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Strategies & Market Trends : Point and Figure Charting

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To: David N. Jones who wrote (3691)	6/15/1998 12:25:00 PM
From: David N. Jones	Read Replies (1) of 34811

OFF TOPIC - QUOTES PART 2 [TA QUOTE OF THE DAY] ------------------------------------------------------- Richard Wyckoff Part 3: On Profit and loss: Above all, don't waste time regretting losses or lost opportunities. The only value of a mistake is the lesson it may teach; the only thought you will give to your errors will be studying the reasons for them. Working the stock market requires the courage to lose money, but risking more than you can afford to lose will warp judgment. Equally destructive and ill-fated is an obsession with amassing a fortune overnight. Don't allow actual or potential success in the early stages of learning to invest lure you into trading too large a proportion of capital. Don 't get fixed on a certain amount of profit you hope to make on any commitment. The charts will indicate the possibilities. . .but the market situation can change in 24 hours." Patience equals greater profits. This is the patience to wait for opportunities to develop and to wait for clear signals from the charts. Don't be in a hurry to get into the market simply because you have surplus cash. [TA QUOTE OF THE DAY] Richard Wyckoff, on market presence: Being in the market at all times is not the key to profits. There are several clear signals that warn you to pull out of the market. The first is a technical warning--your analysis gives unclear, confused signals. The other two are emotional warnings--you notice yourself relying on "instinct" rather than research and you notice a growing or chronic indecisiveness about executing trades. If at any time, you find yourself powerless to move because you haven't the nerve to trade, make trades on paper until confidence returns. Staying out of the market is as much a strategic move as being in it. Never get the idea you must be in the market all the time. In fact, plan to go completely liquid at intervals to prevent yourself from going stale, and to keep a fresh, clear perspective. It is much better to make one commitment a month that realizes a profit than to trade every day and show a net loss. [TA QUOTE OF THE DAY] ================================================== Richard Wyckoff on short selling: Selling short is not as easy for most people as trading on the long side. But the biggest and quickest money is on the short side. Trade on paper until you can sell short as easily as go long. A trader who can only operate on one side of the market is only half a trader. He sees everything through the eyes of a bull. He thinks everything is always going up. He never can see money on the short side.

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