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Posted by masterdaytrader on January 30, 2007, 8:47 am
Day trading strategy is one of the most sort after holy grails
that there is. But is the system strategy really the main
point to trading. I think not.
What actually is the HOLY GRAIL of trading?
It not what you think it is, for one thing where would we look
or to whom would we look for the answer. Surely it's from someone
who made many millions of dollars trading the stock market, yes.
So let's go back in time to the early 1900's and met a man who in
his day made over $15 million in Union Pacific. He focused on
railroad stocks which were the RED HOT stocks of his day.
Who are you talking about? E.H.Harriman.
Old man Harriman started his stock market career as a floor runner
and ended up becoming a banking and brokerage powerhouse.
His fortune still endures to this very day.
When asked about the secrets to his stock market success, did he
reply about a method, system or mechanical strategy.
Well yes and no.
He said
"If you want to know the secret of making money in the stock market,
it is this: KILL YOUR LOSSES. Never let a stock run against you more
than three-quarters of a point, but if it goes your way, let it run.
Move your stops up behind it so that it will have room to fluctuate
and move higher"
Old E. H. Harriman 1912
PS Now you go and do the same.
www.masterdaytrader.co.uk
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