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Strategies & Market Trends : DAYTRADING Fundamentals
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To: TraderAlan who wrote (44)6/6/1999 11:22:00 AM
From: sherry  Read Replies (1) of 18137
 
Alan...Totally agree with you. Lefevre's book "Reminiscences of a Stock Operator" is excellent. Very entertaining and delightful reading! As I read further in the book, I see that he does elaborate some on the art of "reading the tape".

The book is full of interesting observations and pearls of wisdom scattered throughout. One that I enjoyed: "The average American is from Missouri everywhere and at all times except when he goes to the brokers' offices ... He will risk half his fortune in the stock market with less reflection than he devotes to the selection of a medium-priced automobile."

Also liked what he said about how the speculator must reverse natural impulses of hoping and fearing from the manner in which the average person exercises those impulses. The speculator must fear that losses do not become much bigger (rather than hope them away) and the speculator must hope that his profits grow (rather than being fearful that the market will take them away).

Still have half the book left to read but highly recommend it.

BTW, I agree with you on L2. I cancelled my L2 last week. In my opinion, those that are successful with it are the same ones who were successful at PacMan and Foosball -- I'm dating myself -- which require speed and dexterity and not necessarily trading acumen. Never was good at PacMan or Foosball myself ...

Sherry
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