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

To: TraderAlan who wrote (44)	6/6/1999 11:22:00 AM
From: sherry	Read Replies (1) \| Respond to 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

To: TraderAlan who wrote (44)	6/6/1999 11:35:00 AM
From: HairBall	Respond to of 18137

TraderAlan: Well, I traded for years without Level II. When I finally decided to subscribe, it was very useful until the MMs and ECN'ers started using and abusing it. However, I would not ever consider "not" having access to it! If you "really" manage to learn how to read it, it "can" be a very useful tool, but with manipulation growing, it "has" become much more difficult. Regards, LG

To: TraderAlan who wrote (44)	6/6/1999 2:34:00 PM
From: Don Green	Respond to of 18137

Alan In the Feb. 93 issue of T/A Stocks & Commodities magazine, they have a very interesting interview with Laszlo Birinyi my personal favorite "GURU". He discusses the R.S.O. book and also his Money Flow Indicator, which I feel is one of the most important factors to watch. I highly recommend trying to get a copy of this article BTW, I am not big into T/A "charting" but consider myself a tape reader and a very successful swing trader. Fundamentally Speaking! When you have time visit Lessons Learned: Subject 18707 regards Don