pleasure of teaching my trading approach in classes organized by Elliott Wave International, a company founded by my good friend Robert Prechter. For four days, I talk about trading principles and strategies and conduct live trading. Preparing for the classes and then explaining how I trade to a roomful of people is a great experience. Putting my trading rules and strategies down on slides and presenting to a group of people reinforces to me the ingredients to successful trading. Teaching about trading has made me a better trader.
I get enormous satisfaction when months or even years later an attendee tells me I helped him/her to become a successful trader. I know for a fact that trading can be taught. But not everyone is willing to put in the time and effort necessary to succeed in this business. People often look for easy answers, and, of course, there are too many charlatans in the industry promoting get-rich-quick trading services to the gullible. The truth is there is no substitute for hard work. When someone takes what I taught, works at it and makes it his/her own, and then consistently applies it in the market, I'm thrilled.
With this book, I hope to share my knowledge and experiences about trading with a wider audience and, in so doing, provide aspiring traders with a path to success. I hold nothing back here. The techniques and principles in this book are the very same techniques and principles that I use every day in the market. Utilizing this approach, I've been able to make a nice living for many years. I'm confident that anyone who diligently and faithfully applies the ideas in this book will develop into a consistently profitable trader.
First a little bit about my background.
I received an undergraduate degree from the Wharton School of Finance and an MBA from the University of Michigan. While the degrees may seem important, I didn't learn anything in college that helped with trading. My father owned seats on both the New York Stock Exchange (NYSE) and the American Stock Exchange (AMEX). He focused on the NYSE seat and rarely used the AMEX seat. Following a stint in the Marines in 1960, I used his AMEX seat and began trading on the AMEX floor.
My job was to fill customer orders on the floor. Once I understood what I was doing, I found the work to be mind-numbingly dull. I pestered my father to allow me to trade my own account. I was young and aggressive. I thought I had a feel for how stocks moved and was sure I could make a lot of money trading AMEX stocks. Finally, in 1965, I got my shot.
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