Saved by Harold T. Harper and
Unknown Market Wizards: The best traders you've never heard of
views the Friday close as particularly meaningful, a perspective that implies that a strong or weak close on Friday is more likely than not to see follow-through price action at the beginning of the following week. Insofar as this premise is true, even if the trade ultimately proves correct, there is a good chance there will be an opportunity to re
... See moreJack D. Schwager • Unknown Market Wizards: The best traders you've never heard of
You have to find your own way.
Jack D. Schwager • Unknown Market Wizards: The best traders you've never heard of
“You make your money in the sitting.”
Jack D. Schwager • Unknown Market Wizards: The best traders you've never heard of
The moral is: Be sure you really want to trade. And don’t confuse wanting to be rich with wanting to trade. Unless you love the endeavor, you are unlikely to succeed.
Jack D. Schwager • Unknown Market Wizards: The best traders you've never heard of
The basic assumption of technical analysis is that prices exhibit repetitive patterns and that the recognition of these patterns can be used to identify trading opportunities. Technical analysis can also include other data, such as volume, open interest, and sentiment measures.
Jack D. Schwager • Unknown Market Wizards: The best traders you've never heard of
analyst uses economic data (e.g., production, consumption, exports) to forecast prices. In essence, the fundamentalist seeks to uncover trading opportunities by identifying potential transitions to significantly more ample or tighter supply-demand balances.
Jack D. Schwager • Unknown Market Wizards: The best traders you've never heard of
Dan Markey, my mentor, had an interesting philosophy about fundamentals. He thought most fundamental news was nonsense. Dan had what he called the dominant fundamental factor theory, which postulated that, over an extended period, one to five years, there was one underlying fundamental factor that was the driver of the market. All the other news me
... See moreJack D. Schwager • Unknown Market Wizards: The best traders you've never heard of
interesting that all of Dan’s advice deals with risk management, and none of it has anything to do with trade entry, which is what most people want to focus on.
Jack D. Schwager • Unknown Market Wizards: The best traders you've never heard of
What is the weekend rule I’ve seen you refer to? The weekend rule goes back to Richard Donchian in the 1970s and basically says that if the market closes in new high or low ground on a Friday, then it is likely to extend that move on Monday and early Tuesday. The significance for me is that if a market breaks out on a Friday, then I have a complete
... See more