Then why is there proof that he succeeded as a trader?
The authors of "The Bible of Technical Analysis" and review of the "Bible".
- Thread starter GloriaBrown
- Start date
I am willing to accept that if there is actual proof of where his fortune came from. Can u advise Thanks.
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I read the book in question 40 years ago along with the book by Schabacker on which it is based. I had skimmed through a few books previously, and am glad that this was the first book from which I seriously tried to learn TA. I recommended the book to a college student who worked at the Starbucks I go to every day b/c he was interested in trading. He really studied hard and I helped him get through the book based on my experience. I recommend that he start out paper trading, and if that went well, the could try trading stocks on the smallest possible scale. However as he had too little money to buy stocks, he jumped into index futures. I'll have you know that in his first year after studying TA he made a 700% profit day trading at night, between classes and his part time job. I did teach him a few things not found in the book. But I would say the 99% of his success was based just on the the knowledge found in that book, in addition to his diligent efforts.
However, I know a number of people who have read the book and stopped part way through. Admittedly the book/TA is not for everybody, just as some people find it difficult to learn foreign languages, or never become good at playing chess. Then there are many others who read it just once and then thinking 'OK, I got it', jump into the trading ring. It's just not that easy. Just as you have the majority who learn TA in 3 days and 2 nights from a comic book. and then say TA doesn't work. I would say that reading the book a number of times, and paper trading until you really get it should take most people at least 1 to 2 years. Of course, few are willing to make such an effort. A tourist can learn to speak a little from a Berlitz phrase book. But if you want to use the language in business, just as with TA, you need to take the full course.
The editions previous to the 7th would be the best to read, IMO. As the character who got the rights to the book after the authors died revised it, and truly ruined a great book. In addition to the 50 or so books I have, I guess I've skimmed through 1000 TA/trading books in bookstores. A good point or two can be found in many books. But as the source for learning basic TA, there is no better book, IMO. And then you'll have what's needed to do your own study and research in this area should you desire to do so
However, I know a number of people who have read the book and stopped part way through. Admittedly the book/TA is not for everybody, just as some people find it difficult to learn foreign languages, or never become good at playing chess. Then there are many others who read it just once and then thinking 'OK, I got it', jump into the trading ring. It's just not that easy. Just as you have the majority who learn TA in 3 days and 2 nights from a comic book. and then say TA doesn't work. I would say that reading the book a number of times, and paper trading until you really get it should take most people at least 1 to 2 years. Of course, few are willing to make such an effort. A tourist can learn to speak a little from a Berlitz phrase book. But if you want to use the language in business, just as with TA, you need to take the full course.
The editions previous to the 7th would be the best to read, IMO. As the character who got the rights to the book after the authors died revised it, and truly ruined a great book. In addition to the 50 or so books I have, I guess I've skimmed through 1000 TA/trading books in bookstores. A good point or two can be found in many books. But as the source for learning basic TA, there is no better book, IMO. And then you'll have what's needed to do your own study and research in this area should you desire to do so
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Livermore story is required reading could be only because those traders should not trade like him and repeat same mistake.
Why it doesnt work for two who wrote the book? One of them just beame high school teacher right after the book was done, never really traded at all. Another one made living by writing TA after 20 years of sales job, never really made any fortune from TA, not even applied his TA when some people believed his TA may works and gave him some money to try it out.
As for Edwards, his wife controlled the purse strings and wouldn't let him trade.
I didn't know Magee personally, but it is written that he made his living for 15 years based on his knowledge of TA. Yes, they wrote that book, but they did not invent TA.
They were Head and Shoulders above the rest, people gave them their Support and there was no Resistance anywhere. Flags were raised for them and their Trends carry on today. (read the book and you'll understand this paragraph)
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A few extras:
He has been banned numerous times by the owner of ET for breaking rules and annoying 99% of the people on here.
He has been involved in altercations on here that almost lead to lawsuits.
He has admitted to using aliases at times on here.
He has lied about trades he has "taken" (fills in after hours in the equity market that never happened...entered trades in front month futures and used the next contract price as an exit to claim profit).
These are also facts.
Now he claims he never tried to sell anything trading related, but until a week or so ago he was trying to charge people something like 300 a month for his trading signals on some laughable website he created. No track record or anything to back up his skills, you just were suppose to take his word on it. Priceless.
Baron had done this site a huge favor when banning MS for invading other threads with his anti trading/anti ta whining. Seeing that MS is back to his old tricks hopefully Baron bans him again.
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If you really won a lot of money from market, I think it should be your Mansa level IQ but not TA. TA may just gives you confidence when you need it while you trade, but it should be actually your IQ let you win more money than lose. I am not the first one saying this in ET.
It's Mensa, not Mansa.