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Drummond's first book was created over the course
of a Summer when he needed to find do something to
do in order to stay out of the market and let a silver
trade grind upwards without messing with it. Although
some of the contents are dated as the markets have
evolved over the past 20 years, much of what he wrote
that Summer remains relevant and valuable for today's
trader.
The Introduction
Anyone
can make millions of dollars in the futures market,
if they know the rules of the game, the game itself
that is being played, and why the rules of the game
are as they are. The rules of the game are simplistic
and factual, and it is up to the reader to learn the
rules of the game and to play by those rules.
The
futures business is one of the toughest in the world,
both for the trader and his broker, as well as the
people that handle all the machinations of an executed
contract order. Be that as it may, if we are serious
about the matter, the concept of futures trading can
be one of the most stimulating of all experiences,
and to some, more so than sex. The fact of the matter
is, is that it is as it is and that accordingly U
must ask U'reself some questions and determine if
it is all worthwhile. Do U enjoy success, and money.
And, can U handle it. Do U want to make millions of
dollars, maybe twelve million in eight years, or achieve
my goal of IOO. The opportunity is there, and nothing
will stop the trader from achieving that goal, except
his or her capability in appreciating the facts of
life as they relate to the market place, and being
aware of these capabilities, why they are as they
are, and what to do about them, and then what shud
be done in relation to executing a market decision,
with which this book will be of some assistance.
Take
some time, maybe one year, if U are not that much
of a seasoned trader, to becum a student and a pro
of what we call the 'basics' of commodity trading.
( Maybe U will becum a seasoned trader in that period,
as opposed to our other fellow, the 'blown out of
the box' trader who will most likely read a few pages
and quickly go to the market, excited with his new
found wisdom,- the flippant pro that he is. ) The,
U can also, and add it to the above, possibly becum
a student and a pro of P&L (Point and Line) Charting,
of which this writer is the author. U cannot becum
a pro of P&L unless U have passed the 'basics'
course. Why ? Because I said so. ( The book will explain.
) ( Something about forests and trees. ) U cannot
be a pro in P&L trading without qualifying as
a knowledgeable graduate in acceptable basic training.
So there.
With
this in mind, we have geared our approach to the 'just
after beginner' trader, who maybe has been bombed
out of the market with a few dozen trades and wants
something to grapple the problem with. Also, it's
for the trader who has a little stature with experience,
yet who needs rounding out. But, please note that
this author does not wish to mess around with the
mind of someone who has a winning technique, but only
to instruct him/her to stick with it, maybe with some
practical guidance from this book and to broaden his/her
knowledge base, all to support that winning technique.
As for the real pro, might I say, have a good laugh
with this book. Who needs it. Right ? Right. U've
already achieved 'consistent winner' status, altho'
U're probably curious about anything to do with commodities.
There
is nothing in this book to explain what a futures
contract is, or what a 'fill' is and so forth. The
beginning trader can obtain that information from
any large brokerage firm or any commodity exchange,
and after doing so, he or she mite study a book like
this, maybe for a few months, - I suggest six months
to a year, - before trading; all to the avail of encouraging
U to the principles which, someday, maybe in eight
years, wud entitle U, if I may be so provocative,
to have that twelve million. I have tried not to be
academic with writing style. Who needs it? The only
thing we wish to be academic about is knowledge and
ability. The prose is informal and friendly, perhaps
too friendly and uses the modern dictum, when opportune,
- such as 'U' for 'you', 'shud' for 'should', 'becum'
for 'become' and so forth. And why not ! It makes
for more stimulative reading. Also, we tend to repeat
certain sentences, phrases and ideas, so that the
trader mite unconsciously becum aware of their input,
and since I place certain relevance on them, the reader
will, consequently, incorporate them automatically
into their thinking processes when he/she evolves
and employs a trading plan. Some sections will be
too ponderous, (like this introduction) some too flippant,
-maybe haranguing, maybe too presumptive, possibly
parading propinquity, but at all times prodding, and
for a purpose. ( Sorry to be so eloquent. ) The sections
on philosophy, technical analysis, and psychology
all are woven one to the other, because U cannot have
one without the other, if U are to respect this book.
I am serious about that. ( I want U to have that I2
million. ) Accordingly, the section on philosophy
is meant to be instructive and didactic; psychology
throngs into the pedantic and the areas of basic technical
format, including P&L Charting involve actuality,
and are meant to be realistic.
If
the reader wishes to becum an involved student of
P&L, I have provided plenty of material and comments
in the section on P&L (Point and Line) Charting.
Hopefully, he/she will experiment and delve deeper
into its concepts. For U cheaters out there who do
not wish to put in the effort, I'm sure U're target
of interest will be in chapter I3, where we parlay
an investment of $3,400 into $220,050 in fifteen weeks.
For the serious student, however, the rewards will
be an awareness that P&L can be phenomenal in
its application to market analysis, and accordingly
its concomitant financial success, and also that it
is not applicable when not tied into the 'basics'
of technical and fundamental analysis, which will
be presented in this book. P&L can be an earthquake
of an experience. It can change U're life, possibly
much too fast, since U may have an over-assumption
of U're ability to master the project. It's a big
world out there, and it's the nature of the market
to reward U're sudden success with the opposing debilitation
of unexpected, adverse, returning of monies to the
market place. Be careful of assuming that U are a
pro of P&L Charting, especially after a succession
of positive market applications.
If
U sit and take it easy and quietly trade with a plan
at hand, - a well formulated plan, explained in this
book, the trader will find that there's no end to
the enjoyment of what success in the futures market
has to offer, and what it can do for the trader and
his circle of influence. U are going to get U're money's
worth out of this book.
So,
don't be in such a hurry that U blow U'reself out
of the box. One more thing. P&L cannot be computerized.
So U are at the distinct advantage of not being succumbed
by the computer markets that exist to-day. U will
be acting long before they do. It's rather a smug
feeling to have nothing but the parameters of your
brain with which to operate. Man will survive !
Now,
make money in the futures market. ( Sorry to be so
corny, but I'm serious. )
.... and lots of it !
One hope:,,,,, the lord above, preserve the futures
market, for us all, the trader, the hedger, the market
place
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