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Strategies & Market Trends : A.I.M Users Group Bulletin Board
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To: Bernie Goldberg who wrote (15154)3/8/2001 8:37:27 AM
From: rgammon  Read Replies (2) of 18929
 
Bernie said:
"I get the feeling from you, that you might do it monthly at the outset. Change to weekly if it looks like the stock is going to rocket up. And perhaps change to daily or hourly depending upon some magical criteria that you haven't even decided on yourself yet. I don't believe that this is what Mr. Lichello had in mind!"

It is useful to recall the information environment in which he wrote the original text, and most of the subsequent revisions. When he wrote the original text, the only way for most of us to get intra-day quotes on stocks was to call our broker, or sit in the bullpen at the brokerage watching the ticker. By the time the latest revision was made, many of us had access to delayed quotes on Internet (by the early 90s). The environment of the 60s and 70s for stock trading and computing HEAVILY colored his thinking and writing about AIM.

GTC limit orders that get examined in the evening after work, or in the morning before work, resetting them as needed, appears to be a perfectly acceptable adaptation of Lichello's ideas. I refuse to believe that Lichello shied away from more frequent monitoring because of mathematics. To make the idea palatable for his audience at the time, it had to be a ultra low maintenance system. Once a month for about an hour seems to have been a compromise that would appeal to the broadest possible audience. Remember, in the 1970s, direct stock investments were regarded as EXTREMELY risky by most of Americans. There is still a sizeable fraction of the population that still believes this.
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