CYOF said:
Firstly
To get to Here:
The first and foremost thing to remember is that the name of the game is money—or at least the acquisition thereof, This is not only the name, but the object of the game. If you have any other purpose in mind, then the game and this book are not for you. As in all good games there are two teams. There is the "we" team; naturally enough, that's our team. The "they" team can be a large syndicate (although this is seldom true now) or, more frequently, can be a group of unrelated professional traders acting in concert. The object of the game is the acquisition of the available money that is used to fuel the game. The gambits, feints, and intricate plays used are endless and would cause Knute Rockne to turn green with envy.
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Edit: Funny how Knute Rockne is also related to Quasimodo
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http://en.wikipedia.org/wiki/Knute_Rockne
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Oops, I forgot my source, before I am accused of Plagiarism, again
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Extracts from The Ultimate Trading Guide by John R.Hill & Associates
I am not endorsing or putting down this book - I just remember some interesting Facts in it when browsing it :idea:
And this is another little bit from the same section:
Introduction: The Search for Truth
Technique number one is the lie—or, to be charitable, the loose truth. Breathes there a man, woman, or child in the continental United States who is not familiar with the television picture of sad Farmer Brown holding a black ear of corn in his calloused hands? True, there was the corn blight of 1971 which saw corn rise from $1.40 per bushel to $1.67 per bushel for a 27 rise.
It looked for a while as though we would need ration cards to get corn, but surprise! The production was a full third over anything seen before in history and corn went down like the Titanic to the tune of 47 per bushel.
This is a principle as old as the hills, Brunswick and AMF, Inc. in the late 1950s and early 1960s rose from obscurity to the $60 to £70 area and then fell back to 6 for Brunswick and to 14 for AMF. For a period, it appeared that there would be a bowling alley for every third
family in the world, including new nations. Computers, too, Levin-Townsend at 1 1/2 in 1965.
Now the tom-torns are heard and it's 1968. The stock, LTX, is at 68 1/2 There's a good story
going in computer technology, but two years later in 1970, LTX's fortunes are at a low ebb. The stock later dropped to $3.00 per share— something to do with accnunting procedures and dull pencils. Of more recent vintage, take the example of current companies that have ".com" as part of their names. One such company is The Globe.com, Inc. Their stock was initially offered at around $25 in November, 1998. It immediately went to about $48.5 per ahare in a matter of days. Only, one year later the price has dropped to around $7 per share.
The point is that in all four cases there was a good story—lie—going: No corn. Everybody's bowling. Computer technology is the wave of the future. Buy anything with ".com." Maybe so, but the true facts were on the bar chart. The lesson to be learned here is to ignore all news, tips, and garbage that are constantly being put out by the "they" team in an effort to deceive us.
The only thing that counts is the chart. That is fact. That is the only truth.