Re: [CANSLIM] Zillagirl

From: Mike Gibbons <mike@proactech.com>
Subject: Re: [CANSLIM] Zillagirl
Date: 07 Aug 2002 21:26:27 -1000
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Zen and the Art of Watchlist Maintenance.

Very well put Robert.

On Wed, 2002-08-07 at 19:49, RWElmer@aol.com wrote:
> Hello Zillagirl,
> 
> I offer another explanation as to why people won't share their lists. It goes 
> back to, "Give a man a fish and he'll eat for a day, teach a man to fish and 
> he'll eat for life." Or, as Bruce Lee said, "I cannot teach you this method 
> or that method. I can only teach you to explore yourself." 
> 
> In many ways, that's exactly what I see happening on this Board. When people 
> point out resources, they are giving you all that you need until you have 
> explored that resource to your own satisfaction and edification. To walk you 
> step by step through the process is not only a possible infringement on their 
> good nature and time, it is also a disservice to you. This is the "exploring 
> yourself" part of the Journey. The more experienced Members have a process 
> that works for them and is usually as a result of much trial and error. That 
> groping is part of the process, as it's very unlikely you'll stumble upon a 
> ready made system of somebody else's that suits your needs exactly. It is by 
> studying as much as you can that you develop skills that teach you not only 
> how to use the tools, but also why they're used the way they are. This goes 
> down to learning how to use Excel sheets and Downloading files. If you thirst 
> for the knowledge, you will find a way to gain it, with or without the help 
> of others. I find "Help" menus have served me well in times of trouble. The 
> good thing here is that there are so many able and willing souls to assist 
> you. I know I have found that the times I'm most willing to do things for 
> myself are the exact times someone comes along to offer help. (Most often for 
> me it's been this Guiding Light I met on a Board much like this, but that's 
> another story)
> 
> Our personal Watchlists are not a secret, if I may speak for others. As 
> another Member noted, many of the picks we come to on our own are well known 
> and much discussed on this Board. Simply perusing the Daily Screen on IBD 
> will give you some wonderful candidates to work with. The trick is, now that 
> you know about them, what are you going to do with them? Your not missing out 
> on very many "secrets" in the way of picks, except maybe with Tom's small 
> caps (I like 'em too, Tom) This is where developing your own methodology is 
> so important. To that end, you might start by going through HTMMIS and 
> deriving a process by which you'll evaluate stocks that you come across. 
> Write down the things WON mentions that are important and make your list. 
> Decide that those which past this list will go on a Watchlist. After you have 
> that list (and keep updating it regularly) do deeper Due Diligence (DD) until 
> you are satisfied that you would buy whichever stocks if their chart patterns 
> present an opportunity. Put those on your Ready To Buy List then watch them 
> like a hawk for that opportunity. Simply working out the details of this will 
> keep you learning for a good while. And it's ultimately what we're all doing 
> to get our lists, in one way or another. 
> 
> Personally, I agree with those that prefer not to post their lists. The 
> reason is that a list is not separate from the process by which it was 
> derived. To share the list is to share the process. To share the process is 
> to assume the person it's being shared with is going to relate to your way of 
> looking at the problem. That's a huge assumption. It leaves alot of room for 
> misunderstanding and disagreement. And it's always probable that what works 
> for another may not work for you. That's just a consequence of being 
> individuals. The funny thing is, there is one person willing to share both 
> lists and process, and is a master at doing it. That, of course, is William 
> O'Neil. It is his process that is much debated and interpreted here. In that 
> context it's easy to see why it'd be difficult for any here to really share 
> their methods. As open book as O'Neil's method is, it's still not easily 
> grasped or executed. And he is in the business of letting you in on his 
> "secrets." What chance do we have of really being able to pass on our 
> approach without exposing it to misunderstanding, and useless defending? No, 
> instead I recommend letting the Experienced teach you to explore yourself.
> 
> You obviously have the desire to learn. But trading, like any discipline, 
> takes alot of working with, alot of patience, and a love of learning. As I 
> see it, CANSLIM is not a get rich quick method but a Discipline to Master 
> that leads to Wealth. I think most would agree that part of that Wealth is 
> the inner growth developed to master the method (which, incidentally, I have 
> not). Spend some time working with the ideas you have been given to this 
> point by so many and see how pondering them helps you grow. It's a process we 
> all go through, and continue to go through. I don't think the learning ends 
> until you quit. The Board will be here when you need them, but much more is 
> gained, I believe, by taking a bite at a time then chewing for a while.
> 
> Best Wishes for a rewarding Journey, 
> 
> Robert W. Elmer
> 
- -- 
Aloha,

Mike Gibbons
Proactive Technologies, LLC
http://www.proactech.com


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