Studies in Tape Reading

by Richard D. Wyckoff, Rollo Tape

One cannot become a Tape Reader by giving the ticker absent treatment; nor by running into his broker's office after lunch, or seeing "how the market closed" from his evening newspaper.... He should spend twenty-seven hours a week at the ticker, and many more hours away from it studying his mistakes and finding the "why" of his losses. -from "Introductory" A classic of technical stock-market analysis, this is considered the most important work of one of the great market watchers of the early 20th century. It . stop orders and trading rules . volumes and their significance . market technique . "dull markets" and their opportunities . and more. This primer on the basic laws of the market is still an invaluable resource for the broker or serious individual trader.

Genres: Finance

182 pages, Paperback

First published January 1, 1910

Reviews

[Joseph · Rating 5 out of 5]

2nd read in 2022
1. Re-read the book 12 years later
2. Made me cringe making such review 12 years back
3. This book should not be read by beginners. A lot of nuances will be lost, unappreciated
4. One cannot find a complete methodology from this book, only bits and pieces
5. Start by reading his last 2 books, then work backwards towards his earlier publications

First review 2010 (superseded with the above review)

it's basically abt day trading. think it's the author's first book (at least it's written before 'how i trade and invest in stocks & bonds')

Part 1 - advantages of day trading & basic characteristics of trader. (good thing is we now have online platform as opposed to via telephony. The author even described the stock price action from the second we see a quoted price to the time when one places order & the optimal trading strategy. Today we can all do so leisurely behind our computer screen)

Generally couldnt get certain parts as the trading pattern description is a little different from how we trade now, at least for me. Tape reading is trading by the second/minute. in his second book ( how i trade and invest in stocks and bonds) the author changed his mind and concluded that the greatest profit could/should be made from intermediate swings (i.e. 30-60 days swing based on Dow theory)

[Wade Moore]

Required reading for traders interested in tape reading as a strategy. I suggest reading this book first.

[Jerry Campbell · Rating 4 out of 5]

Wyckoff aka Rollo tape is a big figure in market speculation. He delivers some old value that translates somewhat today. The level 2 screen delivers big profits if you know how to watch it. However, computer trading is leading the way these days.

[Андрей С. · Rating 5 out of 5]

Известный трейдер, теперь понятно откуда многие другие уважаемые трейдеры черпали знания, даже используют обороты речи Вайкоффа

[Casey D Wilder · Rating 5 out of 5]

Best trading book I've ever read.

[Voxie · Rating 4 out of 5]

While steeped in the "good old boy" terminology of 1909 and dealing with issues of companies that only exist in history books, this brief account of tape reading is an essential read for any market technician.

Much of this book describes how to effectively read a tape and interpret buy and sell signals based on that data, but the process is incredibly detailed, and the examples presented are still quite valid and useful today. This is not a book to be taken lightly, either, as Richard Wyckoff (the real name of Rollo Tape) was one of the most astute traders of his time. And, though comparing Standard Oil stock with Reading stock may seem amusing to a modern reader, the utility of Wyckoff's advice has not faded in the slightest in the past 100 years.

Traders now use real-time charts and can see order books on their monitors, but even the most profitable trader will benefit from tape reading. This book is the seminal work on the subject and is the obvious place to begin that journey.

[Jacqui Schischka · Rating 3 out of 5]

Whilst there were a few gems in this book, overall it was very dated and relates more to a time pre-technology in the stock market. But, it has survived over 100 years (written in 1910) for a reason and for these gems I was grateful. Definitely not for the beginner as they are likely to be a little confused.

[Ryan · Rating 5 out of 5]

Still one of the best how-to's of day trading, nearly 100 years later.

[Enrique Arroyave · Rating 2 out of 5]

Interesting to read about trading waaaaaaay back then. Quite different from today's environment but hoping to pick out a nugget of wisdom here and there - did not find much...

[Middlelo · Rating 4 out of 5]

Classic. Interesting early insights on charting and commentary on market psychology that still applies today, over 100 years later.

[Robert · Rating 4 out of 5]

Timeless