Point and Figure Chart on STI (14 Jun 2013)
-------------------------------------Chart added on 13 Nov 2013 ------------------------------------
“It always was my sitting, that made the money.” - Jesse Livermore
If you are trading for a while and read some trading books. You probably read this statement before:
“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting.” - Jesse Livermore
Now.
Reading it is one thing, understanding it is one thing, doing it is yet another thing!
Let me explain…
Years ago, I read this and also read about trend trading, I thought – he meant “sit and let the profit run.... don’t take profit too soon”.
Years later I then understood... What he meant by sitting is to wait (in cash) for good opportunity and set up, not because I AM a trader than I must trade frequently.
For example:
Attached Chart is on Coal Miner (KOL).
Put it in the watch list... then sit and wait,... wait until the accumulation phase is over, then join the mark up phase.
The longer it get to wait, the higher it would go (Wyckoff Method– Law of cause and effect).
And, of course, meanwhile, participate in something else if there is other good set up.
Bless You
KH Tang
“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting.” - Jesse Livermore
Now.
Reading it is one thing, understanding it is one thing, doing it is yet another thing!
Let me explain…
Years ago, I read this and also read about trend trading, I thought – he meant “sit and let the profit run.... don’t take profit too soon”.
Years later I then understood... What he meant by sitting is to wait (in cash) for good opportunity and set up, not because I AM a trader than I must trade frequently.
For example:
Attached Chart is on Coal Miner (KOL).
Put it in the watch list... then sit and wait,... wait until the accumulation phase is over, then join the mark up phase.
The longer it get to wait, the higher it would go (Wyckoff Method– Law of cause and effect).
And, of course, meanwhile, participate in something else if there is other good set up.
Bless You
KH Tang
