Victor Chan
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The Viewpoints of Roy Longstreet
Viewpoints of a Commodity Trader is a little known book written by futures trader Roy Longstreet. It is a good book in the sense that it contains a lot of wisdom on the psychological aspect of trading. However, the content was put together in a casual manner which might be perceived as unorganized by critics. This is perhaps the reason why it was not very popular and you cannot easily find a copy today. Since it is a waste to let the wisdom of Mr. Longstreet fade away without getting noticed, here is my attempt to summarize his ideas in a organized manner.
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The Most Important Rule for Buying and Selling
What is the most important trick for buying and selling stocks? If you can only learn one, then let it be this: only buy a stock when the evidence of strength presents itself, and sell only upon the symptoms of weakness, and in other times, just stay quiet. The Wheat Campaign.
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Reflexivity And Trend Following
George Soros is unarguably the greatest fund manager ever lived who, upon the request to disclose his secret, attributed his success to a market behavior theory he developed himself, which is now famously known as the theory of reflexivity. The basic assumptions of the theory as well as its implications to the formulation of a successful trading strategy will be discussed in this article. Reflexivity vs. Traditional Theory.
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Rules Rule
When I was studying in university, I learnt about the game of contract bridge, and played a lot of casual games with other beginners in the university bridge club. After a while, I told other players that I knew something about the game, but a better player disagreed, and instead he asked me: “Well, if you really know how to play the game, can you describe your playing style to us, then?” I was left speechless. I simply did not have a style, because I played with random decisions instead of a plan, so it turned out that I did not actually know how to play the game, at all.
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Speculate Like the Spider
Be there an organism that symbolizes a good speculator, it has to be the spider. Are you familiar with its method of foraging? Instead of moving around to hunt, it simply builds up a web to let its prey automatically fall into it. It is the same in trading, for whereas the amateur assumes a trade with uncertainty, the professional sets up a trading system and let the trades stumble across him. Systematic Trading
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The Three Myths of Investing
If you play a game before familiarizing yourself with the rules, you are deemed to fail. Most people have a difficult time making money in stocks, because they do not have a proven investing strategy. Most of their methods of investing are based on unsound and unprove “conventional wisdoms” proposed by those “experts” who have actually never got rich by investing themselves. In the following, it will be pointed out the 3 most common misconceptions in investing, and how they might cripple you in your investment decisions. Myth 1: Buy and hold.
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Not to Convince, But to be Convinced
The most valuable mantra in investing goes by: “Not to convince, but to be convinced.” A good investor does not take unnecessary chances and then convince himself that everything would be alright. Rather, he would wait until the right opportunity comes by and convinces him that it is the choice to make. In other words, a winning investor always abides in stillness until a high-probability signal dawns on him. Let the Winner Proves Itself
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LINE – The Secret to Select Winning Stocks
Professionals rely on procedures. When an airplane is going to land, the pilot goes through a checklist carefully to make sure that the landing is safe. When a competitive tennis player begins a match, he exercises a mental rehearsal process to make sure he is in a correct state of mind. It is the same for a prudent investor who studies a stock in a logical way, instead of relying on tips and guesswork.
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BOAT – The Secret of Breakout Investing
Breakout buying is a popular investing strategy among individual investors, which refers to buying a stock just when the price breaks out of a period of consolidation and reaches a new high, because it marks a major increase in demand which ensures further increase in capital gain. However, not all breakouts are genuine, as a stock might just barely touches a new high and falls back. How do you tell whether a breakout is genuine? You can use the acronym BOAT, in which each letter represents an important criteria for measuring the reliability of the breakout.
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The Investing Secrets of Jack Dreyfus
Jack Dreyfus was a successful investor from the 1950s to the 1960s and, according to Barron's, he was considered the second most significant money manager of the last century. He was so successful financially that he could afford to develop his interests in many other fields. For example, after selling his fund in the 1970s, he wrote a book on a medicine called phenytoin and became a major proponent of it as a cure for nervousness and depression. He was also a champion bridge player, as well as a breeder and trainer of racehorses.
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LOVE – The Selling Guide for Breakout Investors
How to sell your stocks is the biggest question in investing. As legendary trader Jesse Livermore said, “It never was my thinking that makes the big money for me. It always was my sitting.” If you do not have the patience to hold onto the winners, and the resolve to get rid of the losers, you will never get rich in the game. In the case of breakout investing, where an investor buys a stock at a sound breakout after a consolidation, a holding always falls in one of the following four categories as summarized by the acronym “LOVE”:
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The CANSLIM Investing Strategy – A Practical Guide
CANSLIM is an investment strategy developed by investing expert William O’Neil. Each letter in the acronym “CANSLIM” represents an important element of stocks selection, which could be measured by quantifiable variables in an investment decision. The content below is intended as a cheat sheet of the CANSLIM strategy, which includes all the essential formulae that you can put into use immediately. The acronym CANSLIM actually represents:
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Favorite Quotes & Thoughts from Victor Chan
“Under-trade, under-bet, and you will be overwhelmed with results.”
– Larry Williams
“Whatever you think your position ought to be, cut it at least in half.”
– Bruce Kovner
“Don’t focus on making money, focus on protecting what you have.”
– Paul Tudor Jones
“Rule #1: Never Lose Money. Rule #2: Don't forget Rule #1.”
– Warren Buffett
“Survive first, and make money afterwards.”
– George Soros
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