The Rural Voice, 1981-10, Page 15(FARMATIC)
market one must devote a great deal of
time to it. Many farmers who are unlucky
in commodities "don't have enough time.
They're running a farm operation and this
is a second business."
Even though he devotes close to 90
hours per week to his work, Feeney would
like to spend 150 hours but finds it
impossible. "It's mentally draining. You
can't appreciate the mental wear and tear
from dealing with it unless you've done it
yourself."
Feeney's goals are "not to get rich now,
but to learn. Knowledge will bring
profits." He intends to get his Masters of
Business Administration soon, and "three
to five years down the road I'd like to start
a weekly newsletter about the market. By
then the system will be refined."
Feeney is a technical trader, working
with charts and figures rather than
circumstances. A fundamentalist, which
many people in this area tend to be,
studies what's happening in the world,
weather conditions, and government
intervention to determine their reaction to
the trend of a particular commodity.
Feeney feels a fundamentalist's reaction
time is slower than that of a technical
trader. "The technical trader stands a
greater chance of hitting top or bottom. He
is following what the price is doing each
moment."
Feeney's system is universal. It can
apply to any commodity, stock, bond. He
deals with corn, wheat, soybeans, soy-
bean meal, soybean oil, cattle, copper,
gold, coffee. cotton and treasury bills. He
jokes that his system could even predict
the weather.
To aid him in making decisions, Feeney
has constructed price -history graphs of
each commodity he deals with. He has
found the commodities rarely go above or
below previous highs or lows.
The most important feature of Feeney's
system is the safety factor. The stop which
he applies prevents him from losing the
incredible amount of earlier years. "I was
gambling then. You have to be the
opposite to make any money. Now I won't
take a chance. I may miss the odd
opportunity, but they are few."
On his office wall, Feeney displays
several reminders which help him keep on
course. One poster reads: "The single
greatest cause of market loss is the
inability to develop or follow a rational
program. My greatest weakness and.
yours too, will be that of straying from the
path you've set for yourself." Larry
Williams.
Advice of this kind has obviously been
followed by successful market traders.
Feeney says statistics show only five
percent of those who play the markets
make profits. He intends to be in that
group.
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THE RURAL VOICE/OCTOBER 1981 PG. 13