George Wollsten: Expert Stock and Grain Trader
$23.70
| Author(s) | |
|---|---|
| Pages |
247 |
| Format |
|
| Published Date |
1946 |
“Expert Stock Trader” fuses market experience and trading philosophy in a compelling fictionalized account that will entertain as well as profit readers. Through his invented hero, Bayer presents a wide-ranging exploration of chart analysis enriched by a deep understanding of practical market operation.
Uniquely, this classic on stock market analysis, George Wollsten: Expert Stock and Grain Trader considers planetary positions (1943-47)! Bayer, a highly successful German-American trader, drew from astronomy the notion of universal forms such as ellipses for fathoming market cycles upon which his fictional alter ego Wollstein bases investment decisions. The editor reports that someone who computerized Bayer’s ideas enjoyed a 75% success rate.
Introduction:
Two brothers, Jim and George Wollsten and their wives, Grete and Gusty play the major roles in the story. Both had immigrated from Europe. Jim takes up farming. George in the beginning helps him on the farm, but gradually shifts into trading wheat. An Agricultural Year Book brings him on this idea. A neighbor supplied valuable hints to encourage him in studies of economics.
In rapid succession, to everybody’s surprise, he finds important rules for use in practical trading of wheat, as well as of stocks. Each trade commitment he explains carefully why he makes it, why he enters it and why he closes the deal at this time and at no other. Traders and Customers’ Men are carefully analyzed. Many mistakes made by traders are brought forth how to avoid them. Two full years of trading are gone through. His original capital had increased from $750 to several thousand in spite of a few errors of judgment that were bound to creep in until rectified by additional useful rules discovered in the course of time.
Among the unusual side issues he discovered how to square the circle, something that even Encyclopedias state “is impossible”. He shows how he did it… While the story itself is interesting, the main subject “how to trade and avoid all the pitfalls of the Pit and of Wall Street” is developed slowly without complicated explanations. Everything is worked up naturally, just like a normal person would go about to take a walk up to a mountain – to success in Wall Street and in the Pit.
Contents:
- I -JIM WOLLSTEN EMIGRATES TO THE UNITED STATES
- II – JIM WOLLSTEN’S FIRST YEAR ON THE FARM
- III – GEORGE WOLLSTEN ARRIVES AT NEW YORK
- IV – GEORGE’S APPROACH TO THE MARKETS
- V – ACTIVITIES DURING THE WINTER 1909-10
- VI – GEORGE WOLLSTEN GOES TO N.Y TO TRADE STOCKS AND GRAINS
- VII – GEORGE WOLLSTEN CONTINUES TRADING IN THE WEST
- VIII – ADVANCED TRADING OF GRAINS AND STOCKS
George Wollsten: Expert Stock and Grain Trader By George Bayer PDF
1 review for George Wollsten: Expert Stock and Grain Trader
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Liam Enriquez (verified owner) –
“George Wollsten” is a semi-autobiography written in the 1940s, which covers the first years of the author’s life, up to about 1910, after he moved to the US from Germany. Bayer was a mathematically-oriented student of the financial markets who developed some unique perspectives on forecasting, analysis, and trading which are presented in this book.
His first method is astrophysical and involves timing the wheat market through aspects between faster and slower moving planets. At the back of the book is a chart showing wheat prices along with the corresponding planetary positions. Although there seems to be a weak-form correlation, visually, it does not appear likely that this method would be profitable.
The second method presented uses two different-sized ellipse overlays to indicate the beginning, mid-point, and endings of trends. While this method seems to have merit, it will run into scaling problems if the relation of the length of the ellipse to the size of the graph does not maintain the appropriate Mercury-cycle dimensions. Two less-troublesome, modern-day equivalents are Bollinger bands and Wilder’s parabolic system. Bollinger bands are useful in determining potential high and low points in trading markets, while the parabolic system functions as both an entry method and a trailing stop in trending markets.
The third method presented is the “Polish ellipse” and is another overlay placed upon counter-trend reactions. With the instructions given, the “Polish ellipse” is in effect, a wave-counter which is useful for timing the five waves in an Elliott-wave expansion sequence. It also seems to handle wave extensions quite well. This method has some utility if scaling problems do not get in the way.
The fourth method is an oscillator which aids in picking tops and bottoms. The construction presented by Bayer has a troublesome, built-in lag. However, if all of the factors are step-weighted and ranged in a 5-5-3-3 sequence, the oscillator becomes a coincident indicator and its utility is markedly enhanced.
The fifth method is “squaring the circle” and is useful for projecting potential support and resistance areas from any given high or low pivot prices. However, where Bayer indicates “points,” it is better to use percentages.
While some of Bayer’s methods are clearly better than others, all are interesting and can be used as starting points for further research. The historical value of this book is three-fold, it: 1) is the first book (of which I am aware) to offer a complete methodology for trading; 2) shows the trail of reasoning of a market practitioner as trades actually matured; and 3) indicates that money and markets are no more than a very insignificant supplement to what is required for living a valued and productive life.