abbergasted that I would eventhink about trading pork bellies. “We know the egg mar-ket!” he exclaimed. “Don’t you dare trade bellies, Jake; you'lllose your shirt,” he warned. But I refused to listen to reason.l ordered Dan to buy me several pork belly contracts on thenext morning’s opening. :
You can guess what happened next. Pork belly futuresbegan to move limit down and “locked limit” several days
2/ Bernstein's Building Blocks to Success ¢ 25
ina row. The small fortune that Dan had made me was gone.When all was said and done, I had my original investmentback plus $72. It was a sobering lesson. | called Dan forconsolation. I will never forget his prophetic words. “Jake,I'll tell you where you went wrong. You couldn’t leave wellenough alone. We were doing so well. We had a system, wewere trading that system and it wasn’t enough for you. Youhad to get greedy. When we were making 500 percent, youwanted 1,000 percent. When we were making 1,000 percent,you wanted 10,000 percent. It just wasn’t enough for you,was it? You just had to go and shoot for the moon. Jake, I’vebeen in this business for only a few years, but I've seen ithappen so many times. Traders go for broke, they neverhave enough and they don’t know when to quit. Congratu-lations. You've just become a statistic!”
“Whatstatisticis that?” I asked. “Jake, you've just joinedthe ranks of the 90 percent,” he said dryly. Only then did Irealize that I had joined the ranks of the 90 percent losers,that I too wasa loser in spite of all Dan had done to make mea winner. But I knew that this would not be my last hurrah.I would be back.
The Aftermath
Determined to make my mark and my fortune as afutures trader, I embarked upon a two-year course of study.I read everything I could find on stock and futures trading.Slowly, almost imperceptibly, a pattern, which at first Irefused to accept, emerged. Gradually I not only accepted it;l embraced it. Having been educated as a clinical psycholo-gist, I was surprised at myself for not having recognized theconnection sooner.
[realized that although it was important to approach themarkets with an effective trading strategy, the ultimate suc-cess or failure of a trader was not first and foremost a function ofhis or her trading system. It was rather a function of his or herpersonal psychology, that is, the ability to follow a program or26 Market Masters
system with discipline, consistency, persistence, self-control andself-confidence. These important variables contribute eitherto the success or the failure of all trading systems.
The Psychological Puzzle
Gradually, the pieces of the psychological trading puzzlebegan to fall into place. | eventually realized that my manyyears of study in clinical psychology were, indeed, appli-cable to attaining my goal of being a successful futurestrader. I recognized that everything in the markets wasrelated to psychology and the self. I realized that tradingsystems were of secondary importance.
My life as a trader since then has been characterized byone psychological struggle after another, one small victoryafter another. The serious futures trader cannot totally avoidthe trials and tribulations that must be encountered on theroad to success. In some cases, these trials come quickly, andtheir lessons are learned quickly. But in far too many cases,mine included, lessons are learned slowly and painfully.Each loss, if not a strict function of our trading system, mustbe analyzed until its reasons are fully understood. Thisinsight alone took me several years to achieve. However,now progress grows quickly, and success becomes moreattainable.
What I have learned about futures trading will appearthroughout the text of this book in the form of rules, realiza-tions, insights and observations about the markets. You willalso find my knowledge reflected in the interviews thatfollow. I sincerely wish and hope that the insights, attitudesand observations offered here will forever change yourrelationship with the markets for the better.
Though I have learned from each of my studies andexperiences, the learning is still incomplete. Traders stillcommit the same blunders—blunders that inhibited theirsuccess for many years and will continue to doso unless theydrastically change their personalities, response styles andrelationship with the markets.
 
2/ Bernstein's Building Blocks to Success @ 27
Opportunities for Victory
Today’s traders are afforded numerous opportunities toimprove their skills and emerge as victor in the battle forinvestment survival. Numerous treatment modalities forresolving dysfunctional behaviors exist; excellent coursesand training seminars are designed to teach traders the skillsthey need to be consistently successful.
Yet, in spite of such general availability of courses andcures, the real world of trading has changed very little.Traders still lose, and traders still make the same mistakes.As an example, consider the sad but true fact that manytraders continue to ride losses way beyond their predeter-mined stop loss point. They continue to do so repeatedlydespite the fact that they have made the same mistakes formany years. These traders continue to err; they know theyare wrong but cannot change.
Mn,
Traders still lose, and traders stillmake the same mistakes.
w
If, at the very least, traders were making different effortsthan they did 10 or 20 years ago, there might be a hint ofprogress. But, alas, this is not the case. This is truly unfortu-nate sinceit means that most traders will continue to contrib-ute their funds to the small minority of successful traderswho have control of their emotions and have mastered theskills necessary for success.
Although I do not offer what follows as a panacea forpoor trading, I do feel that the insights and experiences thathave been shared with me are sufficiently powerful andinstructive to benefit every trader, whether aspiring noviceorexperienced professional. The market experts whoa greed
 28 ¢ Market Masters
to participate in this project were open, honest and willingto share, in the hope that the lot of all traders might beimproved.
It’s Not Magic
1 am not foolish enough to assume, for even an instant,that the trader’s life will be transformed suddenly andmagically after he or she reads this book. Positive changesdo not happen overnight. We live in a world in whichdisorder is the norm. Great effort is required to overcomethe entropy that pervades our daily lives. Most things, if leftto themselves, will regress to a state of disorganization anddisorder. Therefore, even armed with the insights that thisbookand others can provide, you will notachieve consistentsuccess without effort. I do not therefore offer the insights inthis book as the ultimate methods for improving yoursuccess.
Yet I feel strongly that if we can learn from those whohave achieved success, in particular those who have beentrading for many years, then we can use their knowledgeand experience to our benefit. Remember, however, that nomatter how valuable the insights may be, they won't work for youunless you use them.
The Key to Changing Negative Behaviors
As I stated earlier, there are many methods and coursesthat purport to teach traders how they can improve theirresults both in terms of profits and in terms of consistency.While many of them are promising and certainly effectivefor quite a few traders, they do not seem to answer all theimportant questions that must be answered if a trader is tosucceed and remain successful over the long run. After yearsof study and trading, I have concluded that perhaps the singlebest way to learn is to analyze and study the successes and failures
2/ Bernstein's Building Blocks to Success @ 29
of other traders, in particular, traders who have been success-ful and who have had, most importantly of all, a history oflongevity. I believe that the key to success is to learn fromthese individuals.
Man,
... perhaps the single best way to learnis to analyze and study the successes andfailures of other traders...
wr
There are many ways in which we can go about achiev-ing this goal. The most simple of these is, of course, to findand read the writings of master traders, such as JesseLivermore, W.D. Gann, Arthur Cutten and others. This iscertainly a reasonable approach; however, | believe that amore specificand contemporary technique may prove valid.In particular, I am referring to the study and analysis ofattitudes, opinions and experiences of present-day marketanalysts and traders. 
roo
George AngellExperience Pays Off
 
George Angell has enjoyed many years of successfultrading both on and off the floor. As an expert in short-termtrading systems and futures spreads, he has shared hisknowledge with others in books and videotapes. I first metGeorge at an author's party given by one of my publishers.Soft spoken and shrewd, George has a keen wit and anobservant nature. But his most obvious quality is persever-ance. Like all good traders, George is not a quitter. Rather hepersists until he attains his goal. Therein, I concluded, is oneof George’s greatest “secrets” to success.
A Biographical Sketch
George Angell is an ex-floor trader with more than 20years of trading experience. Heis one of the most recognizedand well-respected authors in the futures industry. He haswritten seven books on futures investing, including Real-Time Proven Commodity Spreads, How To Triple Your Money
3132 @ Market Masters
Every Year with Stock Index Futures and Winning in the Com-modities Market. His most recent works are two videos: TheEssential Secrets of Day Trading and Advance Breakthroughs in
Day Trading.am laAn Interview with George Angell
What precipitated your desire to trade, and when?
It goes back a long way now. When | graduated fromcollege, I got interested in options on stocks. And then |read about futures. I read Mort Schulman’s book, AnyoneCan Make a Million. This was back in the late ‘60s, early‘70s, and when I learned about leverage and how itworked, I thought it was a good way to make money.From there, I started to dabble in the futures market, andThad the misfortune of being successful right away. So Ithought it was easy. Later] realized it wasa little bit moredifficult, but I decided that I had to learn about it. I wasliving in Los Angeles at the time, and after a few yearsthere, I decided to go to Chicago where I bought a seat.And from there I went to the floor, and that’s where I gotmy real education.
What qualities do you feel contributed most to your successas a trader?
The quality would be: to be able to say that you are notalways right—to be flexible and to admit mistakes.
Do you use specific techniques for coping with losses?
Yeah. First of all, | don’t take any losses overnight—ever.Second of all, I try to keep them small. I don’t use stops,but I watch it very closely so I’m out very quickly. Thetraining as a floor trader helps with that.
 
3 / George Angell @ 33
Estimate what percentage of a trader's success is a directresult of a good system as opposed to trading skills. Whatwould be the split?
The split would be—about 30 percent is the system, and70 percentis the person using it. You could give the samesystem to two different people. One will be very success-ful with it, and one will have nothing but losses. Youwouldn’t think that would happen with a mechanicalsystem, but it does. One reason is that one trader willwatch it win seven times ina row, say, ‘Oh, this isa greatsystem’ and start on the eighth day when it goes into adrawdown. Another reason is that a trader might besuccessful withitand decide to go from one lot to ten lots,and then he'll have losses on the ten lots trade. Disciplineis very important.
Do you feel that close contact with the markets is necessaryfor success?
I do. I think you have to watch them closely. Sometimesyou can get too close. I mean sometimes you are better offthe floor than in the trading pit because you get carriedaway with emotion in the pit. Not that it’s not a goodtraining ground—it is.
Your recent book and videotape on day trading have estab-lished you as an authority in this area, What advice wouldyou give to day traders regarding their emotions and successas a trader?
They have to learn to know themselves and not to getoverly despondent when things go poorly or overlyenthusiastic when things go well. So, again, it’s control-ling one’s emotions and treating every day as a processso that a winning day and a losing day are more or lessthe same as just another day in the market where youknow over time you'll come out ahead if you are doingthe right thing.34 ¢ Market Masters
Do you feel that your success was inspired by any famoustraders?
I do. The people I met on the floor influenced me. WhenI first went to the floor, I met some people who weresuccessful, and they kind of helped me along by tellingme what to do and what not to do. So, if you can find amentor in the market, it is a good idea, sure. If they teachyou good lessons as you watch them trade, you see whatthey do. In general, though, people think it's a lot easierthan it is.
Are you in touch with any specific experiences that either
facilitated or inhibited your trading success?Well, having money certainly helps. I mean, if you'retrading ona shoestring, you worry about the money toomuch, What you have to do is separate yourself fromthe money so that you're thinking of the trade and nothow much money you're making. That takes a certainamount of discipline that’s hard to master, but it’s veryimportant to do if you're going to trade correctly.
What advice do you have for a new trader who seeks toachieve consistent success in the market?
You need a certain amount of money that’s really riskcapital so if you lose it all you can still feel like you can goon. It helps to know what you are doing, and mostimportantly it helps to have control over your emotions.You don’t panic over losses and things like that.
If you had to do things all over again, knowing what youknow now about trading, what would you do differently inregard to this business?
T would have started at a younger age. When I got out ofcollege, I would have gone straight to the floor, gotten ajob as a clerk and tried to apprentice myself with some-body who had been there. I didn’t go to the floor until I
 
3 / George Angell ¢ 35
wasinmy mid-30s, so! gota late start really. But you cando that only when you are ready to do it, and noteverybody is at a very young age.
ll,
Analysis of George Angell’s Interview
The Desire To Trade
Like many of the experts, George learned trading fromthe bottom up. After developing an interest in the marketsand trading from the outside, he went to the trading floorand became an “insider.” George’s response points out thevalue of experience, particularly the experience one canacquire as a floor trader. Furthermore, he states, almostparenthetically, that he had the “misfortune” of being aninstant success. Clearly, this shows that the seasoned traderknows and appreciates the value of losses as learning experiences.
Qualities Needed for Success
George’s response here is a classic one indeed since itemphasizes the value of admitting to a mistake. This is yetanother way of stating that one cannot ride losses. To ridea loss is to avoid admitting a mistake. And this can be verycostly. George agrees therefore with most experts that thisis one of the worst blunders a trader can commit. This alsoemphasizes the importance of being honest with yourself—a prerequisite to success as a trader and something soeloquently pointed out by Robert Prechter in his interview.Success as a trader, it seems, is more likely a function of notdoing than doing.
Coping with Losses
George is in agreement with the other market masters.Keep the losses small... take them quickly is the recurrent theme.In other words, the best way to cope with a loss is to limit it36 @ Market Masters
and to dispose of it quickly! His response echoes the “pres-ervation of capital” theme that is prevalent throughout allthe interviews.
A Good System Versus Trading Skills
According to George, success depends 30 percent on thesystem and 70 percent on the person using it. Give twopeople the same system; one will be successful, one will lose.This is an interesting response since George has developeda reputation in recent years as a seller of trading systems,books and videotapes designed to teach futures trading. Yetin spite of all that George knows about trading systems, heattributes 30 percent of the success factor to systems and 70percent to the trader. | couldn’t agree more.
Close Contact with the Markets
George underscores the importance of being in closetouch with the market. This is understandable given hisshort-term trading orientation. But he warns us: . . . some-times you can get too close.
Emotions—Asset or Liability?
George underscores the importance of emotional con-trol, of knowing that each day—winning or losing—is partof the process of coming out ahead, if you are doing the rightthing. This, by the way, is strikingly similar to Welles Wilder'sresponse that it is important to do the “right thing” if we areto maximize profits and minimize losses.
Influenced by Famous Traders?
Like the other masters, George believes that his successwas assisted markedly by fellow traders who had moreexperience than he did. Again, the voice of experience rankshigh on the list of valuable tools. He tells us to follow theteachings of a mentor, and we will do well. I agree.
 
3/ George Angell @ 37
Experiences That Help or Hinder
While George’s reply that money certainly helps is notexactly the answer I had hoped to hear, it is nevertheless auseful response since it emphasizes the value of beingsufficiently capitalized. Too many traders begin with toolittle and lose it too fast. This is a sad but true fact of marketlife. He also refers to the value of not being attached to yourmoney as an important aspect of discipline. You can’t be tooattached, too caring, too emotionally involved, or you willmost certainly blunder!
Advice for the New Trader
This was yet another opportunity for George to reiteratehis basic themes: (1) Start with enough capital, and (2) havecontrol over your emotions if you want to increase yourodds of success.
HindsightGiven the opportunity, George would have started hiscareer at an earlier age. This reinforces several points he (and
other experts) have made: (1) Get more experience, and (2)follow a mentor or teacher.
ll,
Conclusion
George Angell’s responses are concise and well thoughtout. He answered quickly, almost reflexively, which is themark of experience. His many years of experience asa traderboth onand off the floor attest to the validity of his responsesand advice. George’s responses are consistent with my ownopinions and with the clear majority of the other marketmasters. 
ro.
Gerald Appel
Overcoming Your Emotions
 
Imet Gerald Appel inthe mid-1980s when he and I spokeat several seminars. What impressed me most about Geraldwas his dedication to the precise trading systems that he haddeveloped for trading stock index futures. His techniqueswere precise, logical, well developed and appeared to haveconsiderable validity from a technical standpoint.
Gerald appeared to be a highly disciplined trader as wellas a very organized speaker. His methodology was ex-tremely appealing due to its well-defined procedures andaccompanying risk management procedures. In addition,Gerald had an obvious zest for his topic. He was dedicatedto perfecting his methods.
A Biographical Sketch
Gerald Appel is president of Signalert Corporation andis an investment adviser, author and lecturer with an inter-national reputation. He has written more than ten books on
3940 « Market Masters
investment and stock market timing, as well as numerousmonographs and articles that have appeared in such publi-cations as Barron's, Stocks & Commodities and Personal Fi-nance. In addition, Gerald has produced a number of invest-ment videotapes related to investment tactics.
Two of Gerald’s books have received the “InvestmentBook of the Year” award from the Stock Trader’s Almanac.Systems and Forecasts, his newsletter that has been publishedsince 1973, has been cited for its performance.
Gerald is a noted authority on stock and bond timing. Hehas appeared on “Wall Street Week with Louis Rukeyser”and is a regular guest on the various financial news net-works. He participates in the Mansfield Blue Ribbon panel andprovides an annual forecast for that charting publication.His market predictions appear frequently in Barron’s.
1 llAn Interview with Gerald Appel
What precipitated your desire to trade, and when?
I guess I wanted to make money in the stock market. Thiswas in 1965, 1966. It was more than 27 years ago.
What qualities do you feel contributed most to your successas a trader?
Well, I'm pretty disciplined and risk averse, you know.Tthink that’s very important to keep the losses down andmaintain kind of a disciplined, organized approach totrading. I’m quite good with numbers and statistics. I puta lot of research into the timing model that I use.
Do you use specific techniques for coping with losses?
Yes. Every trade has a fixed stop. You know, a stop lossbuilt into the timing model that I use. All the modelsemploy some sort of a trailing stop to protect profits.
 
4/Gerald Appel @ 41
Estimate what percentage of a trader's success is a directresult of a good system as opposed to trading skills. Whatwould be the split?
Probably when a person refers to a trading system, he orshe is referring to a system or method interpreted in anintuitive manner or to a totally mechanical trading sys-tem. In both cases, a person must follow the methodswith as little emotional involvement as possible giventhat people are people. It’s important to limit losses, to letprofits run and to periodically evaluate performance.Trader and system are therefore equally important.
You are credited with having popularized the MACD, whichhas become by far one of the most widely followed timingindicators ever. Do you feel that traders have applied yourtiming methods consistently? If not, how would you rectifythe situation?
I think that there are a lot of traders out there who areusing the stuff that we've developed, including not justmy MACD buta timing model called Time Trend 3 anda number of other timing tools. I know that there arepeople out there who are using it and using it veryactively and very well. The big problem with people whodon’t use it is that they don’t follow anything, whichcould be for a lot of reasons. Sometimes, any systemmight have a temporary period where it’s not workingtoo well. People give up when a trade doesn’t work out, andthey give up on the system too quickly. More often peoplebegin tinkering with the system by injecting their ownviews or wishes about the stock market so that a systemmay say “buy,” but they’ve decided for some otherreason that the marketis not going anywhere, so they acton their own. You know, they just don’t follow it. Thebiggest problem is people who try to use a system but some-times do not follow it in a mechanical way. The whole idea ofa system is to get the emotion out of the game.42 ¢ Market Masters
As a veteran trader of many years, what is the single mostmeaningful lesson you've learned?
Not to take small losses quickly, and do a lot of researchinto what I'm using before I use it. Once the research is inplace, follow the things I develop.
Do you feel that your success was inspired by any famoustraders? If so, who, and how so?
Notreally. There still are people from whom I've learned,but not people who I would consider inspirational.
Are you in touch with any specific experiences that eitherfacilitated or inhibited your trading success?
Not really. Most things you learn along the way. Mostthings you have to pay to learn, You take some losses,and that teaches you something. But 1 would say that theimportant thing is to try to keep moving and analyzing.When things begin to go wrong, first look at yourself andsee if you are you doing anything differently. It hasnothing to do with trading of the markets but how goodyou are feeling. But, you know, that aside, if you want tobecome good at it, first you should research and proceedand trade it on papera while, and then useit. Periodicallyevaluate to see whether you are still performing well. Butthat’s just after one of your trends.
Do you feel that emotion is an asset or a liability in suc-cessful trading?
By and large, it’s a liability.Can you elaborate on that?
Probably the biggest emotion that gets into trading isanxiety. And you become too fearful of losing or some-thing like that. You know, you get out, you don’t go in or
4 /Gerald Appel @ 43
something like that. The second emotion is connectedwith the need to feel like a winner, which often causespeople to get out of their best positions too early and tokeep their worst positions too long. But as a result ofwanting to cash in their winnings and being afraid to takea loss or admit their mistakes, people gradually degradetheir portfolios by holding onto the stocks that aren'tperforming well and getting into the stocks that are.
If you had to do things all over again, knowing what youknow now about trading, what would you do differently inregard to this business?
Perhaps one thing I would do differently is to take morerisks at different times than I sometimes do. You know,to the extent that my systems have been really quiteefficient, I haven't always taken a winning position tosome height. By and large, you know, I think we have donea good job for our clients. I hope to continue to do so.
ll,
Analysis of Gerald Appel’s Interview
The Desire To Trade
Clearly, Gerald’s motives were prompted by the desireto profit. His response was confident and terse, which ischaracteristic of successful traders.
Qualities Needed for Success
Gerald stresses four aspects that contributed to his suc-cess as a trader: discipline, limiting losses, organization andresearch. These are the four qualities that all the marketmasters interviewed for this book have emphasized to onedegree or another.44 ¢ Market Masters
Coping with Losses
Note the common thread in Gerald’s response. Hismethod for coping with losses is to use a fixed stop loss oneach trade. The stop loss is a necessary part of the tradingsystem as is the trailing stop loss. As you can see, Appelavoids the problems associated with riding losses by plan-ning ahead. In this respect his response is very similar tothose of the other experts. The key is to avoid the problem byplanning ahead, by knowing what to do once there is a loss.
A Good System Versus Trading Skills
Clearly, Gerald favors the combination of a good systemas well as a disciplined approach. Both are necessary forsuccess.
Consistent Application of Your Timing Methods
Gerald says it all, concisely, precisely and with greataccuracy! His response, which contains some of the mostimportant issues in trading success, deserves repeating:
The big problem with people who don’t use it is that they don’tfollow anything, which could be for a lot of reasons. Sometimes,any system might have a temporary period where it’s not workingtoo well. People give up when a trade doesn’t work out, and theygive up on the system too quickly. More often people begintinkering with the system by injecting their own views or wishesabout the stock market so that a system may say “buy,” but they'vedecided for some other reason that the market is not going any-where, so they act on their own. You know, they just don’t followit. The biggest problem is people who try to use a system butsometimes do not follow it in a mechanical way. The whole idea ofa system is to get the emotion out of the game.
Influenced by Famous Traders?
For Gerald, the issue of inspiration apparently is unim-portant. He seems to be a self-made trader and does notcredit any famous traders with inspiring him to success.
 
4/ Gerald Appel @ 45
Experiences That Help or Hinder
Although Gerald does not cite any specific experiences,he does elaborate on techniques that he uses to improve hissuccess as a trader. Note the following excerpts from hisresponse:
... when things begin to go wrong, first look at yourselfand seeif you are you doing anything differently. It has nothing to do withtrading of the markets but how good you are feeling . . . if you wantto become good at it, first you should research and proceed andtrade it on paper a while, and then use it. Periodically evaluate tosee whether you are still performing well... .
Emotion—Asset or Liability?
Gerald's response is a simple statement that emotion isessentially a liability to the trader. In this respect, he agreeswith all our experts: Emotion is one of the enemies, if not thechief enemy, of the trader. When asked to elaborate, Geraldmakes the following statement, which succinctly summa-rizes his feelings:
... the biggest emotion that gets into trading is anxiety... thesecond emotion is connected with the need to feel like a winner,which often causes people to get out of their best positions too earlyand to keep their worst positions too long. But that as a result ofwanting to cash in their winnings and being afraid to take a loss oradmit their mistakes, people gradually degrade their portfolios byholding on to the stocks that aren't performing well and gettinginto the stocks that are.
Hindsight
Gerald pats himself on the back for doing well but at thesame time bemoans the fact that he may not have takenenough risk at times. He realizes that his conservatism hasserved him well. Risk is an individual matter that variesfrom trader to trader. Thereisnosetstandard. As long asrisk
is defined in dollar amounts, it ceases to be an issue unlessthe dollar risk is too high.46 ¢ Market Masters
ll,Conclusion
Gerald Appel is a highly disciplined, systematic trader.His methodology and discipline have brought him success.In many respects, he is a model trader whose attitudes andopinions should be studied thoroughly by all traders. Hismajor ingredients for success are as follows:
« Discipline. Follow your trading system at all times.¢ Losses. Limit losses by planning ahead.¢ Research. Develop and refine effective trading systems.
¢ Organization. Plan ahead at all times in order to avoiderrors.
 
 
roo”
Bruce Babcock
 
Tracking the Experts
Bruce Babcock is the futures industry “watchdog”—constantly monitoring the performance of advisory news-letters, hotlines and trading systems. In his role, Bruce hasencountered literally hundreds, if not thousands, of tradingsystems, trading advisers and traders. This exposure hasgiven Bruce a thorough education in what traders do toinhibit as well as to facilitate their success.
By nature, Bruce isa very analytical person. He is preciseand deeply interested in understanding what makes thingswork and what makes them go astray. The precision andpreparation required in his former profession as a trialattorney are clearly reflected in his attention to detail as afutures trader and publisher of Commodity Traders ConsumerReport.
Since Bruce has seen traders come and go, he is sitting inthe “catbird seat” when it comes to understanding the
4748 ¢ Market Masters
quintessential qualities for success. And his interview re-flects this awareness. You may not like everything Bruce hasto say—he is direct and unconcerned with sugarcoating hisresponses. But do pay attention to his comments sincethey emanate from a background of considerable experience.
Through the years, I have come to know Bruce well andto respect his opinions. I feel that if I need an objectiveopinion about either my own trading or that of others, or areasonably unbiased analysis of systems, methods or indi-cators, I can call Bruce to solicit his input. I respect Bruce’sability to tell things as he