Feb 21 (edited) • General discussion
Me And The Great Bear
Part One-Years One through Five
Delano Raven looked at the ticker. His brough raised and eyes focused, like lasers, as he tried to decipher what he was looking at.
"How could Fords stock be dropping? What didn't I see? What did I miss?"
He was an avid and well trained stock speculator. He had connections everywhere. Some one had fed him some bogus info.
"Has to be it", he thought to himself.
More over he wondered how his partner, Jesse Hawk had missed it as well.
Hawk was in the depths of an amphetamine binge, had lost his second wife, and was drinking himself to death.
Delano knew that he would help his friend and he could. He just wasn't sure how.
He began to reminisce of their times in the bucket shops of New York.
Hawk and Raven had been best friends from childhood.
They grew up in Jamaica Queens, and had learned several hustles by the time they were ten.
The old bait and switch, seemed to be their best grift, however they were not above pick pocketing.
It wasn't long and they had built up enough money, to pursue their dream to work in the bucket shops, study the movements of the market and master the art of speculation.
The bucket shops were gambling parlors, where instead of betting on sports, they betted on the fluctuations of a stock or commodities movement, up or down. You made the call, bet on it and if you were correct, you collected the profit on the bet.
They both took jobs as board boys, and before long had learned more about the market than most brokerage managers.
One could say, they were obsessed, hyper-fixated or just wanted the money.
It was at this time, Hawk, had started to write down the fluctuations and put them to some sort of graft.
Raven never really questioned Hawks ingenuity, however he had to ask,
"Hawk, what is that?"
"I'm not quite sure Raven...I think it could help us track the fluctuations. I think I want to call it a chart.
Everyone should have one, and keeping notes is great, however wouldn't it be the bees knees to teach other people how to create their own? To track the market? Power is numbers my friend, power is numbers."
The other powers lie in a system.
Hawk had many:
Hawk had invented inadvertently or not the beginings of what would become Technical Analysis. By keeping the board, he had began to notice the subtle changes, the shady ness of the men who had us by the ankles.
Hawks main rule was hang onto your winners, and get out of your losers right away.
Another was, never try to fight the market trend. Never be a bull in a bear market and never be a bear in a bull market. The market dictates your position.
Never, ever, ever love a stock. Love blinds you from rationality.
As we grew and progressed, we began to get kicked out of the bucket shops. They were onto us and our system and because they were losing money, they cut our margin and wouldn't let us into half the shops.
They few we could speculate at, the margin was so high, there was very little profit to be made.
We decided to go to the big leagues. The worst they could say was no.
It wasn't long and we had an interview at none other than JP Morgan. We crushed it, and they wanted us on the floor for them as quickly as possible.
I'll tell ya, The NYC Stock Exchange floor was no joke.
Sweaty, salty, smelly and extremely aggressive trading was taking place, constantly and never ending.
I felt at home. For once, I truly felt at home.
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Me And The Great Bear
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