The Day Trader's Bible: Or... My Secrets of Day Trading in Stocks BY Richard D. Wyckoff; David Vallieres

The Day Trader's Bible: Or... My Secrets of Day Trading in Stocks BY Richard D. Wyckoff; David Vallieres
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The Day Trader's Bible Or... My Secrets of Day Trading In Stocks

By Richard D. Wyckoff

Seems like an old book - being published in 1919. But his technical trading principles were successful for daytrading 100 years ago and still apply today. "Technical Analysis of Stocks & Commodities" in the October 2002 issue name Richard D. Wyckoff one of the five Titans of Technical Analysis? The book starts with the demands and psychology of the day trader, then rips apart the markets to expose the, at times, gruesome psychology of the bulls and bears.

An interesting point is his take on using stop orders. There are several threads here at InformedTrades where someone is complaining about always get stopped out just before the move they predicted took off. Wyckoff explains this as a common practice for "manipulators" (insiders, market makers, specialists, etc.) to blow out stops before they push the stock where they want it. Wyckoff expects this, looks for it actually, then joins the manipulators with a market order .

Warning: he traded from the ticker tape, his charts with s/r, trend lines , pivot points, entry points, stops and trailing stops , overbought-oversold, and volume were drawn in his mind as the tape rolled out. In fact, he didn't think much of chartists:


Let anyone, who thinks he can make money following a Figure

Chart or any other kind of a chart have a friend prepare it, keeping secret the name of the stock and the period covered. Then put down on paper a positive set of rules which are to be strictly adhered to, so that there can be no guesswork. Each situation will then call for a certain play and no deviation is to be allowed. Cover up with a sheet of paper all but the beginning of the chart, gradually sliding the paper to the right as you progress. Record each order and execution just as if actually trading.

Put my name down as covering the opposite side of every trade

and when done send me a check for what you have lost.