# Gartman's 13 Rules of Trading (do you agree?)



## michael_selway (22 January 2006)

http://www.frontlinethoughts.com/pdf/mwo012006.pdf

*NEVER ADD TO A LOSING POSITION R U L E # 1*

Never, ever, under any circumstance, should one add to a losing position .
. . not EVER! Averaging down into a losing trade is the only thing that will assuredly take you out of the investment business. This is what took LTCM out. This is what took Barings Brothers out; this is what took Sumitomo Copper out, and this is what takes most losing investors out. The only thing that can happen to you when you average down into a long position (or up into a short position) is that your net worth must decline. Oh, it may turn
around eventually and your decision to average down may be proven fortuitous, but for every example of fortune shining we can give an example of fortune turning bleak and deadly.

By contrast, if you buy a stock or a commodity or a currency at progressively
higher prices, the only thing that can happen to your net worth is that it shall rise. Eventually, all prices tumble. Eventually, the last position you buy, at progressively higher prices, shall prove to be a loser, and it is at that point that you will have to exit your position. However, as long as you buy at higher prices, the market is telling you that you are correct in your analysis and you should continue to trade accordingly.

*R U L E # 2 Never, ever, under any circumstance, should one add to a losing position . . not EVER!*

We trust our point is made. If “location, location, location” are the first three rules
of investing in real estate, then the first two rules of trading equities, debt, commodities,
currencies, and so on are these: never add to a losing position.

*INVEST ON THE SIDE THAT IS WINNING R U L E # 3 Learn to trade like a mercenary guerrilla.*

The great Jesse Livermore once said that it is not our duty to trade upon the
bullish side, nor the bearish side, but upon the winning side. This is brilliance of the first
The Rules of Trading
1/20/2006 5
order. We must indeed learn to fight/invest on the winning side, and we must be willing
to change sides immediately when one side has gained the upper hand.
Once, when Lord Keynes was appearing at a conference he had spoken to the year
previous, at which he had suggested an investment in a particular stock that he was now
suggesting should be shorted, a gentleman in the audience took him to task for having
changed his view. This gentleman wondered how it was possible that Lord Keynes could
shift in this manner and thought that Keynes was a charlatan for having changed his
opinion. Lord Keynes responded in a wonderfully prescient manner when he said, “Sir,
the facts have changed regarding this company, and when the facts change, I change.
What do you do, Sir?” Lord Keynes understood the rationality of trading as a mercenary
guerrilla, choosing to invest/fight upon the winning side. When the facts change, we must
change. It is illogical to do otherwise.

*DON’T HOLD ON TO LOSING POSITIONS R U L E # 4 Capital is in two varieties: Mental and Real, and, of the two, the mental capital is the most important.*

Holding on to losing positions costs real capital as one’s account balance is
depleted, but it can exhaust one’s mental capital even more seriously as one holds to the
losing trade, becoming more and more fearful with each passing minute, day and week,
avoiding potentially profitable trades while one nurtures the losing position.

*GO WHERE THE STRENGTH IS R U L E # 5 The objective of what we are after is not to buy low and to sell high, but to buy high and to sell higher, or to sell short low and to buy lower.*

We can never know what price is really “low,” nor what price is really “high.”
We can, however, have a modest chance at knowing what the trend is and acting on that
trend. We can buy higher and we can sell higher still if the trend is up. Conversely, we
can sell short at low prices and we can cover at lower prices if the trend is still down.
However, we’ve no idea how high high is, nor how low low is.
Nortel went from approximately the split-adjusted price of $1 share back in the
early 1980s, to just under $90/share in early 2000 and back to near $1 share by 2002
(where it has hovered ever since). On the way up, it looked expensive at $20, at $30, at
$70, and at $85, and on the way down it may have looked inexpensive at $70, and $30,
and $20””and even at $10 and $5. The lesson here is that we really cannot tell what is
high and/or what is low, but when the trend becomes established, it can run far farther
than the most optimistic or most pessimistic among us can foresee.

*R U L E # 6 Sell markets that show the greatest weakness; buy markets that show the greatest strength.*

Metaphorically, when bearish we need to throw our rocks into the wettest paper
sack for it will break the most readily, while in bull markets we need to ride the strongest
wind for it shall carry us farther than others.
Those in the women’s apparel business understand this rule better than others, for
when they carry an inventory of various dresses and designers they watch which
designer’s work moves off the shelf most readily and which do not. They instinctively
mark down the work of those designers who sell poorly, recovering what capital then can
as swiftly as they can, and use that capital to buy more works by the successful designer.
To do otherwise is counterintuitive. They instinctively buy the “strongest” designers and
sell the “weakest.” Investors in stocks all too often and by contrast, watch their portfolio
shift over time and sell out the best stocks, often deploying this capital into the shares that
have lagged. They are, in essence, selling the best designers while buying more of the
worst. A clothing shop owner would never do this; stock investors do it all the time and
think they are wise for doing so!

*MAKING “LOGICAL” PLAYS IS COSTLY R U L E # 7 In a Bull Market we can only be long or neutral; in a bear market we can only be bearish or neutral.*

Rule 6 addresses what might seem like a logical play: selling out of a long
position after a sharp rush higher or covering a short position after a sharp break lower””
and then trying to play the market from the other direction, hoping to profit from the
supposedly inevitable correction, only to see the market continue on in the original
direction that we had gotten ourselves exposed to. At this point, we are not only losing
real capital, we are losing mental capital at an explosive rate, and we are bound to make
more and more errors of judgment along the way.
Actually, in a bull market we can be neutral, modestly long, or aggressively
long””getting into the last position after a protracted bull run into which we’ve added to
our winning position all along the way. Conversely, in a bear market we can be neutral,
modestly short, or aggressively short, but never, ever can we””or should we””be the
opposite way even so slightly.
Many years ago I was standing on the top step of the CBOT bond-trading pit with
an old friend Bradley Rotter, looking down into the tumult below in awe. When asked
The Rules of Trading
1/20/2006 7
what he thought, Brad replied, “I’m flat . . . and I’m nervous.” That, we think, says it all. .
.that the markets are often so terrifying that no position is a position of consequence.

*R U L E # 8 “Markets can remain illogical far longer than you or I can remain
solvent.”*

I understand that it was Lord Keynes who said this first, but the first time I heard
it was one morning many years ago when talking with a very good friend, and mentor,
Dr. A. Gary Shilling, as he worried over a position in U.S. debt that was going against
him and seemed to go against the most obvious economic fundamentals at the time.
Worried about his losing position and obviously dismayed by it, Gary said over the
phone, “Dennis, the markets are illogical at times, and they can remain illogical far
longer than you or I can remain solvent.” The University of Chicago “boys” have argued
for decades that the markets are rational, but we in the markets every day know
otherwise. We must learn to accept that irrationality, deal with it, and move on. There is
not much else one can say. (Dr. Shilling’s position shortly thereafter proved to have been
wise and profitable, but not before further “mental” capital was expended.)

*R U L E # 9 Trading runs in cycles; some are good, some are bad, and there is nothing we can do about that other than accept it and act accordingly.*

The academics will never understand this, but those of us who trade for a living
know that there are times when every trade we make (even the errors) is profitable and
there is nothing we can do to change that. Conversely, there are times that no matter what
we do””no matter how wise and considered are our insights; no matter how sophisticated
our analysis””our trades will surrender nothing other than losses. Thus, when things are
going well, trade often, trade large, and try to maximize the good fortune that is being
bestowed upon you. However, when trading poorly, trade infrequently, trade very small,
and continue to get steadily smaller until the winds have changed and the trading “gods”
have chosen to smile upon you once again. The latter usually happens when we begin
following the rules of trading again. Funny how that happens!


----------



## michael_selway (22 January 2006)

I agree with them on the whole, nice examples also! here are the rest

*THINK LIKE A FUNDAMENTALIST; TRADE LIKE A TECHNICIAN R U L E # 10
To trade/invest successfully, think like a fundamentalist; trade like a
technician.*

It is obviously imperative that we understand the economic fundamentals that will
drive a market higher or lower, but we must understand the technicals as well. When we
The Rules of Trading
1/20/2006 8
do, then and only then can we, or should we, trade. If the market fundamentals as we
understand them are bullish and the trend is down, it is illogical to buy; conversely, if the
fundamentals as we understand them are bearish but the market’s trend is up, it is
illogical to sell that market short. Ah, but if we understand the market’s fundamentals to
be bullish and if the trend is up, it is even more illogical not to trade bullishly.

*R U L E # 11 Keep your technical systems simple.*

Over the years we have listened to inordinately bright young men and women
explain the most complicated and clearly sophisticated trading systems. These are
systems that they have labored over; nurtured; expended huge sums of money and time
upon, but our history has shown that they rarely make money for those employing them.
Complexity breeds confusion; simplicity breeds an ability to make decisions swiftly, and
to admit error when wrong. Simplicity breeds elegance.
The greatest traders/investors we’ve had the honor to know over the years
continue to employ the simplest trading schemes. They draw simple trend lines, they see
and act on simple technical signals, they react swiftly, and they attribute it to their
knowledge gained over the years that complexity is the home of the young and untested.

*UNDERSTAND THE ENVIRONMENT R U L E # 12 In trading/investing, an understanding of mass psychology is often more important than an understanding of economics.*

Markets are, as we like to say, the sum total of the wisdom and stupidity of all
who trade in them, and they are collectively given over to the most basic components of
the collective psychology. The dot-com bubble was indeed a bubble, but it grew from a
small group to a larger group to the largest group, collectively fed by mass mania, until it
ended. The economists among us missed the bull-run entirely, but that proves only that
markets can indeed remain irrational, and that economic fundamentals may eventually
hold the day but in the interim, psychology holds the moment.
And finally the most important rule of all:

*THE RULE THAT SUMS UP THE REST R U L E # 13 Do more of that which is working and do less of that which is not.*

This is a simple rule in writing; this is a difficult rule to act upon. However, it
synthesizes all the modest wisdom we’ve accumulated over thirty years of watching and
trading in markets. Adding to a winning trade while cutting back on losing trades is the
one true rule that holds””and it holds in life as well as in trading/investing.
If you would go to the golf course to play a tournament and find at the practice tee
that you are hitting the ball with a slight “left-to-right” tendency that day, it would be best
to take that notion out to the course rather than attempt to re-work your swing. Doing
more of what is working works on the golf course, and it works in investing.
If you find that writing thank you notes, following the niceties of life that are
extended to you, gets you more niceties in the future, you should write more thank you
notes. If you find that being pleasant to those around you elicits more pleasantness, then
be more pleasant.
And if you find that cutting losses while letting profits run””or even more
directly, that cutting losses and adding to winning trades works best of all””then that is
the course of action you must take when trading/investing. Here in our offices, as we
trade for our own account, we constantly ask each other, “What’s working today, and
what’s not?” Then we try to the very best of our ability “to do more of that which is
working and less of that which is not.” We’ve no set rule on how much more or how
much less we are to do, we know only that we are to do “some” more of the former and
“some” less of the latter. If our long positions are up, we look at which of those long
positions is doing us the most good and we do more of that. If short positions are also up,
we cut back on that which is doing us the most ill. Our process is simple.
We are certain that great””even vast””holes can and will be proven in our rules
by doctoral candidates in business and economics, but we care not a whit, for they work.
They’ve proven so through time and under pressure. We try our best to adhere to them.
This is what I have learned about the world of investing over three decades. I try
each day to stand by my rules. I fail miserably at times, for I break them often, and when
I do I lose money and mental capital, until such time as I return to my rules and try my
very best to hold strongly to them. The losses incurred are the inevitable tithe I must
make to the markets to atone for my trading sins. I accept them, and I move on but only
after vowing that “I’ll never do that again.”


----------



## It's Snake Pliskin (22 January 2006)

I agree with them, but they are not the holy grail. 

Good stuff!


----------



## brisvegas (22 January 2006)

if you have some simple commonsense rules arent really that neccesary . rule 1 and 2 are rubbish if you are buying on long term fundementals . averaging down can be a legitimate and sensible approach if you have your research right and have the neccesary patience . wont go through all these rules but some seem to contradict others in a way . rule 11 is gold the rest are debatable from my perspective . each potential trade needs to be looked at different ways depending on objectives ,  time frames , risk / reward , fundementals etc etc . i prefer a more discretionary approach  for what its worth .  


rule #1   ... dont have too many rules   


................... Pete


----------



## It's Snake Pliskin (22 January 2006)

brisvegas said:
			
		

> if you have some simple commonsense rules arent really that neccesary . rule 1 and 2 are rubbish if you are buying on long term fundementals . averaging down can be a legitimate and sensible approach if you have your research right and have the neccesary patience . wont go through all these rules but some seem to contradict others in a way . rule 11 is gold the rest are debatable from my perspective . each potential trade needs to be looked at different ways depending on objectives ,  time frames , risk / reward , fundementals etc etc . i prefer a more discretionary approach  for what its worth .
> 
> 
> rule #1   ... dont have too many rules
> ...



Pete,

I disagree with your first sentence. I propose this: How do you know when to sell, buy, take profits, manage risk, or evaluate performance? Without rules commonsense will not tell you. (for those not being market wizards)

Averaging down would apply to the fundamental investor, not the paranoid trader. If investing I would do it, just like putting money into a savings account as the interest rate rose.

I think it`s important to differentiate between traders and investors when talking about stocks; some in the industry (not you - must be sensitive now people are getting offended too easily on this forum) seem confused with the difference, for eg. some people will refer to Warren Buffett as a trader    Truth: he`s an investor.  

Snake


----------



## mit (22 January 2006)

Maybe not the first. If a stock I'm watching makes a large breakout I'll put half a position on and wait for a pull back to put the second half of the position. This is technically averaging down but I still have strict stops etc.

I agree with the statement for people who do it without planning beforehand.

MIT


----------



## michael_selway (22 January 2006)

mit said:
			
		

> Maybe not the first. If a stock I'm watching makes a large breakout I'll put half a position on and wait for a pull back to put the second half of the position. This is technically averaging down but I still have strict stops etc.
> 
> I agree with the statement for people who do it without planning beforehand.
> 
> MIT




*Many People here disagree with Rule No.1

IMO thats a very important rule and i agree with it

So would u average down on Pasminco if you had some shares in them ($1.2 maybe) before it collapsed?

Thanks

MS*


----------



## It's Snake Pliskin (22 January 2006)

michael_selway said:
			
		

> Many People here disagree with Rule No.1
> 
> IMO thats a very important rule and i agree with it
> 
> ...




Having a trader`s mindset, I agree with you totally!


----------



## brisvegas (23 January 2006)

michael_selway said:
			
		

> *Many People here disagree with Rule No.1
> 
> IMO thats a very important rule and i agree with it
> 
> ...




no i wouldnt have averaged down on pasminco or ION or anything that was highly geared (lots of debt ) in a bad down turning sector . they did not have good fundementals . but i would and did average down on NAB successfully . thats why rule 1 and 2 dont cut it for me . if you cant or wont read a balance sheet properly well rule no 1 is for you , for every PAS or ION i can give you 10 examples of where averaging would have made you great profits . as i said it is discretionary for me , i am not advocating that you average now on a spec with no earnings or a borrowed to the hilt struggling top200 but as i said previously there are circumstances where averaging down is a valid and profitable proposition . 


.......... pete


----------



## brisvegas (23 January 2006)

Snake Pliskin said:
			
		

> Pete,
> 
> I disagree with your first sentence. I propose this: How do you know when to sell, buy, take profits, manage risk, or evaluate performance? Without rules commonsense will not tell you. (for those not being market wizards)
> 
> ...




truth is snake is that i have long term investments and i also am a trader , i trade futures on a very short term basis and some spec stocks also . i trade top100 swing style with leverage over a few days . my trading is wide and varied and as such a set in concrete set of rules to cover all that just does not work . discretionary means i think about it before i do it . work out risk /reward , stop loss , likely tgt before i enter a trade . depending on the trade i quite often take a profit on half position at predetermined level , move stop to breakeven on rest and let it develop with a trailing stop as it gets more into profit . some trades i just enter put a stop loss in and a target , link them with an OCO order and forget about it . i do have some rules such as when using my cfd account i never use over a predetermined level of my equity . so whilst i dont neccesarily agree with those rules i never at any stage advocated having no rules at all , just not too many . trading is dynamic by nature and so should your thinking be . think ive said enough on this so will get of my soapbox . its all subjective this rules thing so go with whatever works for you . happy trading


......................... pete


----------



## It's Snake Pliskin (23 January 2006)

brisvegas said:
			
		

> truth is snake is that i have long term investments and i also am a trader , i trade futures on a very short term basis and some spec stocks also . i trade top100 swing style with leverage over a few days . my trading is wide and varied and as such a set in concrete set of rules to cover all that just does not work . discretionary means i think about it before i do it . work out risk /reward , stop loss , likely tgt before i enter a trade . depending on the trade i quite often take a profit on half position at predetermined level , move stop to breakeven on rest and let it develop with a trailing stop as it gets more into profit . some trades i just enter put a stop loss in and a target , link them with an OCO order and forget about it . i do have some rules such as when using my cfd account i never use over a predetermined level of my equity . so whilst i dont neccesarily agree with those rules i never at any stage advocated having no rules at all , just not too many . trading is dynamic by nature and so should your thinking be . think ive said enough on this so will get of my soapbox . its all subjective this rules thing so go with whatever works for you . happy trading
> 
> 
> ......................... pete




An intuitive trader! Good stuff!


----------



## happytrader (23 January 2006)

Hi all

As a trader I agree with those rules particularly the first two. I once took 6 losses in a row from 1. getting in too early 2. getting in too late (all emotionally driven by the way because I didn't want to 'miss out' I also knew I was breaking my rules) but the fact that I cut my losses short with (the biggest being 20%) at a predetermined level still put me way ahead at the end of the month. Sure some of them recovered in the next hour, the next day, the next week and some didn't but the point is, I could not be sure of the outcome at the time but I could be sure of maintaining a capital base that would put me back in the game and into profit quickly. 

Cheers
Happytrader


----------



## brisvegas (25 January 2006)

found this whilst i was looking for something else ..... by the way gartman has 22 rules to trade by , id like to point the last rule . sort of makes having rules obsolete 

http://www.dacharts.com/articles/_22rulestrading.htm

22. All rules are meant to be broken: The trick is knowing when... and how infrequently this rule may be invoked!


.................. pete


something to be said for discretionary trading


----------



## wayneL (25 January 2006)

brisvegas said:
			
		

> found this whilst i was looking for something else ..... by the way gartman has 22 rules to trade by , id like to point the last rule . sort of makes having rules obsolete
> 
> http://www.dacharts.com/articles/_22rulestrading.htm
> 
> ...





Yeah one of the market wizards had a similar rule as well.


----------



## wayneL (25 January 2006)

brisvegas said:
			
		

> found this whilst i was looking for something else ..... by the way gartman has 22 rules to trade by , id like to point the last rule . sort of makes having rules obsolete
> 
> http://www.dacharts.com/articles/_22rulestrading.htm
> 
> 22. All rules are meant to be broken: The trick is knowing when... and how infrequently this rule may be invoked!




I like this one too:

21. There is never one cockroach! This is the "winning" new rule submitted by our friend, Tom Powell.


----------



## bullmarket (25 January 2006)

For me, averaging down is generally a no-no, especially if the stock is still technically trending down.

But if it has begun to trend up and confirmation of the uptrend occurs below your original purchase price then I suppose it's ok since, although still technically averaging down, you are buying into an uptrend.

The obvious tricky part here is determining when the uptrend is confirmed.  I've seen many over at Commsec buy into dead-cat bounces before the uptrend has been confirmed (hoping the recovery will continue) and hence only compound their losses when the downtrend resumes.

*There's no rule that says one must try to recoup losses in the same stock that originated them in the first place.* 

So maybe consider using the funds you are thinking about averaging down with in a stock which has better prospects at least technically and/or fundamentally.

food for thought.

bullmarket


----------



## michael_selway (25 January 2006)

brisvegas said:
			
		

> found this whilst i was looking for something else ..... by the way gartman has 22 rules to trade by , id like to point the last rule . sort of makes having rules obsolete
> 
> http://www.dacharts.com/articles/_22rulestrading.htm
> 
> ...




Wow thx, he must have added more rules!

*1. Never, under any circumstance add to a losing position.... ever! Nothing more need be said; to do otherwise will eventually and absolutely lead to ruin!

2. Trade like a mercenary guerrilla. We must fight on the winning side and be willing to change sides readily when one side has gained the upper hand.

3. Capital comes in two varieties: Mental and that which is in your pocket or account. Of the two types of capital, the mental is the more important and expensive of the two. Holding to losing positions costs measurable sums of actual capital, but it costs immeasurable sums of mental capital.

4. The objective is not to buy low and sell high, but to buy high and to sell higher. We can never know what price is "low." Nor can we know what price is "high." Always remember that sugar once fell from $1.25/lb to 2 cent/lb and seemed "cheap" many times along the way.

5. In bull markets we can only be long or neutral, and in bear markets we can only be short or neutral. That may seem self-evident; it is not, and it is a lesson learned too late by far too many.

6. "Markets can remain illogical longer than you or I can remain solvent," according to our good friend, Dr. A. Gary Shilling. Illogic often reigns and markets are enormously inefficient despite what the academics believe.

7. Sell markets that show the greatest weakness, and buy those that show the greatest strength. Metaphorically, when bearish, throw your rocks into the wettest paper sack, for they break most readily. In bull markets, we need to ride upon the strongest winds... they shall carry us higher than shall lesser ones.

8. Try to trade the first day of a gap, for gaps usually indicate violent new action. We have come to respect "gaps" in our nearly thirty years of watching markets; when they happen (especially in stocks) they are usually very important.

9. Trading runs in cycles: some good; most bad. Trade large and aggressively when trading well; trade small and modestly when trading poorly. In "good times," even errors are profitable; in "bad times" even the most well researched trades go awry. This is the nature of trading; accept it.

10. To trade successfully, think like a fundamentalist; trade like a technician. It is imperative that we understand the fundamentals driving a trade, but also that we understand the market's technicals. When we do, then, and only then, can we or should we, trade.

11. Respect "outside reversals" after extended bull or bear runs. Reversal days on the charts signal the final exhaustion of the bullish or bearish forces that drove the market previously. Respect them, and respect even more "weekly" and "monthly," reversals.

12. Keep your technical systems simple. Complicated systems breed confusion; simplicity breeds elegance.

13. Respect and embrace the very normal 50-62% retracements that take prices back to major trends. If a trade is missed, wait patiently for the market to retrace. Far more often than not, retracements happen... just as we are about to give up hope that they shall not.

14. An understanding of mass psychology is often more important than an understanding of economics. Markets are driven by human beings making human errors and also making super-human insights.

15. Establish initial positions on strength in bull markets and on weakness in bear markets. The first "addition" should also be added on strength as the market shows the trend to be working. Henceforth, subsequent additions are to be added on retracements.

16. Bear markets are more violent than are bull markets and so also are their retracements.

17. Be patient with winning trades; be enormously impatient with losing trades. Remember it is quite possible to make large sums trading/investing if we are "right" only 30% of the time, as long as our losses are small and our profits are large.

18. The market is the sum total of the wisdom ... and the ignorance...of all of those who deal in it; and we dare not argue with the market's wisdom. If we learn nothing more than this we've learned much indeed.

19. Do more of that which is working and less of that which is not: If a market is strong, buy more; if a market is weak, sell more. New highs are to be bought; new lows sold.

20. The hard trade is the right trade: If it is easy to sell, don't; and if it is easy to buy, don't. Do the trade that is hard to do and that which the crowd finds objectionable. Peter Steidelmeyer taught us this twenty five years ago and it holds truer now than then.

21. There is never one cockroach! This is the "winning" new rule submitted by our friend, Tom Powell.

22. All rules are meant to be broken: The trick is knowing when... and how infrequently this rule may be invoked!*


----------



## It's Snake Pliskin (26 January 2006)

Yep, rules 1 and 2 are the most important.

Rule 20 is hogwash.


----------



## StockyBailx (12 February 2006)

Copyright,

What > a load of bull****, I mean far enough thats the way you people understand trading and if it all works or not I've got no idea. You are all lost in other peoples words of encouragement by the sounds of that dripple you's are drinking there sweet just to get it up!

Personally there are no rules in trading, it's all based on strategy, discipline and your own common know how. You can't put a rule to a stock it must run free and be able to do what it wants, there for gaining a honest read. You can't even predict a trend. My only rule is my stop loss. If I lose on my stop loss I can always return back to that stock if the corrections are there.

lol been had!   

*StockyBailz*


----------



## wayneL (12 February 2006)

StockyBailz said:
			
		

> Copyright,
> 
> What > a load of bull****, I mean far enough thats the way you people understand trading and if it all works or not I've got no idea. *You are all lost in other peoples words of encouragement by the sounds of that dripple you's are drinking there sweet just to get it up!*
> 
> ...




Sounds like you are the only "enlightened" trader on this forum. Perhaps you could teach us all the holy grail of trading...with correct spelling, punctuation and grammar so we can actually understand what it is you are on about?


----------



## It's Snake Pliskin (12 February 2006)

wayneL said:
			
		

> Sounds like you are the only "enlightened" trader on this forum. Perhaps you could teach us all the holy grail of trading...with correct spelling, punctuation and grammar so we can actually understand what it is you are on about?




I agree Wayne! Sounds like a case of the verbal D to me.


----------

