Expert Trader · 93 Trading Lessons of Richard Wyckoff

93 Trading Lessons from a Stock Market Legend, Richard Wyckoff

Wyckoff was one of the most successful traders of all time, a true market wizard. *Expert Trader* shares and dissects the most crucial of his trading insights:

How to Find an Edge

Is There a Trading Formula?

Why Trading Cannot Be Reduced to Simple Rules

How to Develop Competence

First Requirement of Success

Second Requirement of Success

The Essence of Trading

Look for Minimum Risk Points

Questions to Ask Yourself

Trading Method Outline

Wyckoff’s Trade Management

Take a Free Position

Selective Day Trading

Wait for Wide Swings

Distinguishing Pullbacks from a Change in Trend

One Man’s Meat

Pitfalls

The Sixth Sense in Trading

The Power of Commitment

The Prince of Floor Traders

Keene

How Success Happens

Full Time Learning from Mistakes

What Trading is Not

Inertia

Manipulation Not a Problem

Advantage Over Big Traders

The Trading Objective

Before, During, and After the Trade

The Ideal Work Environment

How Money is Made

Trading Driven by Psychological Needs

Start with Minimum Size

Start Right or Not at All

Entering at the Right Time

Get On!

Specialize

What to Trade

Interdependence

On Break Even Trades

Expert

Always Have a Stop

Trailing Stops

How to Manage an Open Trade

The Importance of Immediate Trend

Stay Out of Quiet Markets

Strong, High Momentum Moves

Never Move Your Stop

Never Average a Loser

Gun for Absolute Profits

Four Reasons to Close a Trade

Volume As a Crucial Indicator

How to Evaluate Volume

Price Factors Everything

Strength and Volume

Don’t Enter after Prolonged Moves

Chances Decrease as Move Continues

Day Trading Is Fine, But...

The Use of Market Cycles in Wyckoff’s Day

Getting to the Bottom of Things

No One Knows

How to Anticipate Big Moves

Scalping

Developing Subconscious Competence

Discretionary Trading

Charting and Hindsight Bias

Proper Use of Charts

Wide Vision

Local Trends vs. General Trends

Identifying Trend, Range, Accumulation, and Distribution

Discard All Mechanical Helps

Watching One Market Insufficient

Market Absorption

Range Does Not Mean Reversal

Document All Trades

Professional Losses Are Tiny

Big Swings and Large Volumes

What is the ‘Best’ Trading Style?

Trading As a Profession

Day Trading vs. Swing Trading

Can’t Tell How Far

Wait for a Breakout

Re-enter On a Pullback

Use Volume on Breakout

How to Move Your Stop

Playing Dominoes

No Trend, No Trade

Impaired Trading

Tired, Hungry, Horny, or Upset

The Foundation of Strong Trading Psychology

One Idea into a Method

On Trading “Teachers”

Forming a Trading Character

...and more.