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Thank you very much for the comments, Al. As often happens with good answers,
further questions are raised.
If "indicators and moving averages are not used", while "chart reading is
stressed", does that mean the method is amenable to computerized analysis
(e.g. Metastock)? Since Wyckoff himself (1873 - 1934) developed his methods
prior to computers, was it a "lot of work" because computers were unavailable
to him, or is it a judgmental system more akin to pattern analysis than
numerical analysis? I guess I don't understand how a system based on price
and volume doesn't use indicators, and why I haven't seen any "Wyckoff
Indicators" that have been developed over the years.
Secondly, as far as trading is concerned, what does "a lot of work" mean. My
problem with the concept of "work" in trading is that I have not been able to
discover for myself a direct relationship between the amount of work and the
rewards.
Let me try to explain. Most of us at some time in our lives have done
traditional "work" for which we were paid (rewarded) by receiving a specific
number of dollars in exchange for our time in producing some product or
service. For example, one hour of digging ditches gives me $10.00, while for
one hour of legal work I pay maybe $150.00. With trading, it's much more
difficult to know what more "work" one can do to make more money. Do you read
more books; look at more charts; write more explorations? Since sometimes
those efforts are rewarded, and sometimes not, the rewards from ones work
efforts are often illusive. The market is like a bad parent who rewards and
punishes his children without regard for the child's best effort.
I think I need a better understanding of what "trading" work really is -- and
maybe what it is not.
Leo
Al Taglavore wrote:
> I have not taken the course, but I have had two seminar sessions with Mr.
> Hank Pruden, professor at the Golden Gate University. The Wyckoff Method
> is based on price action and reaction. I have become very interested in
> the methodolgy. It is sound analysis of price and volume. Indicators and
> moving averages are not used. Detailed chart reading is stressed. Lot's
> of work? You bet! As I perceive the metodology, it is for "sound"
> investment practices. Mr. Pruden will teach another phase of the Wyckoff
> Method at the Dow Jones TAG Seminar to be held in Las Vegas in Nov.
>
> Al Taglvore
>
> ----------
> > From: Leo Karl <leokarl@xxxxxxxxx>
> > To: metastock@xxxxxxxxxxxxx
> > Subject: Wyckoff Method
> > Date: Tuesday, July 07, 1998 12:40 PM
> >
> >
> >
> > Any opinions or experience with the Wyckoff Method of trading,
> > especially with the $850 course offered by the Stock Market Institute of
> > Phoenix, AZ?
> >
> > I sent for their literature describing the course which I have heard
> > described as very good, but "a lot of work". The literature is a bit
> > vague, and generalized.
> >
> > I would be interested in any comments, both pro and con.
> >
> > Thanks,
> >
> > Leo
> >
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