18 replies to this topic

[HiFiGuy]

I've got the same sickness... I had a trip planned for Maui in mid-April (which unfortunately, I now need to reschedule), and besides windsurfing I was really looking forward to reading some market-related books. Below is a list of some books I've read recently as well as some on my "to do" list. Should give you some ideas and keep you busy. Enjoy your time off! ---------------------------------- Colossus : the price of America's empire / book by Ferguson, Niall. Empire of debt : the rise of an epic financial crisis / book by Bonner, William, 1948-, The end of medicine : how Silicon Valley (and naked mice) will reboot your doctor by Kessler, Andy. Collins, c2006. Investment psychology explained : classic strategies to beat the markets / book by Pring, Martin J. Irrational exuberance by Shiller, Robert J. Ubiquity : the science of history-- or why the world is simpler than we think / book by Buchanan, Mark. The Wall Street gang. by Ney, Richard. Wall street ventures and adventures through forty years. by Wyckoff, Richard Demille, 1873-1935. New Blueprints for Gains in Stocks and Grains and One-Way Formula for Trading in Stocks and Commodities By Dunnigan, William Rocking Wall Street: Four Powerful Strategies That will Shake Up the Way You Invest, Build Your Wealth And Give You Your Life Back – By Marks, Gary Extraordinary popular delusions & the madness of crowds by Mackay, Charles, 1814-1889. The singularity is near : when humans transcend biology by Kurzweil, Ray. ...and of course, Reminiscences of a Stock Operator by Lefevre, Edwin, 1871-1943.

[HiFiGuy]

Some great suggestions. Thanks guys.

Paradigm is intriging like a Da Vinci code for the stock market.

I have them all written down and I will let you know how it goes. I have gotten so many great suggestions for books on this site starting with, "Reminiscences of a Stock Operator," and just so many others. I became intrigued with Wyckoff on this site and read all the books by him that I could find. I highly recommend them all. Even though some would dismiss the writings as not applicable to today's market I would think the true traders on this site would find wisdom in his writing.

I read 2 of Wyckoff books (thanks to SemiBizz) and I agree with you that his insights absolutely apply today and have trained me to rely far less on "indicators" and understand what "the tape" tells you about how big money is positioning.

[securelstmile]

Jnavin, I think you are trying to kill me with that book. I barely understood the review. Semi, We are really on the same page. I'm an very much interested in technologies that make medicine more personalized and accurate. I worked with surgeons for a long time and it always seemed so imprecise and archaic to saw into a person's sternum to fish around for problems. But that same issue made me alot of money as I became intrigued by the scientific advances of intuitive surgical. My favorite stock right now is a lab company whose slogan is, "Taking Cancer personal." They are working to create companion diagnostics that detect biomarkers that allow for the creation of medicines that more accurately target specific types of cancer. Current cancer treatments are like setting of mini bombs inside the body destroying not only the cancer but everything else. Not very precise. Hifiguy we are kindred spirits. Did you read, Studies in Tape Reading, by Wyckoff also found under his pen name which is Rollo Tape? I think I liked it best. I really understood distirbution and accumulation after reading that book.

[HiFiGuy]

securelstmile, I read both "How I trade and invest in stocks and bonds...." and "Studies in tape reading", enjoyed them both very much. Just returned them to the library last week. what's funny is that i actually had opportunity to apply his technique last week as I had to sell out a large position of a relatively illiquid ETF. I had a sell limit order, but price just wouldn't move to hit it. Finally, I cancelled the order, and almost immediately price shot up. I then sold out 1/2 position, "at the market", and the other half "at the market" a little later in the day. I felt like a real player.. Hey, just noticed i broke 100 posts - guess I really have "arrived"!

Edited by HiFiGuy, 18 March 2007 - 04:46 PM.

[securelstmile]

securelstmile,
I read both "How I trade and invest in stocks and bonds...." and "Studies in tape reading", enjoyed them both very much. Just returned them to the library last week.

what's funny is that i actually had opportunity to apply his technique last week as I had to sell out a large position of a relatively illiquid ETF. I had a sell limit order, but price just wouldn't move to hit it. Finally, I cancelled the order, and almost immediately price shot up. I then sold out 1/2 position, "at the market", and the other half "at the market" a little later in the day.

I felt like a real player..

Hey, just noticed i broke 100 posts - guess I really have "arrived"!

I know sometimes you see them pulling away from your bid and you know they don't want to let you have shares so you hit them with a market order on the fast drops. I see it all the time. I also see them lowering the bid but not the ask on an illiquid stock telling me they are fishing for stops but they don't want to let you in because as soon as you put your bid where they have it they pull away or you end up with just 100 shares. It isn't perfect but just one more tool.

[SemiBizz]

Teachings of Wyckoff are very applicable today. By taking simple parameters like price and volume and relating the highs and lows over time is a quantifiable operation which is the basics that are used in today's program trading. Bottom line it's essential to understanding behavior of a trading entity... and that can be any trading entity that gives you those 3 essential factors of price, time and volume.. not just stocks One word of caution. Wyckoff liked to trade big volume issues. Therefore his methodology is geared best to big volume issues. The principles still apply to low volume issues, but then it's easier to move things around with a small amount of money on no volume...

Edited by SemiBizz, 18 March 2007 - 05:39 PM.

[securelstmile]

Wyckoff traded around the early part of this century when the volumes were lower. I always kinda thought we might be talking about a different Wyckoff. Are you talking about Jim Wyckoff? I am talking about Richard who wrote often about Livermore who some claim he made famous.

Edited by securelstmile, 18 March 2007 - 06:07 PM.

[SemiBizz]

Wyckoff traded around the early part of this century when the volumes were lower. I always kinda thought we might be talking about a different Wyckoff. Are you talking about Jim Wyckoff? I am talking about Richard who wrote often about Livermore who some claim he made famous.

Yes I am talking about Richard Wyckoff. Richard liked to trade the popular higher volume issues. If he were alive today he would have been trading stuff like your AAPL.

[securelstmile]

He gives a good description of how leaders secondary and minor stocks relate to one another. I trade all three and have found his teachings usefull in all. I don't rely on his method exclusively I have many tools and use em all.