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0

Victor Sperandeo

Methods of Wall-Street Master

Contents

Foreword i i i

Preface ix

Acknowledgments xiv

Parti

Building Your Knowledge from the Ground Up 1

Introduction: The Secret of the Gamboni 1

1 From Gambler to Market Master:

The Making of a Professional Speculator 3

A Quest for Freedom 5

The Wisdom of the Tape 6

Horsetrading, Option, 8

A Taste of Independence 10

Discovering the Nature of Trend, 12

Finding My Freedom 13

2 The Alligator Principle:

Proof of the Need to Think in Essentials 15

Being Eaten Alive 15

Thinking, in Essentials 16

3 A Business Philosophy for Consistent Success 21 Preservation of Capital 21 Consistent Prohtability 24 Pursuit of Superior Return, 26 Conclusion 27

4 Finding Order in Market Chaos:

An Introduction to Dow Theory 29

Good Ideas Often Misunderstood 30

The "Hypotheses" of Dow Theory 32

The "Theorems" of Dow Theory 35



Conclusion 46

5 A True Understanding of Trends 49 Uptrend, Downtrend, Move All Around Trend 49 Lets Reduce It to Basics 49 The Importance of Confirmation 52 The Four Phases of a Market 54 Important Volume Relationships 57 Conclusion 57

6 The Merits and Hazards of Technical Analysis 59 Tidewatchers 60 The Manipulators

The Purists 66

Summary 67

7 Where Fortunes Are Made:

Identifying a Change of Trend 69

Determining the Trend-Drawing the Trendline 71

Identifying a Change of Trend: Its Easy as 1-2-3 74

213, or Not 2B? Thats Worth Some Money! 78

The Cause of Tests and the 2B Pattern 91

The ABCs of Secondary Corrections 84

Summary 84

8 What the Analysts Dont Know Can Kill You 87 How Important Can Anchovies Be" 87 Understanding Moving Averages 88 A Different Perspective on Relative Strength 93 Momentum Indicators (Oscillators) 96 Making Specific Stock Selections 104 Conclusion 108

9 The Way the World Really Works:

The Basics of Economics 109

The Jigsaw Puzzle 109

Eononics According to Robinson Crusoe 112

The Role of Money 115

Economics and Human Nature 118

Production Before Affluence 121

Savings, Investment, Credit, and Wealth 124

Summary: The Closest Thing There Is to a Free Breakfast 130

10 Booms and Busts:

Who I lolds the Pump and Who Holds the Needle 133

130()1115 and Busts: The Business Cycle 133

The Nature of the Business Cycle 134

The Structure and Role of the Federal Reserve System 144

How Money and Credit Availability Is Created and Controlled 146

Reserve Requirements, Fed Funds Rate, and the Discount Rate 151 How to Predict the Trend and Changes of Trend Based on Fed and Treasury Policy 160

Conclusion 162



Managing Money By Measuring Risk

The True Meaning of Risk

A Revolutionary Approach to Risk Assessment

Allocating Capital with Odds Management

There Must Be Fifty Ways to Lose Your Money

The $4(117 Hairdryer

Trading Rules and the Reasons Behind Them

The Rules Defined

The 85% Rule

Conclusion to Part I: Putting It All Together

Part II

The Commitment to Make It Happen: Emotional Discipline

The Traders Dream: A Fable

The Spock Syndrome: Reason and Emotions at War

Introduction

From Predator to Trader: The Evolution of Human Emotions

Emotions as Benefactor

Emotions as the Villain

viii CONTENTS

The Source of Consistency: Emotional Discipline

Conclusion

Success is What You Make It

The Prerequisites of Success

The Meaning of Success

The Supercomputer of the Mind

Discovering and Using Motivation

Conclusion

Changing So It Sticks

Using Your Body

Using Your Conscious Mind

Discovering Awareness

Finding Your Focus

The Power of Questions

The Importance of Evaluation

Values and Character

Beliefs and Personality

Harnessing the Power of the Subconscious

Anchoring

Conclusion

Conquering False Pride

Your Evil Twin: The Idealized Self-Image

The Search for Glory



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