Richard Wyckoff-Achieved Greatness Learning From Stock Market Legends
Richard Wyckoff was born in 1873
Richard Wyckoff was born in 1873. At the age of 15, he became a stock runner, going back and forth on Wall Street. At 25 years old, Wyckoff opened his own brokerage office. This became an important turning point in his trading career, as he came in close contact with some of the greatest stock market legends, and financial wizards of all time. This included Jesse Livermore, J.P. Morgan, Andrew Carnegie, and others.
Wyckoff closely researched the trading patterns, and methods, used by Livermore and others, who were the most successful traders of his day. He found a number of common characteristics among these elite traders. He discovered the best performing stocks also shared certain characteristics. In a similar fashion, William J. O'Neil researched the method used by Jack Dreyfus to develop his first buying rules in 1960. The key is to learn from the true stock market legends. Read their books, study their methods and principles. Then implement what you learn into your own trading. Your results will improve dramatically.
Wyckoff was one of the best traders of his time, and became very wealthy. He developed a deep understanding of how the stock market really worked. Wyckoff implemented price and volume analysis. With this analysis, he would look for "turning points" in the market averages, and individual stocks as well. Wyckoff also used trading ranges, analyzed accumulation and distribution, plus much more.
In 1910, Wyckoff authored a book titled, "Studies In Tape Reading". Here is some stock market knowledge from that classic. Please note that today, real-time chart reading is the equivalent of tape reading, from back in Wyckoff's day.
You must not let emotions such as fear, anxiety, elation, and recklessness be part of your trading equation.
You need to acquire the ability to read the tape, and follow the trend.
Learn to analyze price and volume action. This is a major key for most stock market legends.
The average person seldom makes a success of anything.
It is important to study your mistakes, and learn from them.
The object of tape reading is to determine whether stocks are being accumulated or distributed.
The tape will tell you what is going on, before the news, and before it can be talked about.
You must follow a definite, and throughly tested trading plan.
Your intuition will be reinforced by logic, reason, and analysis.
You must be absolutely self-reliant. Do your own analysis. Do not listen to tips.
The tape tells the present and future of the stock market.
The chief causes of failure are, lack of capital, and incompetence.
A top trader can distinguish between a change of trend, and a reaction.
Always use stop-losses to keep losses small.
Go with the flow of the market. Do not buck the trend.
Follow these rules and you might become a stock market legend.
Richard Wyckoff-Achieved Greatness Learning From Stock Market Legends
By: Gary E Kerkow
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