Fly Fishing the Stock Market: How to Search for, Catch, and Net the Market's Best Trades

COMPUTERIZED INDICATORS

People who love to fly fish take pride in their equipment. Your fly rod, reel, line, and leader are the crucial items—each plays an important role in catching fish. Fly imitations in the tackle box are of paramount importance. They vary in color, size, and quality.

These essential items can cost a pretty penny, just as in trading, and the price differences between brands can be huge. Chest waders, for instance, may run from $60 to $860. Fly rods vary from $30 to $2,500. For the most part, you get what you pay for, but you cannot buy success. Some want to have the best gear; others want just enough gear to be functional.

The Challenge of Fly Fishing

Think fly fishing is just dumb luck? Think again. Many would describe this sport as challenging, artistic, and scientific.

Trout are predators, and the angler lures them onto his hook by imitating those flies on which trout feed at the moment. Flies hatch and go through stages like clockwork. Some hatch daily throughout the summer, while others hatch for only a few days once a year. Fly fishermen use artificial flies that must perfectly match what trout are feeding on at the moment.

Flies hatch from eggs that rest on the bottom of streams or lakes (see Figure 8.1 in Chapter 8). Eggs turn into nymphs that swim toward the surface. There they begin to sprout wings and are called emergers. At the next stage, ...