Go to Jeff Salisbury LWGate Home Page.From: "Katherine Malm" <kmalm@earthlink.net>
Subject: Re: [CANSLIM] Weinstein & Professional Tape Reader
Date: Tue, 3 Sep 2002 14:32:49 -0500
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Hi Warren,
I can't speak for Weinstein's newsletter performance because I've never seen
the newsletter itself. What I *can* speak for, however, is the value of
learning basic technical patterns, entry/exit and simple long and short
techniques as they are written in his book. I first learned of this book in
early 2000. After reading it, I saw technical patterns in an entirely new
light, even after having spent so many years "using" technicals per WON's
guidelines. Gary Kaltbaum of TradingMarkets.com has always attributed much
of his success to WON and Weinstein, because it was from them he learned to
develop his edge. I don't think the issue with Weinstein was ever "here's a
'system' that I am going to follow exclusively." If nothing else, notice
that Weinstein never once mentions fundamentals in his book. That's
decidedly not a CANSLIM approach.
I think if anybody were to boil down CANSLIM (or their own version of it) to
its simplest form, it's about remaining faithful to a set of disciplined
rules. As Ed G. says, the trouble with most people is they forget that
trading is 85% between your ears. I see most people fail when they flit from
one method to another, when they "talk themselves" out of following a rule,
when they don't understand the rules, when they don't have a game plan going
into each trade, and/or when they refuse to recognize that investing in
equities is a risky business where each trade has odds. The key is selecting
an investing style where one is comfortable with the risk/reward tradeoff
and then developing a true MASTERY of that style. Mastery comes through
knowledge, focus, practice, simplicity, preparation and patience... that
is....
--build your Knowledge base so that you understand all aspects of
the trading style
--Focus on the right things at the right time
--Practice all the rules without hesitation
--keep things Simple and do not add complexity where it isn't
necessary
--Prepare each and every day so that you are ready when opportunity
presents itself
--be Patient and let the trade come to *you.*
Pick your favorite master...Buffett, Sir John Templeton, Peter Lynch, WON,
Tiger Woods..whomever it is, their style may be unique, but their Mastery
skills and consistent track records speak for themselves.
Katherine
- ----- Original Message -----
From: "Warren Keuffel" <wkeuffel@xmission.com>
To: "CANSLIM list" <canslim@lists.xmission.com>
Sent: Tuesday, September 03, 2002 10:42 AM
Subject: [CANSLIM] Weinstein & Professional Tape Reader
| Someone on the list recently suggested that we should cast a jaundiced eye
on
| Stan Weinstein's book because of his poor market performance. I wrote to
the
| Hulbert Financial Digest (they track newsletter portfolio performance) and
| below is what they had to say. It looks like he missed the bull market
| entirely, which I find surprising considering his emphasis on technical
| analysis.
|
| So, what do you think? Should we toss out Weinstein's ideas because what
he
| writes is not supported by real-world performance? (Katherine -- any
comment?)
|
| Warren
|
| John wrote:
|
| > Hello,
| >
| > We tracked the Professional Tape reader from July, 1980 through the end
of
| > 1999 which is when they had stopped publishing. During this time he had
| > gained 1.3% per year versus 17.1% per year for the market. Since we no
| > longer track it, it does not show up in the ratings any longer.
| >
| > John Kimble
| > Hulbert Financial Digest
|
|
| -
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