93 Trading Lessons from a Stock Market Legend, Richard Wyckoff
Wyckoff was one of the most successful traders of all time, a true market wizard. Expert Trader shares and dissects the most crucial of his trading insights:
How to Find an Edge
Is There a Trading Formula?
Why Trading Cannot Be Reduced to Simple Rules
How to Develop Competence
First Requirement of Success
Second Requirement of Success
The Essence of Trading
Look for Minimum Risk Points
Questions to Ask Yourself
Trading Method Outline
Wyckoff’s Trade Management
Take a Free Position
Selective Day Trading
Wait for Wide Swings
Distinguishing Pullbacks from a Change in Trend
One Man’s Meat
Pitfalls
The Sixth Sense in Trading
The Power of Commitment
The Prince of Floor Traders
Keene
How Success Happens
Full Time Learning from Mistakes
What Trading is Not
Inertia
Manipulation Not a Problem
Advantage Over Big Traders
The Trading Objective
Before, During, and After the Trade
The Ideal Work Environment
How Money is Made
Trading Driven by Psychological Needs
Start with Minimum Size
Start Right or Not at All
Entering at the Right Time
Get On!
Specialize
What to Trade
Interdependence
On Break Even Trades
Expert
Always Have a Stop
Trailing Stops
How to Manage an Open Trade
The Importance of Immediate Trend
Stay Out of Quiet Markets
Strong, High Momentum Moves
Never Move Your Stop
Never Average a Loser
Gun for Absolute Profits
Four Reasons to Close a Trade
Volume As a Crucial Indicator
How to Evaluate Volume
Price Factors Everything
Strength and Volume
Don’t Enter after Prolonged Moves
Chances Decrease as Move Continues
Day Trading Is Fine, But...
The Use of Market Cycles in Wyckoff’s Day
Getting to the Bottom of Things
No One Knows
How to Anticipate Big Moves
Scalping
Developing Subconscious Competence
Discretionary Trading
Charting and Hindsight Bias
Proper Use of Charts
Wide Vision
Local Trends vs. General Trends
Identifying Trend, Range, Accumulation, and Distribution
Discard All Mechanical Helps
Watching One Market Insufficient
Market Absorption
Range Does Not Mean Reversal
Document All Trades
Professional Losses Are Tiny
Big Swings and Large Volumes
What is the ‘Best’ Trading Style?
Trading As a Profession
Day Trading vs. Swing Trading
Can’t Tell How Far
Wait for a Breakout
Re-enter On a Pullback
Use Volume on Breakout
How to Move Your Stop
Playing Dominoes
No Trend, No Trade
Impaired Trading
Tired, Hungry, Horny, or Upset
The Foundation of Strong Trading Psychology
One Idea into a Method
On Trading “Teachers”
Forming a Trading Character
...and more.
