|
PureBytes Links
Trading Reference Links
|
> >Toppel even thinks looking at charts focuses too much on the past.
> >You should "focus on the here and now and listen to the voice of the
> >market."
>
> Hmmm....I didn't look at it that way. I agree it was sort of
> "be here now," but I took from it that, whatever your method was,
> you should be focused on executing *this* trade and not letting
> yourself be effected by what happened on the last trade(s), or
> the news, or whatever.
Yes, that too, but he says you should focus on the present moment to
the *exclusion* of all else, including history. Some quotes:
"Charts are total gibberish. They have no validity. They are simply
history..." p. 19.
"As long as the market is rising, it is safe to buy into it. ... How
do you know if a market is rising? Simple! Look at the last sale.
Is it higher or lower than the previous sale? If it is higher, it
must be going up." (Well, duh.) "Yes, it may go down again, but we
do not know that. Remember, all we are concerned about is what is
happening in the present moment. That's all that counts." p. 48.
Buying any arbitrary uptick, with no knowledge of past market path,
seems suicidal to me. Especially if you have no better exit strategy
than "sell when it goes down."
He does offer some useful concrete advice, but it's mostly trite
truisms: don't add to a loser, let profits run, cut losses fast, the
usual stuff. The meditation &etc suggestions are more helpful IMHO.
> For example, the Zen of OddBall <VBG>....:
> "If stocks go up then buy;
> If stocks go down then sell;"
Or the Zen of Will Rogers:
"Buy stocks that go up.
If they don't go up, don't buy them."
:-)
Gary
|