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PREPARATION FOR TRADING "No man can learn what he has not preparation for learning, however near to his eyes is the object. A chemist may tell his most precious secrets to a carpenter, and he shall be never the wiser — the secrets he would not utter to a chemist for an estate." — EMERSON. In 1917 when the United States was forced to enter the war against Germany we heard on every hand "we are unprepared for war." Wilson's period of "watchful waiting" instead of preparing for the inevitable had at last brought us face to face with war without being ready. Lawyers, doctors, engineers and professional men who make a success spend anywhere from two to five years' time studying and preparing to practice their profession before they begin making any money. Men enter into speculation in Wall Street without any preparation. They have made no study of it whatsoever. They try to deal in something they know nothing about. Is it any wonder then that they lose? Speculators and investors who simply guess, follow tips, rumors, newspaper talk and so-called "inside information" have no chance of ever making a success. Unless they follow some well-defined plan based on Science and Supply and Demand, they are sure to lose. Over twenty years of study and experience places me in a position to give you a definite, practical set of rules and instructions which will lead to success if you follow them. No great success or gain can be expected unless a man is willing to study and learn by past experience. You cannot get something good for nothing and must pay with time, money, or knowledge for success. WHAT IS TAPE READING ? Tape reading is a study of fluctuations of stocks as they appear on the stock tape and the ability to judge the ones that are in a strong or weak position and determine the psychological moment to buy or sell. We must also be able to determine the stocks that are inactive and show no definite trend. Tape reading is psychological because the mind acts and is influenced by everything it sees, hears, smells, tastes or feels. In reading the tape, we are not influenced alone by what we see, but by what we feel or sense, which cannot always be explained or a satisfactory reason given because it is "intuition." TD Sequential countdown | Intraday Charts What is intuition? You often hear traders say "I am buying or selling this stock on my intuition. The best definition I can give of intuition is that it is instantaneous reasoning. It is that something which tells us when we are right or wrong before we have time to reason it out. The way to benefit through intuition is to act immediately, and not stop to reason or ask why. That is what a good tape reader does. The tape registers the dominating force currents from business all over the country. It contains the condensed opinion of the majority and weighs the hopes and fears of manipulators, the public, and business men. That is why it is a reliable guide and business barometer, if you know how to read it correctly. And here is where the "rub" comes. The tape tells the truth, if you can interpret it correctly. Forex Conquered - Preface Tape reading requires a strong will power and a mind that, when it once sees the trend of the market, cannot be changed until the tape shows the change and is not influenced by news, false rumors, tips, or hearsay. Being able to read the tape correctly and act on your judgment is an entirely different proposition, which I will explain later on. stock trading advice ~ stock invest |
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