I was able to temechanical trend-following system could beat the markets. This too seemed impossible to me. So I
wrote computer programs (on punch cards in those days) to test the theories. Amazingly, his
theories tested true. To this day, I'm not sure I understand why or whether I really need to.
Anyhow, studying the markets, and backing up my opinions with money, was so fascinating
compared to my other career opportunities at the time, that I began trading full time for a living.
What was your first trading-related job?
I landed my first job on Wall Street in the early 1970s as an analyst with a major brokerage house. I
was assigned to cover the egg and broiler markets. [Broilers are young chickens up to 2'<i pounds
dressed weight. The futures markets for both broilers and eggs have since disappeared as waning
trading activity prompted their delisting by the parent exchanges.] I found it interesting that an
entry level guy like me was immediately placed in charge of dispensing trading advice. I once
wrote an article recommending that traders stay away from the market for a while. Management
censored that comment from the market letter— likely because it didn't promise to motivate much
I wanted to start applying computers to the business of analysis. Remember, in those days
computers were still typically punch card devices used for accounting. The guy who was running
the computer department seemed to see me as a threat to his job security, and he repeatedly chased
me off his turf. After about a month at that job, I announced that I was going to quit. The head of
the department called me in to find out why. It was the first time he had ever been interested in
talking to me.
I went to work for another brokerage house, which was going through a reorganization. There was
a lot less management, so I took advantage of the lack of supervision by using the accounting
computer to test trading systems during the weekends. They had an IBM 360 which took up a large
air conditioned room. Over the course of about a half year, I was able to test about a hundred
variations of four simple systems for about ten years of data on ten commodities. Today, the same
job takes about one day on a PC. Anyway, I got my results. They confirmed there was a possibility
of making money from trend-following systems.
I take it that computer testing of systems was not part of your job, since you
the doji pattern on the candlestick is one of the most profitable forms of trading that we do. Moreover, we also need to be able to use a candlestick to observe every forex market movement. don't let us lose the way to monitor the forex market movements because we cannot read the candlestick forms that we use every day. because it is very loss if we can not understand and use it.
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