How I Trade and Invest in Stocks and Bonds
$13.78
| Author(s) | |
|---|---|
| Pages |
216 |
| Format |
|
| Published Date |
1925 |
How I Trade and Invest in Stocks & Bonds (Being Some Methods Evolved and Adopted During My Thirty-three Years Experience in Wall Street) published in 1924, covers some methods evolved and adopted during the author’s 33 year career on Wall Street. Wyckoff sets down specific rules to be followed in trading and investing operations with the idea that an out-of-towner can succeed in Wall Street as an investor as long as one depends on self-judgment rather than on that of any other person.
Introduction (From Author):
During the last thirty-three years I have been a persistent student of the security markets. As a member of several Stock Exchange firms, as a bond dealer, trader and investor, I have come into active contact with many thousands of those who are executing orders and handling markets, as well as those who deal in such markets, namely traders and investors. For the past fifteen years I have edited and published The Magazine of Wall Street, which at this writing has the largest circulation of any financial publication in the world.
These experiences have given me an opportunity to study not only the stock and bond markets, but all those related thereto, and have enabled me to observe the forces which influence these markets and the human elements which contribute so largely to their activity and wide fluctuations. Out of this exp.erience I have evolved or adopted or formulated certain methods of trading and investing, and some of these I have collected and presented in the pages which follow.
My purpose in preparing this book has been two-fold. Primarily, I have in mind the thousands of new investors who find the securities market a vast, technical machine, too complex to be understood by many. It has been my effort to do away with this impression-to emphasize the fact that, in Wall Street as anywhere else, the chief essential is common sense, coupled with study and practical experience. I have attempted to outline the requirements for success in this field in a way that will be understandable to all.
Furthermore, as I learned in preparing my first book, “Studies in Tape Reading,” it is of great personal advantage for me to write
out and thus clarify and crystallize in my own mind the principles upon which I endeavor to operate. And so, from both standpoints it seemed to me well worth while to arrange my impressions in methodical and coherent order.
Contents:
- MY FIRST LESSONS IN INVESTING AND TRADING
- PROFITABLE EXPERIENCES IN THE BROKERAGE AND PUBLISHING FIELDS
- WHY I Buy CERTAIN STOCKS AND BONDS
- NEARTIDNG PROFIT OPPORTUNITIFS
- SOME EXPERIENCES IN MINING STOCKS
- THE FUNDAMENTALS OF SUCCESSFUL INVESTING
- THE STORY OF A LITTLE ODD-LOT
- THE RULES I FOLLOW IN TRADING AND INVESTING
- FORECASTING FUTURE DEVELOPMENTS
- THE TRUTH ABOUT “AVERAGING DOWN”
- SOME DEFINITE CONCLUSIONS AS TO FORESIGHT AND JUDGMENT
- SAFEGUARDING YOUR CAPITAL
- How MILLIONS ARE LOST IN WIALL STREET
- THE IMPORTANCE OF KNOWING WHO OWNS A STOCK
How I Trade and Invest in Stocks & Bonds By Richard D. Wyckoff PDF
20 reviews for How I Trade and Invest in Stocks and Bonds
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Soren Fleming (verified owner) –
Good read
Lyanna Keller (verified owner) –
good but tape reading is the classic
Saylor Suarez (verified owner) –
I read about the wyckof method in a business insider article and i bought the book based on that. as a trader and investor for 8 years i found information in it that made it worth the price.
Brianna Clark (verified owner) –
Really cool little book, lots of useful information for technical traders but fundamentals guys would likely benefit even more by reading this.
Xzavier Charles (verified owner) –
Excellent book
Adele Alfaro (verified owner) –
Classic piece of literature perhaps slightly outdated in todays hft world.
Katie Conway (verified owner) –
If you are interested in learning Wyckoff Volume Spread Analysis, this is not the book for that. For an entertaining historical read though, this book is interesting. He talks about trading the old railroad stocks, the importance of knowing what insiders are doing in a stock, and as well, it is chock full of aphorisms that most traders should know, like “Limit Risk”, and “Don’t be Impatient” etc. but, there’s no talk about volumes affect on price.
I was looking for a book describing volume and price relationships. This book is not that one.
I would recommend looking for “The Undeclared Secrets that drive the Stock Market” by Tom Williams if you are interested in learning about Volume and Price Analysis.
Yehuda Nixon (verified owner) –
You know an investing book has promise when the Author admits to the difficulty of success in the investment field. Wyckoff delivers in this regard:
“I aim to make money, keep it and make it grow. The latter involves something like defensive trench warfare”.
“People are successful in business because, while they make mistakes at first, they study these mistakes and avoid them in future… by gradually acquiring knowledge of the basic principles of success, they develop into good business men.”
“A satisfactory outcome is the result of knowledge + capital”
Though it was written in 1922, there are clear lessons for the investor of today. We see that 1. the author recognises the flaws in his own psychology, 2. He mentions the importance of identifying the “insiders” in an investment situation and 3. He advises entry into a stock on a scale, warning that those who average down too early “go out with the tide”. All simple lessons but difficult in practice.
The reference to making money as “defensive trench warfare” is as good an analogy as I have heard. In other words, how do we protect capital while advancing, inch by inch? Wyckoff offers some helpful suggestions.
Edward Mejia (verified owner) –
Interesting but primarily from historical perspective.
Orlando Roach (verified owner) –
Very disappointed in this book. I was hoping to find some technical analysis of some sort. I found none. If you are looking for a technical way to buy stock; Look somewhere else.
Aidan Ingram (verified owner) –
This is NOT the book you need about trading. This is NOT the book everybody are talking from R.D. Wyckoff. The book you need is: Trading In The Shadow Of The Smart Money by Gavin Holmes. THAT BOOK WILL SHOW YOU SOME GREAT STUFF!!
Reese House (verified owner) –
Great starter book from a great trader.. difficult to follow his writing but all great points
Fatima Pacheco (verified owner) –
Has good rules concerning investing in general, but it lacks the specifics. I personally do not like much Mr Wyckoff’s writting, tends to make me fell as I am going in circles. For beginners.
Lola Bonilla (verified owner) –
This book was written many years ago, but I believe the principles hold true as much today as when it was written. Very good basic patterns and common sense trading.
Nasir Watkins (verified owner) –
very good
Erik Bowen (verified owner) –
It is a great idea to read the words of a true trader or better say investor . I do not like to give details of the content because you can look for them yourself. But you will not regret this choice if you are smart.
Maeve Mahoney (verified owner) –
The gems in this book are a little too few and far between. More of a narrative than a how-to. Would’ve preferred more in-depth discussion on a few of the principles rather than the story-telling that goes on repeatedly.
Jenna Vega (verified owner) –
This little classic has great advice in it even though it was written over 80 years ago. It discusses the importance of risk management when trading stocks and how different investing is to trading stocks. The author gives the excellent advice to never average down in price after the first purchase of a stock for trading.(This has saved me a lot of money). I found it very interesting that on one page he claimed that he could trade stocks succesfully if he was away from Wall Street and just received cables of a stocks daily range of prices and closing price while traveling. He claimed that was all the information needed to make trading decisions. He said that it was better to be away from Wall Street and the ticker and rumors. Strangely enough 40 years after he wrote this Nicolas Darvas did exactly that and made $2.5 million trading stocks using cables while traveling the world. This is a great book for beginners.
Nico Wagner (verified owner) –
Easy to read and insightful. Some of the material subject, industries of that time, is dated but the lessons learned from them are timeless. The greatest of all his lessons; never, never stop learning.
Kamryn Woods (verified owner) –
Virtually everything written after Livermore and Wyckoff are variations on themes developed by these two men. Wyckoff was among the first to explain the accumulation-distribution cycle (which makes stock and market timing possible) and to develop the use of “surrogates”, self-made indexes which consist of a handful of leading stocks in a group (such as semiconductors), which warn the investor of impending moves, and which enable the investor to filter out all the noise of broadcasters, publishers, newsletters, message boards, and chat rooms.
Understand Wyckoff and you’ll understand the engine that drives stocks and markets rather than be distracted by the genuine imitation wood trim and the smell of the leather seats.