I am going to start a new feature. At the beginning of the month, I’ll list the web sites, books, products that I am happy to recommend. If I am to receive a commission for the referral, I’ll say so. Generally I don’t accept commissions even if offered. I can’t remember the last one I accepted.

I find it interesting that I even have to state the disclaimer. There was a time when it would have been unnecessary. But as I write, a thought struck that it would be useful to the members of this blog that I lay out my attitude to money. It’s best described in Franscisco D’Anconia’s speech in Atlas Shrugged. The link below contains the full text.

www.capmag.com/article.asp?ID=1826

I have been heavily influenced by the works of Ayn Rand in my philosophy of life. While I do consider her naive in the area of psychology, her intellectual capacities were enormous and she provided the basis for my code of ethics.

Her treatise on money is a great example of her clarity of thought. What I took away from the treatise was this: we are all salesmen; sometimes our payment is money, other times, it’s the achievement of non-monetary aims. But in either case, we are exchanging the best products of our minds with the best the buyer is prepared to pay, be it time, effort and/or money. If we deal with one another in an honest and forthright environment, then it becomes a win-win situation.

When our ideas of value meet, we enter into the transaction; when they differ, we have no transaction. And that is fine and well and good. It’s the way things should be when humans deal with one another.

What gets under my skin is when Vendors tell blatant falsehoods with no regard to the truth of the matter - ‘it’s only hype’, or ‘buyer beware’ are the usual justifications. The ads feed on the human desire for riches for little effort. Unfortunately, it’s all too prevalent in this industry. One point is worth noting: vendors use these tactics because they sell. So it’s up to the buyers to exercise some street smarts.

This brings me to the other side of the coin: purchasers have to be willing to pay in time, effort and/or money for their success. In my youth, the Liberterian movement had a principle that is applicable here: TANSTAAFL (there ain’t no such thing as a free lunch). The greater the expertise and ability to transfer, the greater value to the purchaser, and usually the greater the price.

But price is only one cost; the more important ones are the willingness of the purchaser to learn and apply the lessons taught.

OK off my soap box.

Here’s the list for May 2008.

Blogs:

Web Sites

BOOKS:

RSI Logic, Signals & Time Frame Correlation by Walter Baeyens available from https://www.traderspress.com/

US$69.95

Indicators are not my bag. Our tests show that they generally fail to produce a sustainable edge - at least if we use them in the usual ways.

But Baeyens has taken the RSI to new levels. I like the logic in the book. I am currently having the ideas tested within the context of my trading plan and I’ll post a comment when testing is complete. By the way, just because a method passes muster, does not mean I’ll incorporate it. It is unlikely I’d use the RSI simply because indicators don’t suit my personality.

COURSES & PRODUCTS

Woodies CCI DVD http://www.woodiesccidvds.com/ US$899. Woodie uses the CCI. Testing was positive and he runs free chat rooms to help you learn the approach.

Trade With Price http://www.tradewithpride.com/ US$6000.00. The blurb reads that the course will prepare you to be a professional trader over 8 weeks. I give this a 5-star rating (out of 5). Alexander is committed and runs a course 3 days a week for 8 weeks. I like the content, mode of delivery and commitment to students.

Kane Trading http://www.kanetrading.com/. Jim sells a bundles of books for US$699.95. He provides unique insights into the Fibonaaci ratios and comes up with some new sets. He also provides fresh ideas for Andrews Pitchfork (Medial Line) enthusiasts.

See you Monday

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