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HOW MARKETS
REALLY WORK
HOW MARKETS
REALLY WORK
3333333333333333333333333333333
Laurence A. Connors
Conor Sen
Connors Research Group
™
PUBLISHING GROUP
Copyright © 2004, Connors Research Group
ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a
retrieval system, or transmitted, in any form or by any means, electronic, mechanical,
photocopying, recording, or otherwise, without the prior written permission of the
publisher and the author.
This publication is designed to provide accurate and authoritative information in re-
gard to the subject matter covered. It is sold with the understanding that the author
and the publisher are not engaged in rendering legal, accounting, or other professional
service.
Authorization to photocopy items for internal or personal use, or in the internal or
personal use of specific clients, is granted by The Connors Group, Inc., provided that
the U.S. $7.00 per page fee is paid directly to The Connors Group, Inc., 1-213-955-5858.
ISBN 0-9755513-1-0
Printed in the United States of America.
Disclaimer
It should not be assumed that the methods, techniques, or indicators presented in this
book will be profitable or that they will not result in losses. Past results are not neces-
sarily indicative of future results. Examples in this book are for educational purposes
only. The author, publishing firm, and any affiliates assume no responsibility for your
trading results. This is not a solicitation of any order to buy or sell.
The NFA requires us to state that “HYPOTHETICAL OR SIMULATED PERFOR-
MANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN AC-
TUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT
ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN
EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVERCOMPENSATED FOR
THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LI-
QUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT
TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT.
NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS
LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.”
To Bill James,
the inspiration behind this book.
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