He is considered one of the best market speculators of all time.
Here is a quote from him: “It never was my thinking that made the big money for me. It always was my sitting.”
What he was saying was that he made his big money by taking a position and sitting with that position until the trend completed. He didn’t try to trade in and out of the market.
Richard Russell (www.dowtheoryletters.com) has been writing a financial newsletter every market day since 1958. He uses the analogy of ‘riding a bull’ to make the same point.
Richard says the bull does everything he can to throw you off his back. The bull wants as few people as possible to reach the finish line. The big money is made by the people who ride the bull from start to finish without being thrown off.
Richard says the current bull market in gold is the strongest bull market he has seen in any asset class in the almost 50 years he has been watching the markets. Wow!
Anyway, I believe I am riding the right bull and I intend to hang on for years to come.
I also aspire to trade for a living but I separate that from my investing. So far, I would be better off using the money I spend on Tradestation and datafeeds to buy more silver and gold!
I agree that now is a risky entry point for the precious metals. Adam Hamilton (www.zealllc.com) says that all bull markets correct back to their 200 day moving averages from time-to-time. That has already occurred several times in the precious metals since 2001. I am waiting for the next such opportunity before deploying new funds.
Market geniouses:
> Richard Russell – local San Diegan lives in La Jolla – WWII vet – incredible insight – nearly 50 years of analyzing all types of markets – $250/year for his daily wisdom is cheap! – http://www.dowtheoryletters.com
> Adam Hamilton – Zeal, LLC – if there were a college for speculators and investors, Adam would be the star professor, IMO – go to http://www.zeallc.com and read some of his free essays – he offers both a monthly letter for investors and a more frequent service for speculators
