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Politics : High Tolerance Plasticity
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To: Gottfried who wrote (19903)7/17/2003 11:58:58 AM
From: chowder  Read Replies (3) of 23153
 
Gottfried,

I read the ratings too. Most people aren't willing to pay the price to make the changes that will help them succeed. You probably know that already. The book isn't the magic key to riches. It only confirms what I have been learning and experiencing the past year or so.

If you read Investors Business Daily, William O'Neill's CANSLIM system is the system that your top professional traders use. I've been aware of this system for about 5 years but, I never gave it any weight. I was always sold on the buy low, sell high theory. What a bunch of BS that theory is when one understands the DYNAMICS of the market, not to mention understanding overhead supply and those who worry about price as opposed to price movement.

I've read a tremendous number of books over the last couple of years. Most people, based on what I've read, are interested in how to pick stocks. It took me a while but, I know that's not the key to success. The key to success is having a good understanding of the psychology of the market and how I fit into that. Anybody can pick a stock. It's what you do with that stock once you own it! Both on the profit and loss side.

I spent most of my adult life in sales. I didn't become a good salesman until I learned how other successful salesman handled the psychology of selling and the psychology of winning. We were all taught the same sales techniques yet, the results weren't the same. When I took different things from each salesperson I worked with and assimilated into my style of selling, I then was able to establish many sales records.

I'm using this same concept by studying what works for the most successful traders. They do things differently than what we do. Change is tough. Most people won't change because of the discomfort and fear of the unknown.

The book isn't the magic ingredient to success. The magic ingredient is how we take what works for them and make it work for us. In most cases, that will require some change on our part.

dabum
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