John Boik - Lessons from the Greatest Stock Traders of All Time

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Its not the thinking that makes the money; its the sitting.

even being right three or four times out often should yield a person a fortune if he has the sense to cut his losses quickly

What everybody else knows is not worth knowing.

As for good stocks and bad stocks, there were no such things; there were only stocks increasing in price and stocks declining in price.

with persistence and hard work anything is possible. You can do it, and your own determination to succeed is the most important element.

To my wife, Gina, for her understanding and support. To my five-year-old daughter, Daniella. It was a joy to have you by my side, and I thank you for allowing me to share the computer (mine) with you throughout this project.

To a few great friends and my parents for providing continued encouragement.

To the professional staff at McGraw-Hill, especially my fine editor Kelli Christiansen.

Finally, to Mr. William ONeil. This book would never have been written without the accomplishments he has achieved, especially his dedicated efforts to bring relevant, fact-based, quality market information to the individual investor.

Lessons from the Greatest Stock Traders of All Time is about incredible achievements. It profiles five individuals who attained great levels of success in one of the most difficult endeavorstrading stocks. Although many people make substantial profits and attain some success trading stocks (while most do not), the people described in this book are standout achievers.

They are the greatest because they all achieved (and one is still achieving) enormous success across decades. They paved new ways in stock market success and have stood the test of time. And when the test of time involves the stock market, that makes the achievement that much more impressive.

Who are these people and how did they get to be distinguished as the greatest? They are all Wall Street legends, and each one published at least one book describing his successful trading strategies. Here is a preview.

Jesse LivermoreThe reclusive, private genius whose revolutionary trading strategies are still being used today. Livermore attained incredible wealth and gave it back many times, eventually falling victim to his own personal problems and severe depression.

Bernard BaruchThe intelligent, sophisticated financier whose trading success earned him great riches and entry into successful financial dealings, and then into public service with the nations highest levels of power.

Gerald M. LoebThe financial writer, stockbroker, and skittish trader who made millions for more than half a century, battling the market by staying disciplined to his strict trading rules.

Nicolas DarvasThe outsider whose almost accidental initial first success in stocks led him on a quest of sheer determination to succeed in stock trading. After many years of trial and error, perseverance never wavering, his efforts finally paid off in millions and landed him a feature story in Time magazine.

William J. ONeilThe factual, hard-working researcher whose never-ending, detailed study and disciplined trading rules led to fortunes in stock trading. Then, by using his trading profits, he launched successful investment research information businesses serving both professional and individual investors.

Stock trading attracts many people because its easy to try, and many view it as an easy and quick way to riches. But as the majority learn, most the hard way, its not as easy at it seems. The stock market is an interesting display of expectations and emotions. Its by looking under the surface and past the daily minor market fluctuations, delving into the details, that these leaders studied and discovered the methods that really worked. This required intense observation and study to succeed at the highest levels, just as any other vocation requires the same attention and hard work to attain great success. This, though, is also where most people fail and do not give adequate attention and effort. As these great traders observed through experience, the stock market is not obvious; it is designed to fool most of the people most of the time.