Product Description
If speculation were an exact science, one would simply have to analyze a situation, select the appropriate rule, and buy or sell accordingly. But the factors that influence prices are infinite in number and character, as well as in their effect upon the market; and the speculator’s forecasts of the probable outcome are nothing more than composite products of his own emotional equipment, his theoretical knowledge of the principles involved, and that reservoir of accu… More >>
The Business of Trading in Stocks
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If you read only one book about trading, choose this book. Then read it several times.
Originally published in 1933, this reprint, in just 154 pages, contains an incredible wealth of trading and investing wisdom.
99%+ of the contents apply fully to investing and trading in current markets.
If this book had been written and published this year, it would be highly touted, widely quoted, and the best seller within its genre.
Little is known about the authors. Consequently I suspect their names are pseudonames. My guess is that Richard Wyckoff is one of the authors. But maybe not.
The reprint includes a foreword by Don G. Worden.
The first ten pages alone are invaluable, covering training, ignorance, intuition, mental equipment, study, planning, paper trading, etc., not in some superficial and useless way, but providing practical advice that you can use.
Chapters cover
- market manipulation and how to recognize and take advantage of manipulation;
- recognizing stages of accumulation and distribution, then how to use that to your own advantage;
- tape (time and sales) interpretation;
- and so on.
The authors first give you concepts and reasoning, including recognition and interpret them, then tell you how to apply all of that, in practical, specific ways.
Even if you have many successful years trading and investing, this book is worth reading at least once yearly!
Rating: 5 / 5