Wyckoff's name may lead you to buy this book, but a couple of dvd rentals offer more reward.
The chapter entitled "The rules I follow....." pretty much boil down to:
1. use a stop loss. Wyckoff gives an example of " one of the cleverest and most experienced traders" saying when he is down 20,000 to 25,000 and it begins to bother him, he gets out.
2. time stops are good. (This he got from livermore)
3. One consideration for his investments is to offset losses and not just to make a lot of money.
4."watch for turning point"
In the chapter on averaging down, he says the public doesn't
know how to do it right. He then procedes to explain how he held on to a 66% loss, but by buying the dips, after a couple of years he was able to break even. Why you ask did he hold on? It was his knowledge of the company's fundamentals from talking to company officials.
In another chapter he talks of spending a few thousand dollars to double check the company's prospects.
He feels like it is important to diversify into at least 10
to 20 different securities.
Of course the better points are universal by now.
On a more touching note, he dedicates the book to his second
wife, first mistress, "whose unfailing courage, co-operation
and belief in me has enabled me to attain some of my ideals"
I'm not sure if this applied to his third wife,second mistress.