This should be an interesting read

[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.

 

[Frederick Foresight]

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.

 

[game]

Or as George Orwell liked to say, 'Each tick is equal, but some ticks are more equal than others.'

 

[Frederick Foresight]

Didn't he bet the farm?

 

[game]

I don't know. But if clear writing reflects clear thinking, he was up there. Maybe he would have made a good trader.

http://www.orwell.ru/library/essays/politics/english/e_polit/

 

[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.

 

[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?

 

[Frederick Foresight]

I don't know. But if clear writing reflects clear thinking, he was up there. Maybe he would have made a good trader.

http://www.orwell.ru/library/essays/politics/english/e_polit/

I was referring to his book Animal Farm. It was late. I was tired.

 

[Frederick Foresight]

Wyckoff wrote a ~30-page booklet about Livermore's trading methods:



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.

 

[dbphoenix]

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?

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).