71-78Livermore, Jesse, xvi, 16,29, 117Losses, coping with, 18, 120-121, 135-137George Angell, 32, 35-36Gerald Appel, 40, 44Bruce Babcock, 50, 55George Lane, 62-63, 66Conrad Leslie, 72-73, 80Robert Prechter, 87, 92-93Welles Wilder, 101, 106Larry Williams, 112, 116Luck versus attitude, xi—xii
M
Major Moves, 48
Mandino, Og, xii
Market myths, 128
Markets, contact with, 33, 36,75, 88, 94, 113, 117
Market swings, influencing,88-89, 94
Market Technicians Associa-tion, 87
Market Wizards, xx, 5
Meehan, Bill, 113, 117
Modern Commodity Futures Trad-ing, 24
The Mountain of Moses, 111
Moving average convergencedivergence (MACD), 6, 41
N
New Concepts in Technical Trad-ing Systems, 100
The New Investor's Quotient, 2
News media, using, 139-140
Index @ 153
Oo
The Ostrich Syndrome, 3Overtrading, 137-138
P
Patience, 120Peale, Norman Vincent, xii“Perfect order”, 102, 106-107Performance, monitoring your,127-128Perseverance, 121Persistence, 134-135Positive mental attitude (PMA),xii-xivPrechter, Robert, 7, 35, 80, 85-97biographical sketch, 86desire to trade, 87, 92hindsight, 89-90, 95-96interview analysis, 92-97interview with, 87-91Price surges, taking advantagesof, 140-141Psychology, trader, 26,131-143,142-143benefiting from, 3-5reports, 75-76, 81Public visibility, 90, 96Pyramiding, 128-129
Q,R
Real-Time Proven CommoditySpreads, 31
Relative strength indicator(RSI), 7, 100
Reverse point wave, 100
Robbins World Cup of FuturesTrading Championship, 8,115
Russell, Richard, 89, 94-95154 Index
Ss
Schwager, Jack, xx, 5The Secret of Selecting Stocks, 111Specializing, 138Spinoza, 1Stochastics, 6, 59, 63-64, 67Stone, W. Clement, xi-xivStop loss rules, 136-137Success, futures traderadvice for, 34, 37, 77-78, 82,89, 95, 105, 114, 117-118building blocks to, 15-29elements of, 8-9keys to, 119-130qualities needed for, 13-14,32, 35, 40, 43, 49-50, 55, 61—62, 66, 72, 79-80, 87, 92,101, 105, 116, 132-133skill development for, 52and systems, 56theory, xvi-xxiiSystems and Forecasts, 40
a
Technical analysis, 6
Technical Analysis of the FuturesMarkets, 77
Thorndike, E.L., xviii
Time Trend 3, 41
Timing indicators, 41, 44
Trading indicator. See Tradingsystem.
Trading method. See Tradingsystem,
Trading rules, 73-75, 81
Trading system, 18, 54
and success, 56
versus discipline, 54-55versus trading skills, 33, 36,41, 44, 51, 56, 63, 66, 73,80-81, 88, 93, 101-102, 106,112-113, 116-117Trendiness in the Futures Mar-kets, 48Trend Research, Ltd., 100
U
United States Trading Cham-pionship, 86Using Stochastics, 60
viVictory, opportunities for, 27—28
W-ZWellex, Ltd., 100Wilder Classics, 100Wilder, Welles, 7-8, 99-107biographical sketch, 100desire to trade, 101, 105interview analysis, 105-107interview with, 101Williams, Larry, 8, 80, 109-118,134biographical sketch, 111desire to trade, 112, 115—116hindsight, 114, 118interview with, 112-115Winning in the Commodities Mar-ket, 32The Wisdom of the Ages in Ac-quiring Wealth, 100
=i
Acknowledgments
 
Many thanks go to those who so willingly participated inmy interviews. The time they gave me, albeit brief, will reapgreat dividends in assisting others on their path to wealthand success. Special thanks to Ellen Gordon, who assistedme greatly with all of the interviews. To my editor, KarenChristensen at Dearborn Financial Publishing, I owe a par-ticular note of thanks for her patience and forbearancethrough the delays I encountered in finishing this book.Naturally, a word of thanks goes to my office staff who gaveso kindly of their time through the numerous revisions andcorrections. My family is owed a debt of gratitude for theirtolerance during the manuscript process—a process withwhich they are well familiar but still takes its toll.
Finally, I wish to thank all of you out there, the readerswhosupportthe efforts of authors such as myself, forbuyingand finding something meaningful in my books.
Readers are welcome to write to me for assistance at thefollowing address:
Jake Bernstein
MBH Commodity Advisors, Inc.PO Box 353
Winnetka, IL 60093 
 
 
 
 
Jake Bernstein is president of MBH CommodityAdvisors, Inc. in Northbrook, Illinois. He is recog-nized internationally as an authority on seasonaland cyclic analysis, computerized trading systems,economic forecasting, long wave cyclical studiesand investor psychology. Bernstein has writtenmore than 20 books, including Strategic FuturesTrading, The Investor's Quotient, SeasonalConcepts in Futures Trading, Facts on Futures,Cyelic Analysis in Futures Trading and Why TradersLose—How Traders Win. He has been tradingsince 1968. During the course of his years asatrader, Bernstein has amassed a wealth of knowl-edge about the qualities that either ensure failureor facilitate success. His personal acquaintancewith the trading greats makes his latest offeringone of his best. There is no substitute for experi-ence in the quest for success. In MarketMasters, Bernstein brings you the insights andperceptions that market masters have taken manyyears to achieve.      
  
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“Bernstein has done it again! Market Masters ranks among the greatest trad-ing books ever. I've gotten valuable insights on the thought processes of mastertraders and market analysts. To learn what runs through the minds of greatTERM CUR Ld ARR LR eS a Le ea CLE) ee 1 LAcomer or novice, will cherish this book forever. Get it, read it and live it!”
Don Samo, Farner Director. Gomemudities Educational institute
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