141 West Jackson: A Journey Through Trading Discoveries by J. Peter Steidlmayer

By J. Peter Steidlmayer


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Extra resources for 141 West Jackson: A Journey Through Trading Discoveries

Sample text

As with the last trading situation I described, I have taken advantage of this same situation over and over again during my 35 years of trading. Obviously, my ability now after years of ex­ perience to recognize the market conditions that precede the trade is the key to finding it again. The essential ingredient is the market's background, which is one of high efficiency. With this 26 CHAPTER THREE background, any inefficiency that causes the market to move in either direction is eventually absorbed into the background of efficiency.

Further, in my trading, I was not interested in the phase when the market was more horizontal, and thus potentially efficient. I started to take notice, however, when evidence showed that a lack of activity, which created a horizontal profile, usually preceded a good vertical move. What really brought this phenomenon into focus was the num­ ber of misplayed opportunities that started with a horizontal mar­ ket. It has always been a good trading practice to go with some­ thing until it's no longer there, and not to trade for what isn't there.

A trader would ask, where is the soybean market now? Has there been any change in its condition in the past week? If so, what? What type of opportunity is it? What is the best way to trade it? How can we tell if we are right or wrong? These types of questions need to be answered in order to be successful, and this book will provide the basis for doing so. Successful traders have always done this subjectively, so it is not an impos­ sible goal. Objectivity, which can only come from a complete understanding of what we're doing and what we're working with, will allow more traders to achieve the same goal.

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