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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: Chris who wrote (3681)	4/7/1998 11:16:00 AM
From: Robert Graham	Read Replies (2) \| Respond to of 12617

Reviewing the history of some of these successful traders tells me that it is not uncommon for them to "sell out" for the easier money in this way. It is much easier making money selling to the public and their speculative interest in the stock market than it is slugging it out on the floor, particularly the commodities floor. Jake Bernstein and Larry Williams had their start to public recognition with a trading contest they had entered. Both ended up entering the same trading contest, and the contest promoter was advertising them both as success stories. This is the contest Larry Williams took $10,000 and made it into over $1,000,000 within one year in the commodities market. Both Larry and Jake took to the public spotlight well and saw the potential in marketing to the public. This is what both of them have pursued since the trading contest, which is selling off of their success in the contest and the recognition it has provided them. Jake does have some well-regarded books such as those on cycles and psychology of the trader, and one book that is entirely on market sentiment. Larry has not published as many books and has been focusing on finding "systems" that he can charge allot of money for in the form of a seminar. If I am not mistaken, last I heard he signed a deal with an ex-turtle to reveal his system to profits that was referred to in the "Market Wizards" book. You pay your several thousand dollars and sign a non-disclosure agreement before you can receive the "secret to success". Of course a successful trader has as much to do with the trader themselves as their system. So I think there will end up being many disappointed people. Between Jake's promises he makes on his infomercial that he cannot ethically support and Larry's attempt to sell the "secret system" that will make its user rich, both individuals leave something to be desired as far as their integrity goes. Still, the marketing guru Wade Cook outdistances both of them put together in this regard in terms of success and the woeful lack of ethics involved. However, I have found books by both Jake and Larry useful. I particularly like Larry's books in how he talks about the inadequacies of technical analysis, and how TA supplemented with indicators that tell more of the fundamental nature of the market, which similar to Martin Zweig's approach, yield more reliable results, which I agree. The technician Martin Pring uses this as part of his approach to the market too. Keep in mind that both Larry's and Jake's books that are geared to the commodities market would be at best only peripherally relevant to the aspiring trader of stocks. Larry did write one book on the stock market. Bob Graham