Concept
1.) Tape reading requires patience, and the essence and value of it is concentration. Success depends upon selecting a few stocks and concentrating upon them.
2.) There is always plenty of time to buy or sell one or two days after a big move gets under way. Therefore it is not necessary to watch the tape every day, or every hour, in order to determine what stocks are going to do.
3.) The newspaper on Sunday usually carry a review of the market for the past week and the public, after reading all of the news, send in their buying and selling orders for Monday morning. If the orders are very heavy, they will influence the market for thirty minutes and sometimes one hour. After this, the trend of the market will be the opposite.
4.) Go back over the years of Presidential elections and study the action of the market and the formation of it on the chart in the early part of the year and again just previous to the election and following it. Usually the event, whether considered good or bad, was discounted beforehand.
5.) The average trader simply apes some leader, repeats what he heard some great man say, believes it and applies it to his own case to increase his hope or assuage his fears.
6.) Motivation: “The heights by great men reached and kept; Were not attained by single flight, But they while their companions slept; Were toiling upward in the night.”
7.) Learn to trade so that there will be no hope and no fear when you enter the market. You enter it as the result of deliberation and upon what you believe to be the proper basis for buying or selling. But you must remember that you can be wrong and that the way to protect yourself against wrong judgement is to place a stop loss order.
8.) Patience ! Look at your chart and see which way the trend points and follow it. If no definite trend is shown, use your patience and wait. Every act, either in opening or closing a trade, must have a sound basic cause behind it.
1.) Tape reading requires patience, and the essence and value of it is concentration. Success depends upon selecting a few stocks and concentrating upon them.
2.) There is always plenty of time to buy or sell one or two days after a big move gets under way. Therefore it is not necessary to watch the tape every day, or every hour, in order to determine what stocks are going to do.
3.) The newspaper on Sunday usually carry a review of the market for the past week and the public, after reading all of the news, send in their buying and selling orders for Monday morning. If the orders are very heavy, they will influence the market for thirty minutes and sometimes one hour. After this, the trend of the market will be the opposite.
4.) Go back over the years of Presidential elections and study the action of the market and the formation of it on the chart in the early part of the year and again just previous to the election and following it. Usually the event, whether considered good or bad, was discounted beforehand.
5.) The average trader simply apes some leader, repeats what he heard some great man say, believes it and applies it to his own case to increase his hope or assuage his fears.
6.) Motivation: “The heights by great men reached and kept; Were not attained by single flight, But they while their companions slept; Were toiling upward in the night.”
7.) Learn to trade so that there will be no hope and no fear when you enter the market. You enter it as the result of deliberation and upon what you believe to be the proper basis for buying or selling. But you must remember that you can be wrong and that the way to protect yourself against wrong judgement is to place a stop loss order.
8.) Patience ! Look at your chart and see which way the trend points and follow it. If no definite trend is shown, use your patience and wait. Every act, either in opening or closing a trade, must have a sound basic cause behind it.
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