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I'd like to add my $0.02 worth. Most of us are jpratctioners, not
theoreticians. Any method should be reasonably easy understand, learn and
apply. If it isnt, I feel that it probably isnt worth the effort.
While I have heard of people that use the complex Gann methods, none of
these have ever come close to the records of Warren Buffett and Lawrence
Livermore.
Lionel Issen
-----Original Message-----
From: Leo Karl <leokarl@xxxxxxxxx>
To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
Date: Tuesday, July 07, 1998 11:07 PM
Subject: Re: Wyckoff Method
>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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