Guest Author - Guido Deboeck
Almost twenty years ago William O誰eil wrote a book on How to make Money in stocks. There are many books written on how to make money, but this one sold more than 500,000 copies. O誰eil proceeded by publishing Investors Business Daily , a financial newspaper that is competing with the Wall Street Journal, and the rest is history. I read his first book many years ago but find the ones he wrote later far more readable.
In 2000 I read 24 Essential Lessons for Investment Success (by William O誰eil, McGraw Hill, New York, 2000.173 pages). This rather small volume contains 24 chapters and two annexes and provides very down to earth answers to many relevant questions. For example: lesson 2: Getting started: There is no time like the Present. Or lesson 9: How to buy at just the right moment. Or lesson 20: Sell rules every investor should master. A wealth of good advice, very concisely presented with many excellent illustrations.
Four years later at a O誰eil workshop in Los Angeles I got a copy of The Successful Investor: what 80 million people need to know to invest Profitably and avoid big losses, (by William O誰eil, McGraw Hill, New York, 2004.182 pages). This book starts you off on the 3-to-1 profit and loss plan followed by two chapters that any investors needs to almost know verbatim: 1/ How to buy the very best stocks at the very best time and 2/ when to sell and nail down your big profit while you still have it. I found this second book even more enjoyable than the 24 Essential Lessons. It is written for serious study. It is well illustrated and can be used as a constant reference guide or refresher course.
Other books that we will review in the future in more detail include Point and Figure Charting: The essential application for forecasting and tracking market prices by Thomas J Dorsey, John Wiley and Sons, New York, 2001, 293 pages. A wonderful introduction to a method for figuring out what the market direction is.
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