Wow so I finished this book tonight. I do a good bit of reading, and this one easily moved into my top 10 list. It is just amazing how there is nothing new under the sun. I have been trading for about 15 years now, and I am not sure why I never considered reading books on the topic. I have read a ton of articles and scoured the web learning to trade options, read charts, and just about everything else but never a book.
Anyway, thanks for suggesting this book, it put so much in focus for me. I would say the single greatest thing I learned was probably the most obvious and simple. So simple in fact that I am almost embarrassed to admit it never dawned on me. That is to trade the line of least resistance!
Some of my favorite quotes:
1. The only thing to do when a person is wrong is to be right, by ceasing to be wrong. Cut your losses quickly, without hesitation. Don’t waste time. When a stock moves below a mental-stop, sell it immediately.
2.Play the market only when all factors are in your favor. No person can play the market all the time and win. There are times when you should be completely out of the market, for emotional as well as economic reasons.
3.When I’m bearish and I sell a stock, each sale must be at a lower level than the previous sale. When I am buying, the reverse is true. I must buy on a rising scale. I don’t buy long stocks on a scale down, I buy on a scale up.
4.Successful traders always follow the line of least resistance. Follow the trend. The trend is your friend.
Anyway thanks for the suggestion $heff. I really enjoyed this one.
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