A Course in Trading was originally published in 1934 as a year long course in analysis. It was a confidential document available only to subscribers and clients of the Wetsel Market Bureau. It was and is a class consisting of 26 lessons. Technical Analysis is basically the study of stock market trading patterns. Believers who believe in technical analysis believe that just by looking at charts and looking for signs such as double tops or triple bottoms, one can predict the future price move of a stock. The Technical Analysts are not concerned with the “fundamentals”. They often do not even bother to find out what kind of business the company is in whose shares they are trading in. The are interested only in the numbers in the short term. How to get into or out of a stock with a profit on a short term basis.
- Section A: Introduction, Confidential, Order of Presentation, Definitions, Technical Position.
- Section B: Objective, Definitions, Bull Market, Bear Market, Normal Reactions & Recoveries, The Fifty Percent Recovery & Reaction.
- Section C: Application of Rules: The Fifty Percent Recovery & Reaction, The Pivot.
- Section D: The Pivot, The Importance of Time, Time & Extent Measured by Arc, Application to Minor Movements, Tops & Bottoms.
- Section E: Tops & Bottoms, The Top Formation in 1929, If the Bull Market Had Continued, Bottom Formations.
- Section F: Tops & Bottoms, Tops & Bottoms on Individual Stocks, The Importance of Closings, Consider Dividends in Calculations, Variations from Head & Shoulder Formation, A Rounding Top, Variations in Bottom Formations.
- Section G: Gaps as Indicators, The Cause of Gaps, Value & Limitations as Indicators; Kinds of Gaps, The Exhaustion Gap.
- Section H: Gaps as Indicators, Break-Away Gaps, Review Regarding Exhaustion & Intermediate Gaps, Watch Immediately Preceding Price Movement, Special Discussion.
- Section I: Importance of Preceding Price Movement, Rule Fifty-One.
- Section J: Similarity of Price Movements; Stretcher Formation.
- Section K: Stretcher Formations – Variations in the Movement, Long Swing Commitments; Normal Movement Subsequent to Stretcher, Short Sales; Volume.
- Section L: Comparison of Price Movements, The Effect of Trend; Simple Method of Eliminating Trend, Method of Preparing Chart No. 23, Comparing the Two Price Movements.
- Section M: Averages Used as Guides, Compilation of an Average, The Dow-Jones Averages, The Forecast of September 8, 1932.
- Section N: The Use & Compilation of Averages, The Use of a Constant Divisor, Average of Active vs. Inactive Issued, Compiling an Average of Inactive Issues.
- Section O: Old Tops & Bottoms, Application to Individual Stocks, Determining Exact Resistances.
- Section P: Trend Lines, Application to Individual Stocks, Trend Lines as Resistances.
- Section Q: Coil Formations, The Ascending Coil, Descending Coil, A Flat Coil.
- Section R: Time & Volume,
- Section S: Volume and Price,
- Section T: Angles of Strength & Weakness,
- Section U: Summarizing Major Formations, Section W: Minor Formations Continued,
- Section V: Obstinate Declines & Rallies,
- Section W: Danger Signals, Pegged Stocks, Successive Closes at Top, Irregular Straights, Playing Safe on Straight Measurements, Natural Resistance & Support Levels, Prices Doubled or Halved,
- Section X: Recording Each Transaction, Margin Trading, Seasonal Influences.