Readers reviews of
How I made $2,000,000 in the Stock Market
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This is quite simply a brilliant book. For
me it is a timely re-visiting of the original purposes and methods that started me off in
the market. Darvas succeeds in the market when he is removed from it as a result of his
travel commitments. He understands the market only through the scant price information
delivered to him by telegram. When I started trading I relied only on weekly price
information for my understanding of market behaviour.
Darvas combined this emotional isolation
with a rigorous stop loss approach. After trying hot tips and fundamental analysis he
comes to realise that the market is not about being right, but about being profitable. The
technical approach he uses is similar to aspects of point and figure, Renko and Kagi
charting, although uniquely his own. It involves establishing the range activity of price
and then searching for confirmation breakout
conditions. It is well explained and the same principles apply to todays markets.
This autobiography has a simple idea, and disciplined approach, and a very successful
outcome. Although it is sometimes hard to
get, it should be on every traders bookshelf.
and reactions from Ray Sandon
the book & eagerly awaited its arrival, then almost read it without putting it down.
What great story & looking back to my introduction to the stock market there are many
similarities. The first experience of making money without seeming to do any work, the
search for inside knowledge from anyone that you come into contact with & the
excitement of finding that everyone has stock to offer, the eventual realisation that
those 'inside tips' are infact 'outside' & generally cost you money (why did I not
remember the advice from 'Reminiscences of....')
the idea, common with ones experience of other work, that more knowledge must be the
answer, thus subscriptions to: 'The Australian, Financial Review, Shares Magazine, Shares
on Line, all the books, plus sign up for all the on-line brokerage sites which offer free
research, join investment groups & attend all the meetings to learn the secrets from
others who have 'found the answer' (the usual presenters seem to be those selling systems
which show excellent results based on historical information)
now you are not 'close enough to the market', so the race back to the computer five or six
times a day to get up to date price data - but it does not seem to help & then there
almost does not seem to be enough time to find new trades 'cause you are spending so much
time researching, checking, analysing & agonising.........how can I be so wrong in
hindsight! Until you either run out of money, loose interest, consider that its not for you
'cause you could not get the inside information.
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