This should be an interesting read

Discussion in 'Educational Resources' started by Frederick Foresight, May 12, 2015.

  1. game

    game

    Sorry, in hindsight the request did sound quite homeworky :0

    To me, it was interesting that one of the foundations of his ability to trade size was based on the experience gathered as a very short term tape reader from the bucket shop days. Same for Wyckoff. And for PTJ.
     
    #31     Jun 4, 2015
    Frederick Foresight likes this.
  2. An interesting observation. Timing becomes more important as the time frame is shortened. And timing becomes more important as size increases. So it makes sense that one would be a training ground for the other.
     
    Last edited: Jun 4, 2015
    #32     Jun 4, 2015
  3. game

    game

    Or as George Orwell liked to say, 'Each tick is equal, but some ticks are more equal than others.'
     
    #33     Jun 4, 2015
  4. Didn't he bet the farm?
     
    #34     Jun 4, 2015
  5. game

    game

    #35     Jun 4, 2015
  6. dbphoenix

    dbphoenix

    The professional concerns himself with doing the right thing rather than with making money, knowing that the profit takes care of itself if the other things are attended to.

    It isn't as important to buy as cheap as possible as it is to buy at the right time.

    The real money made in speculating has been in commitments showing a profit right from the start.

    As long as a stock is acting right, and the material is right, do not be in a hurry to take a profit.

    They say you never grow poor taking profits. No, you don't. But neither do you grow rich taking a four-point profit in a bull market.
     
    #36     Jun 4, 2015
    Frederick Foresight likes this.
  7. game

    game

    Db - From the little bit that I have read, it seems that Wyckoff was more methodical and risk averse, while JL swung big during market breaks, but also got caught trying to press for movement during slow environments. Could JL have learnt something from Wyckoff and vice versa?
     
    #37     Jun 4, 2015
  8. #38     Jun 5, 2015
  9. Wyckoff wrote a ~30-page booklet about Livermore's trading methods:

    upload_2015-6-5_7-20-50.jpeg

    http://www.amazon.com/Jesse-Livermores-Methods-Trading-Stocks/dp/1607964503/ref=sr_1_1?ie=UTF8&qid=1433503157&sr=8-1&keywords=jesse+livermore's+method+of+trading+stocks

    I read it a number of years ago. I'll probably have a look at it again soon.

    I also liked Livermore's own book, How to Trade in Stocks, except for the last part on the Livermore Market Key. I couldn't make sense of it. It was comforting to read in this latest book about him that few people if any could understand that part of Livermore's book.
     
    Last edited: Jun 5, 2015
    #39     Jun 5, 2015
  10. dbphoenix

    dbphoenix

    All of these people -- Wyckoff, Livermore, Gann, Elliott, Schabacker, deVilliers et al -- were working at or about the same time, and must at least have known of each other. But whether or not they hung out together is as far as I know unknown. If they didn't, perhaps they felt no need to do so. The "celebrity culture" seems not to have quite caught hold yet, except with regard to those who saw profit in self-promotion (or the opportunity to escape the notice of regulatory bodies; nothing like building libraries to give the impression that one is a good guy).
     
    #40     Jun 5, 2015