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Info | Front Cover | Table of Contents | Excerpts
[pg. 7 - 33] [pg. 44 - 131] [pg. 136 - 360]
Page 136— “Of all the different bits and pieces of information I have come across during my thirty-plus years of trading, without a doubt the one that has cost me more money than any other has been the Commitment of Traders data. This simple information is exquisitely tempting in its promise, but all too frequently destructive in its reality. However, if properly used, this data occasionally can be of some value.
Page 143— “Options are one of the greatest and most costly frauds ever perpetrated on the trading public.
Page 151— “On the following pages you will find the charts of nine different markets covering the first ten trading days of 2002. … These nine markets (Cocoa, Sugar, Yen, Swiss Franc, S&P, Bonds, Gold, Soybeans, Wheat) cover a broad spectrum of the futures markets and so provide a good representative sample. … I selected this time period in advance. I did not … ‘cherry pick’ a ten-day period where the lines and prices moved exceptionally well together; this would have been dishonest. … This ten-day sample should enable you to see how the natural laws and trading rules laid out earlier in this book work in real time in real futures markets.
Page 340— “Bottom line (on chart examples): If you use some reasonably reliable indicators of trend and momentum and then follow a few basic, natural law-based trading and money management rules, you will instantly become a competitive trader in a game where most individuals have essentially no chance of competing successfully. Develop a little ‘art’ of reading the charts and acting on what you see and you can do extremely well: Put it all together and you will have become one of the few individual traders able to win at this game on a year-in, year-out basis.
Page 341— “In discussing stock trading with stock traders who use SMR’s trend/momentum lines, I have come to the conclusion that the same basic laws and rules apply. Therefore, I am quite confident that a stock trader, be it of individual stocks or single stock futures, could use the same approach/method laid out in this book with the same degree of success.
Page 348— “Knowing how to approach and play the game of trading well will only take you part way to ultimate success. Knowing “how” to trade only makes you potentially competitive. … It is always the actual acting that produces the results, not the knowing how to act. Knowing is not acting. Thinking is not acting. Planning is not acting. Wanting to act is not acting. Only acting is acting.
Page 348— “One of the primary reasons individual traders fail is an inability to act freely and decisively. Freedom in action comes about when fear has been minimized. Trading small and diversifying neutralizes fear … . Decisiveness in action comes from clarity. Clarity is achieved through an understanding of natural laws and the resulting probabilities.
Page 349— “I can point out a sound approach. I can show you a good method. I can demonstrate how to be businesslike. However, I cannot act for you. Only you can act, and the only way to act it to simply act.
Page 349— “Trust the natural laws. Surrender to the lines and the price action. Constantly push yourself to act freely, decisively, intelligently—day by day.
Page 350— “Over my thirty-plus years of trading, I have seen a number of trading ‘pitfalls’ recur fairly consistently, both in myself and others. I suggest you take pains to recognize, and then avoid, any of the following: …
Page 360— “Trading is a never-ending process. Trading is not searching for that one great trade that will produce total, final victory. Trading is a constant process, done on a day-by-day basis.
Page 360— “All you can do when trading is make each decision as intelligently (meaning in accordance with natural laws and proven rules) as you know how. That is all. You cannot predict the future, but you can consistently identify and position with clear price energy flows.
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