Jack Bernstein: The Psychologist Who Has Become The Trader

Jack Bernstein is one of the most known traders in branch of futures, has started to attend to trading “casually” as he has told in interview FWN. Bernstein was the psychologist and has responded to the announcement in the newspaper about “futures”. The broker began to call him, and Bernstein has opened the account. «I have achieved fast success which has turned to fast failure», — Bernstein speaks. At that time he arrived, exclusively being guided by recommendations of the broker. Then Bernstein «has rearranged, has attended to formation and the beginnings independently to attend to trading». Now he represents to be the active trader, but participates in the auctions by exclusively technical method: out of an exchange, from the screen.

«My work always has been technically focused, with application of price laws, seasonal prevalence and cycles». Bernstein first «has developed his own method and computation of time. I did not have money for a participation in tendering, therefore I sold advices». In due course it has accumulated enough means and has started to lead trading on own method.

Bernstein holds a post of the president of firm Commodity Advisors which are in the State of Illinois, and he is the author of more than 20 books. He publishes report on Weekly Futures Trading Letter which appears since 1972, and also regularly holds seminars on the separate themes connected with trading. Bernstein also is a part of participants All Star Traders Hotline. «I like to learn. Every time when I learn, I learn something new, and it hardens my belief in my own methods», — Bernstein speaks. He adds that «among traders so much misinformation extends that I am given by pleasure to learn to things of which working capacity I am assured».

Bernstein is inclined to participate in work of the most active futures markets: energy carriers, the finance, contracts S&P. But, as he said, «I lead trading by everything that is changed in the set time frameworks». Bernstein usually avoids such thin markets, as futures for a palladium or orange juice: «it is not pleasant to me, as orders» there are fulfilled.

When he have asked about, whether there is a technical analysis erosion as the increasing number of traders is guided by the same schedules of laws, Bernstein has told: «Schedules of laws is simultaneously a science and art. I am inclined to adhere to crystal clearness in all. If 10 persons look at the schedule, and all come to an identical conclusion I feel in such situation with comfort. I like to be objective». Bernstein has resulted as an example the wave analysis of Elliott as the sample of the technical analysis inclined to bigger “subjectivity” as account of waves is subject to individual interpretations.

This veteran of the exchange auctions has opened own page in the Internet and feels the big optimism concerning “world wide web” effect trading community. «I consider that the Internet will allow extending faster the information and will allow to a greater number of people to participate in work of the markets worldwide».

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