get-nowhere prices, and make up your mind that you will not take an interest until the price breaks through the limit in either direction."

I noticed in the chat room yesterday there were not as many trades called, probably because of the narrow range and limited movement yesterday. I made a few paper trades where I was just guessing and hoping the stocks would move where I thought it would and ended up just stopping out, usually guessing wrong. The stocks that moved (sick puppies to the downside) were the ones I "made" money on. A very good lesson for me.
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