Closing Commoditymarket Trades (part 2)

Frequently commoditymarket trades will be seen preparing for a move two or three swings ahead of the one in which it becomes the leader. This is a fine point, but with study and practice the most complicated indications clarify. And now a word about you – you who are endeavoring to turn day trading to practical account. The results that are attainable depend solely upon the YOU.

Each must work out his own method for commoditymarket trades , based on suggestions derived from these suggestions or from other sources. It will doubtless be found that what is one man's meat is another's poison, and that no amount of "book learning" will be of any use if the student does not put his knowledge to an actual test in the commoditymarket trades market.

It is surprising how an familiarity with subjects relative to the commoditymarket trades market, but seemingly having no bearing upon tape reading, will lead to opportunities or aid in making deductions. And so when asked what books will best for supplementing these suggestions, I should say:

Read everything related to commoditymarket trades that you can get hold of. If you find but a single idea in a publication it is well worth the time and money spent in procuring and studying it. Wall Street is crowded with men who are there in the hope of making money through their commoditymarket trades, but who cannot be persuaded to look at the proposition from a practical business standpoint.

Least of all will they study it, for this means long hours of hard work, and Mr. Speculator is laziness personified. Frequently I have met those who pin their faith to some one point, such as the volumes up or down, and call it tape reading. Others, unconsciously trading on mechanical indications such as charts, pretend to be reading the commoditymarket trades market.

Then there is a class of people who read the tape with their tongues, calling off each transaction, a certain accent on the higher or lower quotations indicating whether they are bullish or bearish. These and others in their class are merely operating on the superficial. If they would spend the same five or six hours a day (which they now practically waste) in close study of the business of speculation, the result in dollars would be more gratifying at the end of the year. As it is, the majority of them are now losing money.

It is a source of satisfaction, however, that these suggestions of mine which, I believe, are the first practical articles ever written on the subject of tape reading, have stirred the minds of many people to the possibilities in the line of scientific speculation.

It is not enough to know a few of the underlying principles for commoditymarket trades; one must have a deep understanding. To be sure, it is possible for a person to take a number of the "tricks of the trade" herein mentioned and trade successfully on these alone.

Even one idea, which forms part of the whole subject, may be worked and elaborated upon until it becomes a method for commoditymarket trades in itself. There are endless possibilities in this direction, and after all it matters little how the money is extracted from the commoditymarket trades market, so long as it is done legitimately.

But real tape reading takes everything into account – every little character which appears on the tape plays its part in forming one of the endless series of "moving pictures". In many years study of the tape, I do not remember having seen two of these "pictures" which were duplicates. One can realize from this how impossible it would be to formulate a simple set of rules to fit every case or even the majority of them, as each of the 5 commoditymarket trades sessions produces hundreds of situations, which, so far as memory serves, are never repeated. This goes on to suggest further that charts and chart ‘pictures’ are merely guides for commoditymarket trades and cannot be relied upon to form judgments of the market at the moment you need it to.

The subject of tape reading is therefore practically inexhaustible, which makes it all the more interesting to the man who has acquired a habit of study habit.