Richard Wyckoff Quotes

The Tape Reader’s profits should develop naturally. He should buy or sell because it is the thing to do – not because he wants to make a profit or fears to make a loss

You might be urged to say: "Yes, but these are rare examples. The average man or woman never makes a success of day trading by reading moment by moment transactions of the market.

man or woman seldom makes a success of anything! That is true of trading stocks, business endeavors or even hobbies! Success in day trading usually results from years of painstaking effort and absolute concentration upon the subject. It requires the devotion of one's whole time and attention to - the tape. He should have no other business or profession. "A man cannot serve two masters," and the tape is a tyrant.   One

Why was one of these men able to amass a fortune, while the other never acquired more than a few thousand dollars at the same pursuit?

the tape is a tyrant.

The element of manipulation need not discourage anyone. Manipulators are giant traders, with deep pockets. The trained ear can detect the steady ‘chomp, chomp’, as they gobble up stocks, and their teeth marks are recognized in the fluctuations and the quantities of stock appearing on the tape. Little traders are at liberty to tiptoe wherever the food trail leads, but they must be careful that the giants do not turn quickly on them.” — Richard Wyckoff in The Day Trader’s Bible

Richard Wyckoff and Stan Weinstein.

Richard Wyckoff himself who famously said : “….trading and investing is like any other pursuit—the longer you stay at it the more technique you acquire, and anybody who thinks he knows of a short cut that will not involve “sweat of the brow” is sadly mistaken

The Richard D. Wyckoff Method of Trading and Investing in Stocks:

especially he who puts his knowledge into actual practice, is constantly evolving new ideas and making discoveries which modify or nullify his former methods. From each new elevation he enjoys a broader view; what were obstacles disappear; his problems gradually simplify.

Espanta pensar que la práctica del público sea recoger un beneficio de dos o tres puntos, pero dejar que las pérdidas alcancen los diez o quince puntos, y en algunas ocasiones incluso cincuenta o cien. Esto significa que el público aplica al revés el principio básico de Wall Street que dice: corta las pérdidas y deja correr las ganancias.