His name is Mr. Livermore. Here is opinion about the markets, 'Direction is the inefficient equalizer within the markets structure. It is what the market does to find balance or temporary efficiency. Inefficiencies are relative imbalances and the information source that causes the market to move directionally. Direction is the measure----the only measure ---of the inefficiencies within the market structure. Trading has always been opportunity based within the price structure of markets---average prices, trends, perceived high or low prices, etc.. The opportunities are mostly separated as to classification and managed reactively to external parameters. This fragmented approach is counter to productivity in that it ignores portfolio theory. Taken together they remain the reason for the lack of trading results that have been so well documented over time. From any starting point, direction is always one dimensional---either up or down. It is also universal in that it is in every market. Trading is finding and managing an imbalance which markets express through direction. Approaching direction as the product for trading solves many of the inherent problems faced by traders today. Trading economics calls for an imbalance to be present in the market and the market expresses this internally through direction. Direction and trading profitability are a needed fit. The issue is not fragmented throughout the spectrum of opportunity, but rather concentrated as a single focus. The Fundamentals of Opportunity. This calls for fitting the model of the market. As a trader, you need to mimic it's activity. The foundation of any market is it's liquidity as this allows the lowest entry/exit costs. Liquidity denotes a lot of actual interest in a market because to be present others must think there is some kind of opportunity there. [The equivalency relates to a full versus an empty gaming table] Entry and exiting are by far the most difficult things for a trader to do well. The reason being that the execution calls for a moment [for a price] of the market's time and moments are random in nature----therefore the acknowledged difficulty. This also makes shorter term trading more difficult as over a large sample size this difficulty tends to prevail. To further complicate this beginning and ending procedure for trades is the fact that the marketplace is disadvantaged rather than advantageous. Normal trading environments call for an advantage to be successful, however those trades are mostly just between two parties where one party is usually forced to take the disadvantage due to other concerns. In a multiple participant atmosphere the same disadvantages would apply to both sides especially considering the immediacy needed for an at the market transaction. In other words, as a pre-condition for liquidity, both sides [buyer/sellers] accept a below the bar level functionality in order to secure the benefits of liquidity. Any good trade then has to overcome this before it can begin to realize it's potential. Understanding this paradox will help traders in many ways----especially with their expectations in shorter trade formats and in the amount of time used trying to find an entry advantage'. Mr Livermore.