How I Trade for a Living by Gary Smith

By Gary Smith

Grasp the Markets by means of buying and selling from domestic! how I exchange for a dwelling "Gary Smith bargains actually. so one can particularly discover ways to alternate for actual gains, no longer hypothetical, mumbo-back-tested courses, this booklet is a needs to. I seldom learn industry books anymore, yet I learn each be aware of this crucial booklet. Get it." —Larry Williams, writer of long term secrets and techniques to non permanent buying and selling "How I exchange for a residing is a awesome booklet; really a treasure trove of industry information.… hugely recommended." —Humphrey E. D. Lloyd, MD, writer of buying and selling S&P Futures & strategies: A Survival handbook and research advisor "Straight speak from an complete veteran on the best way to prevail as a full-time dealer. Gary Smith recounts the hindrances he overcame at the street to buying and selling mastery and describes the suggestions, symptoms, and insights he used to arrive his goals." —Nelson Freeburg, Editor, formulation learn "It is usually worthy to get contained in the brain of a winning dealer. Gary Smith does an exceptional activity taking you there in a booklet loaded with valuable suggestions and beneficial tricks. A beneficial addition to any trader’s library!" —Gary B. Smith, Contributing Editor, The "In How I exchange for a dwelling Gary Smith dispenses a hefty dose of that rarest of all commodities, vicarious adventure from a regularly profitable dealer. New investors will locate nice make the most of taking a look over Smith’s shoulder as he generously stocks with the reader the precious wisdom he has received over 3 a long time of trading." —Edward D. Dobson, President, investors Press, Inc.

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The only concession I've made to such research over the years has been my 14-year accumulation of the "Market Laboratory" section of Barron's, 2 a weekly financial newspaper. Page 45 Chapter 6— Why the Stock Market? I'm a firm believer in specialization. Find a market you have an affinity for and make that your trading obsession. Thanks to Nicholas Darvas, my obsession has always been the stock market. I better warn you, though: If you choose to specialize in a market other than stocks, currencies, or bonds, be prepared for a lot of frustrations.

It bounced around the 7600 to 8000 price level for another month before blasting off in one of the strongest momentum rallies of the past 30 years. Not only did the Dow exceed its July highs, but the rally was led by the Nasdaq Composite. So much for the expert chartists and their reading of the tea leaves. Don't misunderstand: I will admit that, like most facets of the trading game, charting is an art, not a science. Just because I was unsuc- Page 37 cessful using charts is no reason to dismiss it out of hand.

I ran the account up to $70,000 during the first few months of 1976, primarily trading Merrill Lynch call options. Then I spent the remainder of 1976 giving it all back. The 1970s was the decade of the commodity trader. Many of those profiled in Jack Schwager's Market Wizards attained their fame and fortune by riding the bull markets of that decade. I was trading during all those stupendous bull markets of the 1970s—soybeans in 1973, sugar in 1974, coffee in 1976, and gold in late 1979. Yet what did I have to show for it?

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