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Chapter 13. Twenty-five trading secrets of the pros

Chapter 13. Twenty-five trading secrets of the pros

At the times I've done well in the markets, it usually was because I acted in a certain way. When I've done poorly, it usually was because I didn't. The “secrets” presented here are partially from experience (the “school of hard knocks”), but also originally gleaned from reading the masters. Two masters of yesteryear come to mind first—Jesse Livermore and W.D. Gann. Their heyday was during the 1920s; however, they both still live through their writings for me. Actually, a trader can learn more from their failures than their triumphs. The same mistakes made 50 and 100 years ago continue to be made by traders every day. Technology might change, but human nature never does. I thank these two men, because I know many of the “secrets” discussed in this chapter, although written in my words, originated from them. You personally might not use all of these “secrets,” but if you can absorb only a portion of this wisdom, I believe you will be successful in your trading. Do I always heed these “secrets”? Mea Culpa—no. However, when I stray from the true path, I generally regret it. If you disregard what's presented here, you likely will become lost in the financial desert dying of thirst. (Perhaps that's a bit strong, but trust me, this is good stuff!)


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