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Strategies & Market Trends : TATRADER GIZZARD STUDY--Stocks 12.00 or Less..... -- Ignore unavailable to you. Want to Upgrade?

To: lexi2004 who wrote (57976)	3/13/2007 1:14:07 AM
From: bumblin bob	Respond to of 59879

I don't think I explained myself well in the last post, and I apologize. (IMO) He was such a success because he was willing to bet everything on his decision, but his failures were caused by this same quality. Had he been cautious with his money, he might have done well, but we wouldn't be talking about him years after his death. His observations about price movement are simple to understand (but not always easy to implement) and as true today as they were then, because they reflect human behavior. One of my former co-workers would come to me about once a week and use me as a sounding board for his trades and the books that he had read on the market. He would spend hours trying to read something into what Livermore had said or done and would become frustrated because he couldn't figure out the "magic", super secret, never fails "thing" that Livermore used that caused his success. He honestly thought that some part of the equation had been left out. He (the co-worker) quit trading after about a year because of his frustration. Instead of seeing all of the lessons that you mentioned, he was looking for a plug and play math equation that took all of the risk out of "the game". I guess it never occurred to him that IF Livermore had such a thing he wouldn't have lost all of his money so many times. As I said in my last post, there are a lot of things to learn from him, but not all of them good (or should I say, some of them cautionary). I enjoyed the exchange of ideas! If you figure out how to use a Gann Wheel let me know, I think I'm holding mine upside down! :O) Happy Trading!