Trading books for sale
- Thread starter brucers
- Start date
Trends come and go, but I doubt if we will revert to 13 year old boys writing stock quotes on a black board.
And people getting rich because they sit next to the trading counter, eavesdrop on the telegraph machine and rush to the counter and buy/sell stocks before they are posted on the Board.
And I learned about Bucket Shops. Independent brokerage offices that would be very illegal today.
In a way all is still happening today, no teens do stock quotes by hand but electronically, and inside information is traded on, and every few years you hear of bucket shops of brokerage that might be lightly legal but selling heavy sales pitches to "whales" that never reach the floor of NYSE. And they still illegal today.
"Fine mentor" ROFLMAO, not even, he had a small area of a corner in the supply room with his charts working for a brokerage where it was owned by gentleman who traded in Live Cattle pits. Not only did Crabel tell me a bunch of bullshit, he did an article for Stock and Commodities posting his picture of another person and when I meet him he was nearly bald from lose of hair, he said he wanted the world to see better image of him. He got his break was after he wasn't good enough to beat most in Tennis circuit, so high school friend taught him in pits of T-Bills when they were hot right after Prime hit 20%, a damn monkey could have made money, he told me he come into the pits and bought 1,000 T-Bill futures for his boss and then go play 3-4 hours of basketball and then come back to close the position, he did that for months. At the time he never learned how to trade, then after he got canned from the floor for losing is when he dived into charting, he was big on goofy long long trendlines, like in 1956 you take this low and project it , blah blah blah and in July 1987 when Dow dropped for first time of 500 plus points, "I made one whole point for $500", his wife didn't want him to trade. I paid him $1,000 for one day as he was trouting that letter, come to find out people who didn't see him, he was handling out 500 of his daily letters to everyone in CME. As soon as I learned that, I called my broker and HE faxed it to me for a few months instead of blowing $300 each month. Trouble with Crabel, he thought he was God's gift, but at the time in 1990 he wasn't even trading for himself or anyone else and yet he had that letter on opening range breakout. His boss in Cattle Pit would come upstairs to talk to Crabel few times I was there, always seems pissed as Crabel would tell him some trendline which never seemed to hold, year later I went for visit, and there he was in the corner again, but he made it should like he co-owned the brokerage and was doing very well.
One thing he been better at, being in right place at right time.
I have traveled all over the USA for one on one seminars with some of the then so called brightest traders, but so many of them were bullshit, huge drawdowns or simple didn't trade at all. One guy I went to see in Fairfield Iowa, corn country in middle of nowhere, cute town though, John had a Masters in Education but had like no patience, LOL, but he knew charting, he would risk 3 ticks in Big S&P 500 at $500 a point and pull out $5,000 to 7,000 on ten lot. very good manuals he made, I pestered him for couple years when I got back home and although his style was not what I ended up doing, I did learn to believe in myself. I flew him and his wife down to Florida one summer to take his Advanced course and found that much better than first, he has concepts that I not read at the time or even now on how to find highs/lows, I still use some of that.
All the money I have blown in 38 years and 99% of it was crap, one of the best craps was Mitchell, he had thick binder of what worked for him, LOL I could tell easily he didn't trade his stuff, so I had come with $5,000 extra and told him to trade on Monday and if he did 6 trades and make $1,000 overall on day, I give him the $5,000 but if he didn't he have to give me back the $1,000 I paid him. So my check was there and $5,000 in envelope and he sat there for four hours telling me how all his system trades not to be taken cause of ??? Finally he takes a trade and going $500 against him and PC freezes, he panics and asking me what to do, I said he was big time trader, where is your backup? By end of the day, he was down $2,500 and sobbing, I snatched up the check and envelope and he almost tackled me for that check saying he had to give up others that wanted to learn from him.
The other one was George Lane who made the stochastic oscillator. I went to see him late 1990s, he had an assistant but George hand me handout and was slipping into naps and when he woke up asked me who I was then we went out and George was showing my his properties, so we go back to his office and ask for my check back and he said he already cashed it when it was on his desk, I grabbed it, showed it to him and he said that was cancelled, it wasn't and I left, few days later assistant called me and asked for the money, and I told him thanks but no thanks, it wasn't worth handout I could get on Internet and see all of George's real estate.
The Best ones are in Florida, all the retired men there with nothing to do, each weekend someone giving the "Dog and Pony" show, something free to suck in the $5,000 after, even pastors raising funds to trade for your welfare, LOL, it be better risked at red or black. They do provide nice lunches, better than going to Costco, ROFLMAO.
I do like the Florida seminars, 90 minutes of buying low and selling high, they give you nice yummy sandwich with German Potatoe salad and fruit medley, then they come in for the kill, they figure you all whale up on food, "Do you like money, Imagine sitting in backyard of your brand new 6000 square foot house, Imagine you taking a world cruise. (They want you to say YES YES YES, get the greed in you all fired up) OMG I use to love going to these shows, they always offered laptops or screens for door prizes, but you already know they have no intention of giving that out. So when they ask if anyone had questions and like I was WAITING !!!! LOL after few minutes couple of their staff always escorting me to back of room and I am screaming "Don't touch me, you hurting me, ouchhhhh" and said I am going to press charges if I don't get laptop and screens and I am going to tell al these folks not to blow five grand for green or red, heck you do better with red or black at casino, LOL.