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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: marketbrief.com who wrote (2679)	8/12/1999 5:43:00 PM
From: dpl	Read Replies (4) \| Respond to of 18137

I thought everyone might get a kick out of this.It is from a 1910 book on tape reading.Day trading back then.It seems that the "rules" for trading never change. "The Tape Reader evolves himself into an automaton which takes note of a situation,weighs it,decides upon a course and gives an order.There is no quickening of pulse,no nerves,no hopes or fears.The result produces neither elation nor depression.There is equanimity before,during and after the trade." "To study Tape Reading "on paper" is one thing but to practice and become proficient in the art is quite another.Almost anyone can make money on imaginary trades,for those require no risk.The mind is free from strain which accompanies an actual situation;patience is unlimited." "It is best to commence trading in ten share lots so as to acquire genuine trading experience.To us it seems better to start at the bottom with ten shares.There is plenty of time in which to increase the unit if you are successful.If success is not eventually realized you will be many dollars better off." "The proportion of commercial failures to incompetence is about 60%.Call the former by its Wall Street cognomem-overtrading-and the percentage of stock market disasters would be about 90." "There is no sense in mincing words over this matter,nor holding out false hope to people who are looking for an easy,drop-a-penny-in-the-slot way of making money.Tape Reading is hard work." "The simon-pure Tape Reader does not care to carry stocks over night.The tape is then silent and he only knows what to do when it tells him." David