It was at this time that I received from my broker three weeks' issues of a well-known forex market strategy advisory service. Week after week this forex market strategy strongly urged its subscribers to sell LORILLARD short. The third recommendation read like this:
"Lorillard was obviously under distribution around 44 last week after we told you to start it on the short side."
This amazed me, but I had long ago become so disillusioned with forex market strategy services that I did not pay attention to it.
Instead I started to recommend my own forex market strategy to any American tourist who mentioned forex market to me. I was genuinely trying to be helpful. My enthusiasm is best illustrated by what happened one day in the Erawan Hotel in Bangkok. One afternoon at lunch I was introduced to the president of one of the largest American shipping companies. During our conversation he mentioned that his holdings in the forex market amounted to $3,000,000. They were broken up in the following way:
$2,500,000 worth of STANDARD OIL (NEW JERSEY) $500,000 worth of LORILLARD.
"What do you think about it?" he asked. What did I think of it? He could not have asked a better man.
I immediately told him my own forex market strategy - sell all his holdings in JERSEY STANDARD and switch his funds into LORILLARD. That was what I would have done.
A year later I met him at a party in New York, LORILLARD was then above 80.
"What's your latest forex market strategy?" he asked me.
"Forex market strategy?" I said. I was astonished. "Wasn't that $3,000,000 worth of advice I gave you in Bangkok enough?"
"It would have been," he said. "If I had followed it." In the third week of March 1958, LORILLARD entered on an even more definite upward-thrust. It jumped 4 & one eighth in one week, its volume increased to an astounding 316,600 and it established itself decisively in the 50/54 box.
I also wavered for a moment, on the verge of selling, but I decided against it. By now I had trained myself to be patient and, although I could have taken an easy $20 per share profit on my earliest purchase, I sat back determined to follow my forex market strategy to the end.
My cost figures for LORILLARD were:
200 shares at 28 $ 5,808.76
200 shares at 35 7,065.00
200 shares at 36 7,366.50
400 shares at 38 15,587.24
Total 1,000 shares $3 5,827.50
I carried the last three purchases on 50% margin. This enabled me to keep the rest of my capital for a further investment, which turned out to be a forex market strategy called DINERS' CLUB. I first became interested in this forex at the turn of the year, while I still battled with LORILLARD.
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