According to a succssful trader Joe Stowell, courage and persistence is the key for successful trading. Persistence, undoubtedly, has yielded the fruits for Stowella, which attended to trading at leisure throughout 20 years before to keep the work of the school teacher and completely to devote itself to trading.
Joe Stowell for the first time has intrigued the market of futures when it in a youth earned additionally on potato packing. Farmers surrounding him participated in the auctions by futures contracts on a potato from the State of Maine, attending to hedging or gamble. «I have started to monitor quotations under newspapers», — tells Stowell. In college he has tried to learn more about the market of futures, but in the early sixties this theme has been devoted a few books.
Joe Stowell has managed to find out in library the book under the name Commodity Speculation — With Profits In Mind), L. Dee Belveal. At that time Stowell has opened trading account at the broker in Rochester (State of New York) where it was trained in postgraduate study, and, as he said, «all of them time sent me these brochures about technical and base factors, and I had no the slightest submission about what they speak».
Subsequently Belvil has published the second book under the name Charting Commodity Price Behavior, and Stowell has purchased it. «Soon I have started to draw schedules by hand. I tried to be taken by trading periodically throughout twenty years, every time when it was possible to me to accumulate for this purpose enough money», — he recollects. But only in 1984 Stowell has developed the law «cups and caps» representing three-lane formation on the technical schedule, signaling about short-term bargains. «It seemed to me that I, at last, have found out a method to participate in the auctions and to receive from it the income», — tells Stowell.
Joe Stowell has started to lead trading on the engineering «cups and caps», representing especially technical approach, in 1985 from the account in 5000 dollars. «Later the little more than two years at me already were 100 000 dollars. I only drew money from account, never there put nothing, — he tells. – in 1987, having earned 100 thousand, I, at last, have thought that is already prepared enough to attend to it completely».
He has taken biennial vacation to begin trading. «When time from holiday heart and soul I belonged already to trading and the markets has come to come back, therefore I have left», — he speaks. Since then his trading and investments have extended, including shares of the individual companies and gold mutual funds, but Stowell considers law «cups and caps» as the basic help.
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