Tänkvärt om börsmanipulation

"I do not know when or by whom the word ´manipulation´ was first used in connection with what really are no more than common merchandising processes applied to the sale in bulk of securities on the Stock Exchange. Rigging the market to facilitate cheap purchases of a stock which it is desired to accumulate is also manipulation. But it is different. It may not be necessary to stoop to illegal practices, but it would be difficult to avoid doing what some would think illegitimate."

- Jesse Livermore, Reminiscences of a Stock Operator, 1923

"The element of manipulation need not discourage anyone. Manipulators are giant traders, with deep pockets. The trained ear can detect the steady ´chomp, chomp´ as they gobble up stocks, and their teeth marks are recognized in the fluctuations and the quantities of stock appearing on the tape. Little traders are at liberty to tiptoe whatever the food trail leads, but they must be careful that the giants do not run quickly on them. The tape reader does not care whether a move is made by a manipulator, a group of floor traders, the public or a combinations of all. When he goes with the trend, the forces of supply, demand and manipulation are working for and with him."

- Richard D. Wyckoff, Studies in Tape Reading, 1908

"Some people may think that when we talk about a money-making manoeuvre, some sort of cartel gathers in a smoke-filled room. It does not usually work like that. No single trader, or groups of traders, have sufficient financial clout to control a market for any significant length of time. What actually happens is something like this. Groups of syndicate dealers have been accumulating stock, anticipating higher prices at some later date. They may have launched their accumulation campaigns independently. Other traders and specialists note the accumulation and also start buying."

- Tom Williams, The Undeclared Secrets that Drive The Stock Market, 1993

"This mindset creates a powerful and extremely harmful concept of the so-called them—some unreachable, mighty force that manages all the market movements and ruins the traders’ brilliant plays. This concept satisfies the traders’ ego while excusing them of responsibility for their own actions. Unfortunately many self-proclaimed gurus support this approach. It allows them to place the responsibility for their recommendations that go badly on some of those traditional enemies. They reinforce this wrong way of thinking in their followers, thus significantly lessening their chances to learn the game. Whatever happens to you in the market, it’s never the market’s fault. It’s not the market maker or specialist’s fault. It’s not the mysterious manipulator or evil short seller. It’s always you. You make the decision. You implement it. You engage and disengage. Accept full, undivided, absolute responsibility. Be your own person. Don’t complain and don’t explain. With responsibility comes control. Gain total control of yourself. Trading is the ultimate exercise in self-control. This is a cold and uncomfortable feeling at first—the feeling of being alone in your castle. The joy of having your edge and being the best at it will come and compensate you for that discomfort. The feeling of great self-control, of total power over your own actions, will be a great reward for all your efforts. Be the master of your universe."

- Vadym Greifer, Techniques of Tape Reading, 2004