If you want, I can attach a PDF a friend sent me that describes the Turtle system in detail - wouldn't cost anyone anything. I was totally confused by it - I'll stick to O'Neill's methods. Let me know if anyone is interested in it.
Success is a State of Mind - - Tommy Bahama Profits always take care of themselves but losses never do. The speculator has to insure himself against considerable losses by taking their first small loss. - - Jesse Livermore The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the man of inferior emotional balance, nor for the get-rich-quick adventurer. They will die poor. - - Jesse Livermore
I think the only system that Dollar Cost avg beats, is WIZETRADE. or that other stupid informercial blackbox forex-made-easy or whatever its called......... --------------------- for any CANSLIM followers, here is some good food for thought below from a CANSLIM broker : (summary - investing takes work and learnings, but be patient and it will come)
could tell that the market conditions were getting overdue for a rally because of an interesting “contrary indicator” of sorts. See, I actually heard from a couple of clients who were so depressed and frustrated that they decided to pull their cash out and close their accounts. None of them had suffered terrible losses, and I feel like I had done the right thing by having them in cash rather than staying heavily exposed in a poorly performing market. But I know what happens sometimes when investors are sitting with a lot of cash on the sidelines. They start getting the itch to do something else with it. Surely there must be some way to capitalize on an opportunity in the market elsewhere, they rationalize. Well, hopefully it works out well for them, whatever they did with the money. Unfortunately, without cash on the ready, it is more difficult for me to help them get proactive about buying now that a follow-through day has again given investors a green light.
I did not get rattled by the fund outflows, even though anyone who manages money wants to continually gather and grow their total pool of assets under management. I actually found some inspiration in the fact that some investors were giving up. Why? Because that means that a lot of other investors have also reached a point where they are ready to make some changes, which of course means my phone will be ringing. I am sure there are plenty of people who are doing a lot worse than any client I have dealt with. Soon I will be hearing from those who are looking to get away from their present situation and get a new account started at my firm, where each individual is given personalized advice.
I still believe that investors need to have greater patience if they are going to ever achieve that elusive goal of above average returns. Even in cooperative markets it is not easy to load up on big winners, and sometimes you might hit a losing streak where stock after stock you buy will falter and force you into taking small losses. I continue to stay strictly focused on CAN SLIM® investing because it is the only method of stock selection I have found that produces very good results over time. This technique is not a get rich quick scheme, but when success finally comes with it, it usually comes very quickly. After years of mediocre results, sometimes beating and sometimes not beating the benchmark S&P 500 Index’s performance, eventually there can come a period of stellar performance, when you are concentrated in just a small handful of stocks at just the right time. When this happens, it can multiply your equity several times over, and it might possibly change your lifestyle.
Don’t expect to achieve miracles with CAN SLIM® in just a few weeks or months. Anyone who tells you it is easy to make a pile of money investing with this approach is lying. Every great success story I have seen took years to unfold, and it always involved plenty of times when there was doubt, frustration, and disappointment. It is hard work, and because it requires great persistence and determination, many will give up and fail. Let these words encourage you to press on and endure those tough times. It will be worth it in the end, when you can not only reach that goal of above average results, but also share your great success story with others.
One problem...it is a paper copy and I am not even sure if I still have it...
I have another daytrader/hedgefund guy that may have it...I'll see if he can send it over to me.
Success is a State of Mind - - Tommy Bahama Profits always take care of themselves but losses never do. The speculator has to insure himself against considerable losses by taking their first small loss. - - Jesse Livermore The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the man of inferior emotional balance, nor for the get-rich-quick adventurer. They will die poor. - - Jesse Livermore
Thanks Mac...saves me time searching for it. I actually built a small program using these rules...I just never put any capital towards it.
Success is a State of Mind - - Tommy Bahama Profits always take care of themselves but losses never do. The speculator has to insure himself against considerable losses by taking their first small loss. - - Jesse Livermore The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the man of inferior emotional balance, nor for the get-rich-quick adventurer. They will die poor. - - Jesse Livermore
yikes MAC, i see what you mean re: Turtle stuff a little crazy.....i only skimmed a little bit but looks very involved. there are some very smart traders out there my age making 10's of millions on commodities, arbs, currency hedging that i feel stupid when i read about those guys just coining it - especially some of those guys at REFCO.........i wouldnt mind meeting a mentor, b'c i know i wouldnt have a problem figuring that stuff out, but not by reading a book....especially futures....so ill stick with the "easier" stock stuff like CANSLIM.
YY, curious how you got into futures and cycle trading ?
I think the only system that Dollar Cost avg beats, is WIZETRADE. or that other stupid informercial blackbox forex-made-easy or whatever its called......... --------------------- for any CANSLIM followers, here is some good food for thought below from a CANSLIM broker : (summary - investing takes work and learnings, but be patient and it will come)
could tell that the market conditions were getting overdue for a rally because of an interesting “contrary indicator” of sorts. See, I actually heard from a couple of clients who were so depressed and frustrated that they decided to pull their cash out and close their accounts. None of them had suffered terrible losses, and I feel like I had done the right thing by having them in cash rather than staying heavily exposed in a poorly performing market. But I know what happens sometimes when investors are sitting with a lot of cash on the sidelines. They start getting the itch to do something else with it. Surely there must be some way to capitalize on an opportunity in the market elsewhere, they rationalize. Well, hopefully it works out well for them, whatever they did with the money. Unfortunately, without cash on the ready, it is more difficult for me to help them get proactive about buying now that a follow-through day has again given investors a green light.
I did not get rattled by the fund outflows, even though anyone who manages money wants to continually gather and grow their total pool of assets under management. I actually found some inspiration in the fact that some investors were giving up. Why? Because that means that a lot of other investors have also reached a point where they are ready to make some changes, which of course means my phone will be ringing. I am sure there are plenty of people who are doing a lot worse than any client I have dealt with. Soon I will be hearing from those who are looking to get away from their present situation and get a new account started at my firm, where each individual is given personalized advice.
I still believe that investors need to have greater patience if they are going to ever achieve that elusive goal of above average returns. Even in cooperative markets it is not easy to load up on big winners, and sometimes you might hit a losing streak where stock after stock you buy will falter and force you into taking small losses. I continue to stay strictly focused on CAN SLIM® investing because it is the only method of stock selection I have found that produces very good results over time. This technique is not a get rich quick scheme, but when success finally comes with it, it usually comes very quickly. After years of mediocre results, sometimes beating and sometimes not beating the benchmark S&P 500 Index’s performance, eventually there can come a period of stellar performance, when you are concentrated in just a small handful of stocks at just the right time. When this happens, it can multiply your equity several times over, and it might possibly change your lifestyle.
Don’t expect to achieve miracles with CAN SLIM® in just a few weeks or months. Anyone who tells you it is easy to make a pile of money investing with this approach is lying. Every great success story I have seen took years to unfold, and it always involved plenty of times when there was doubt, frustration, and disappointment. It is hard work, and because it requires great persistence and determination, many will give up and fail. Let these words encourage you to press on and endure those tough times. It will be worth it in the end, when you can not only reach that goal of above average results, but also share your great success story with others.
Great insight into the mind of a smart money manager.
ps- DCA is for mutual funds not individual stocks ? DCA on individual stocks is very poor risk management a\
dollar cost averaging in leading mutual funds is one of the smartest things you can do.
Question Do you recommend dollar cost averaging in mutual funds? If so, why? Answer Dollar cost averaging month-by-month or quarter-by-quarter in a solid domestic equity fund is a very sound procedure. Your investing is disciplined and you're more likely to continue building your portfolio. Also, with scheduled spending, you buy more shares when the price is lower and less when it's higher.
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