The Wit and Wisdom of Richard Wyckoff

This is a discussion on The Wit and Wisdom of Richard Wyckoff within the Technical Analysis forums, part of the Methods category; The market always tells you what to do. It tells you: Get in. Get out. Move your stop. Close out. ...

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Old Sep 17, 2006, 2:00pm   #22
 
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dbphoenix started this thread The market always tells you what to do. It tells you: Get in. Get out. Move your stop. Close out. Stay neutral. Wait for a better chance. All these things the market is continually impressing upon you, and you must get into the frame of mind where you are in reality taking your orders from the action of the market itself from the tape.

Your judgment will become poorer from the very time when you decide that you know more about the market than the market is telling you. From that moment your results will be unsatisfactory, for in this trading business the tape is the boss. You must learn to obey its orders, doing exactly what it tells you. When you can accomplish this, you are on the high road to success in your stock trading.

RW
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Old Sep 18, 2006, 2:10pm   #23
 
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dbphoenix started this thread In a certain sense, reading charts is like reading music, in which you endeavor to interpret correctly the composer's ideas and the expression of his art. Just so a chart of the averages, or of a single stock, reflects the ideas, hopes, ambitions and purposes of the mass mind operating in the market, or of a manipulator handling a single stock.

The study of charts is not as some people claim, the mere identification of certain labeled patterns made by the actions of stocks. That sort of thing borders on the mechanical and does little to aid in the development of one's judgment. But when a student undertakes to read from his charts the purposes and objective of those who are responsible for a stock's action in the market, he is beginning to see, in a true light, the meaning of scientific stock speculation.

RW
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Old Sep 18, 2006, 9:26pm   #24
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Wyckoff was in addition to being a student of the tape (in the very best sense of the word) a market savvy speculator who well appreciated the necessity of the trader being aware of what was going on throughout the market. To whit:
Before you can make a success of Tape Reading you must acquire a broad fundamental knowledge of the market.
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Old Mar 22, 2007, 10:42pm   #25
 
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The tape tells the news minutes, hours and days before the news tickers, or newspapers, and before it can become gossip. Everything from a foreign war to the passing of a dividend; from a Supeme Court decision to the ravages of the boll-weevil* is reflected primarily on the tape.


* is a beetle that had infested all US cotton-growing areas by the 1920s, devastating the industry.
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Old Sep 29, 2007, 3:52am   #26
 
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Quote:
Originally Posted by Charlton View Post
Peto

Besides the information that Db provided, if you are interested in further free stuff, there is a Wyckoff Yahoo group
http://finance.groups.yahoo.com/group/Wyckoff-SMI/

This is run by the Stock Market Institute. There is a files section with downloadable material. They also still run the original Wyckoff course - comprehensive but expensive

Charlton
Hi,

I moderate this Yahoo! group and SMI plays no part in it. They allow me to post much of their material but otherwise they aren't affiliated or responsible for what is posted.

We try to cover everything Wyckoff, not only the SMI point of view. The SMI course includes the original Wyckoff course (before SMI added their alterations) which is openly discussed along with any of his other works.

nic
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Old Apr 29, 2008, 11:38am   #27
 
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Unfortunately dbphoenix left this site but, having learnt a lot from him, I thought of doing a follow-up on this thread.

"Whenever I notice a trader studying a market letter I recall seeing a mother chewing her baby's crackers. Those whose stock market crackers are masticated for them will never develop their own teeth."
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Old Apr 29, 2008, 11:45am   #28
 
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The Five Qualities of a Speculator

(1) Self-reliance: a man must think for himself, must follow his own convictions. Self-trust is the foundation of successful effort.

(2) Judgment: that equipoise, that nice adjustment of the faculties one to the other is essential to the speculator.

(3) Courage: confidence to act on the decisions of the mind.

(4) Prudence: the power of measuring the danger, together with a certain alertness and watchfulness, is very important. There should be a balance between the two.

(5) Pliability: the ability to change an opinion, the power of revision.


-- Richard Wyckoff
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