<s> The Day Trader’s Bible
TheDayTrader’sBibleOr…My Secrets of DayTrading In Stocks
By Richard D. Wyckoff
Richard D. Wyckoff
The Day Trader’s BibleOr… My Secrets of Day Trading In StocksBy Richard D. Wyckoff[ Originally Published by Ticker Publishing, 1919]
Author’s preface:“Contained within are the results of a lifetime of studies intape reading. It’s a pursuit that is profitable…but it’s not forthe slow minded or weak hearted. You must beresolute…strength of will is an absolute requirement as isdiscipline, concentration, study and a calm disposition. Mayyour efforts bear fruit and strengthen your will to persevere.”
Published By ePublishingEtc.com2811 Oneida Street, Suite 900-907Utica, New York 13501-6504Web: http://ePublishingEtc.com/
ISBN 1-931045-05-4Edited Revisions  Copyright 1999-2001 David Vallieres.All rights reserved. No part of this publication may be reproduced, stored in aretrieval system or transmitted in any form or by any means, electronic,mechanical, photocopying, recording or otherwise, without prior writtenpermission.No responsibility is assumed by the Publisher for any injury and/or damageand/or financial loss sustained to persons or property as a matter of the use ofthis instruction. While every effort has been made to ensure reliability andprofitability of the strategies within, the liability, negligence or otherwise, or fromany use, misuse or abuse of the operation of any methods, strategies,instructions or ideas contained in the material herein is the sole responsibility ofthe reader.
Richard D. Wyckoff
Table of ContentsCHAPTER I ………………………...Page 4
CHAPTER IX ………………..Page 83
Introduction
Daily Trading vs. Long-Term Trading
CHAPTER II ………………………..Page 14
CHAPTER X ……………..….Page 94
Getting Started In Tape Reading …Page
Various Examples and Suggestions
CHAPTER III ……………………....Page 24
CHAPTER XI ……………..…Page 99
The Stock Lists and Groups Analyzed
Obstacles to be OvercomePotential Profits
CHAPTER IV ……………………….Page 30Trading Rules
CHAPTER XII …………...…Page 105Closing Trades (as important as
CHAPTER V …………………..…..Page 44
opening trades)
Volumes and Their SignificanceCHAPTER XIII …………..…Page 113CHAPTER VI ……………….……..Page 58
Two Day’s Trading – An Example Of
Market Technique
My Method Applied
CHAPTER VII ……………………..Page 66
CHAPTER XIV………....…..Page 114
Dull Markets and Their Opportunities
The Principles Applied to LongerTerm Trading
CHAPTER VIII ……………………..Page 77The Use of Charts as Guides and Indicators
Richard D. Wyckoff
CHAPTER IIntroduction
THERE is a widespread demand for more light on the subject of TapeReading or the reading of moment by moment transactions in a stock.Thousands of those who operate in the stock market nowrecognize the fact that the market momentarily indicates its ownimmediate future; andThat these indications are accurately recorded in the markettransactions second by second; andTherefore those who can interpret what transactions take placesecond by second or moment by moment have a distinct advantage overthe general trading public.Such an opinion is warranted, for it’s well known that many ofthe most successful traders of the present day began as Tape Readers,trading in small lots of stock with a capital of only a few hundred dollars.Joe Manning, was one of the shrewdest and most successful of allthe traders on the floor of the New York Stock Exchange.A friend of mine once said:"Joe and I used to trade in ten share lots together. He was an ordinarytrader, just like me. We used to hang over the same ticker."The speaker was, at the time he made the remark, still trading inten-share lots, while I happened to know that Joe's bank balance -- hisactive working capital -- amounted to $100,000, and that this representedbut a part of the fortune built on his ability to understand the tapes’secrets and interpret the language of the tape.Why was one of these men able to generate a fortune, while theother never acquired more than a few thousand dollars day trading?
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Their chances were equal at the start of their pursuit as far as capital andopportunity. The profits were there, waiting to be won by either or both.The answer seems to be in the peculiar qualifications of themind, highly potent in the successful trader, but not possessed by theother.There is, of course, an element of luck in every case, but pureluck could not be so sustained in Manning's case as to carry him throughday trading operations covering a term of years.The famous Jesse Livermore used to trade solely on what the tapetold him, closing out every-thing before the close of the market. Hetraded from an office and paid the regular commissions, yet three tradesout of five showed profits. Having made a fortune, he invested it inbonds and gave them all to his wife. Anticipating the 1907 panic, he puthis $13,000 automobile up for a loan of $5,000, and with this capitalstarted to play the bear side of the market, using his profits as additionalmargin. At one time he was short 70,000 shares of Union Pacific stock.His whole lot was covered on one of the panic days, and his net profitswere over a million dollars!By proper mental qualifications we do not mean the mere abilityto take a loss, define the trend, or to execute some other movecharacteristic of the professional trader. I refer to the active or dormantqualities in his make-up.For example: The power to force himself into the right mentalattitude before trading; to control his emotions: fear, anxiety, elation,recklessness; and to train his mind into obedience so that it recognizesbut one master -- the tape. These qualities are as vital as natural ability,or what is called the sixth sense in trading. Some people are bornmusicians, others seemingly void of musical taste, develop themselvesuntil they become virtuosos.
It is the WILL, the strength of discipline and character in a man orwoman which makes them mediocre or successful,"a loser" or "a winner."
Richard D. Wyckoff
Jacob Field is another exponent of Tape Reading. Those whoknew "Jakey" when he began his Wall Street career, noted his ability toread the tape and follow the trend. His talent for this work was doubtlessborn in him; time and experience have proven and intensified it.Whatever awards James R. Keene won as operator or syndicatemanager, do not detract from his reputation as a Tape Reader as well.His scrutiny of the tape was so intense that he appeared to be in atrance while his mental processes were being worked out. He seemed toanalyze prices, volumes and fluctuations down to the finest imaginablepoint. It was then his practice to telephone to the floor of the StockExchange to ascertain the character of the buying or selling and with thisauxiliary information complete his judgment and make his commitments.At his death Mr. Keene stood on the pinnacle of fame as a TapeReader, his daily presence at the ticker hearing testimony that the workpaid and paid well.You might be urged to say: "Yes, but these are rare examples.The average man or woman never makes a success of day trading byreading moment by moment transactions of the market." Right you are!The average man or woman seldom makes a success of anything! That istrue of trading stocks, business endeavors or even hobbies!Success in day trading usually results from years of painstaking effortand absolute concentration upon the subject. It requires the devotion ofone's whole time and attention to - the tape. He should have no otherbusiness or profession. "A man cannot serve two masters," and the tapeis a tyrant.One cannot become a Tape Reader by giving the ticker absenttreatment; nor by running into his broker's office after lunch, or seeing"how the market closed" from his evening newspaper.He cannot study this art from the far end of a telephone wire. Heshould spend twenty-seven hours a week or more at a ticker, and manymore hours away from it studying his mistakes and finding the "why" ofhis losses.
Richard D. Wyckoff
If Tape Reading were an exact science, one would simply have toassemble the factors, carry out the operations indicated, and tradeaccordingly. But the factors influencing the market are infinite in theirnumber and character, as well as in their effect upon the market, and toattempt the construction of a Tape Reading formula would seem to befutile. However, something of the kind (in the rough) may develop as weprogress in this investigation, so kind an open mind because we havemany secrets, tricks and tips to reveal that are not in the pocket of theaverage day trader.What is Tape Reading?This question may be best answered by first deciding what it is not.•••••••
Tape Reading is not merely looking at what the tape to determinehow prices are running.It is not reading the news and then buying or selling "if the stockacts right."It is not trading on tips, opinions, or information.It is not buying "because they look strong," or selling "becausethey look weak."It is not trading on chart indications or by other mechanicalmethods.It is not "buying on dips and selling on peaks."Nor is it any of the hundred other foolish things practiced by themillions of people without method, planning or strategy.
It seems to us, based on our experience, that Tape Reading is thedefined science of determining from the tape the immediate trend ofprices.It is a method of forecasting, from what appears on the tape now inthe moment, what is likely to appear in the immediate future.Tape Reading is rapid- fire common sense. Its object is to determinewhether stocks are being accumulated or distributed, marked up or down,or whether they are being neglected by the large investors.
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The Tape Reader aims to make deductions from each succeedingtransaction -- every shift of the market kaleidoscope; to grasp a newsituation, force it, lightning- like, through the weighing machine of themind, and to reach a decision which can be acted upon with coolness andprecision.It is gauging the momentary supply and demand in particular stocksand in the whole market, comparing the forces behind each and theirrelationship, each to the other and to all.A day trader is like the manager of a department store; into his officeare submitted hundreds of reports of sales made by the variousdepartments. He notes the general trend of business -- whether demandis heavy or light throughout the store but lends special attention to theproducts in which demand is abnormally strong or weak.When he finds it difficult to keep his shelves full in a certaindepartment or of a certain product, he instructs his buyersaccordingly, and they increase their buying orders for that product;when certain products do not move he knows there is little demand(or a market) for them, therefore, he lowers his prices (seeking amarket) to induce more purchases by his customers.A floor trader on the exchange who stands in one crowd all day islike the buyer for one department in a store -- he sees more quickly thananyone else the demand for that type of product, but has no way ofcomparing it to what may have strong or weak demand in other parts ofthe store.He may be trading on the long side of Union Pacific stock, which hasa strong upward trend, when suddenly a decline in another stock willdemoralize the market for Union Pacific stock, and he will be forced tocompete with others who have stocks to sell.The Tape Reader, on the other hand, from his perch at the ticker,enjoys a bird's eye view of the whole field. When serious weaknessdevelops in any quarter, he is quick to note the changes taking place,weigh them and act accordingly.
Richard D. Wyckoff
Another advantage in favor of the Tape Reader: The tape tells thenews minutes, hours and days before the newspapers, and before it canbecome current gossip. Everything from a foreign war to the eliminationof a dividend; from a Supreme Court decision to the ravages of the bollweevil is reflected primarily upon the tape.The insider who knows a dividend is to be jumped from 6 per cent to10 per cent shows his hand on the tape when he starts to accumulate thestock, and the investor with 100 shares to sell makes his fractionalimpress upon its market price.The market is like a slowly revolving wheel: Whether the wheel willcontinue to revolve in the same direction, stand still or reverse dependsentirely upon the forces which come in contact with its hub and tread.Even when the contact is broken, and nothing remains to affect itscourse, the wheel retains a certain impulse from the most recentdominating force, and revolves until it comes to a standstill or issubjected to other influences.The element of manipulation need not discourage any one.Manipulators are giant traders, with deep pockets. The trained ear candetect the steady "chomp, chomp," as they gobble up stocks, and theirteeth marks are recognized in the fluctuations and the quantities of stockappearing on the tape.Little traders are at liberty to tiptoe wherever the food trail leads, butthey must be careful that the giants do not turn quickly on them. TheTape Reader has many advantages over the long-term investor. He neverventures far from shore; that is he plays with a close stop, never layinghimself open to a large loss. Accidents or catastrophes cannot seriouslyinjure him because he can reverse his position in an instant, and followthe newly- formed stream from source to mouth. As his position on eitherthe long or short side is confirmed and emphasized, he increases his line,thus following up the advantage gained.A pure tape reading day trader does not care to carry stocks overnight. The tape is then silent, and he only knows what to do when it tellshim. Something may occur at midnight which may crumple up his
Richard D. Wyckoff
diagram of the next day's market. He leaves nothing to chance; hence heprefers a clean sheet when the market gong strikes.By this method interest charges on margin are avoided, reducing thepercentage against him to a considerable extent.The Tape Reader is like a vendor of fruit who, each morning,provides himself with a stock of the choicest and most seasonableproducts, and for which there is the greatest demand. He pays his cashand disposes of the goods as quickly as possible, at a profit varying from50 to 100 per cent on cost. To carry his stock over night causes a loss onaccount of spoilage. This corresponds with the interest charge to thetrader.The fruit vendor is successful because he knows what and when tobuy, also where and how to sell. But there are stormy days when hecannot go out; when buyers do not appear; when he is arrested, fined, orlocked up by a blue coated despot or his wares are scattered abroad by acareless trackmen. All of these unforeseen circumstances are a part oftrading and life, in general.Wall Street will readily apply these situations to the various attitudesin which the Tape Reader finds himself. He ventures $100 to make $200,and as the market goes in his favor his risk is reduced, but there are timeswhen he finds himself at sea, with his stock deteriorating. Or the marketis so unsettled that he does not know how to act; he is caught on stop orheld motionless in a dead market; he takes a series of losses, or isobliged to he away from the tape when opportunities occur. Hiscalculations are completely upset by some unforeseen event or his capitalis impaired by overtrading or poor judgment.The vendor does not hope to buy a barrel of apples for $3 and sellthem the same day for $300. He expects to make from nothing to $3 aday. He depends upon a small but certain profit, which will averageenough over a week or a month to pay him for his time and labor.This is the objective point of the Tape Reader-to make an averageprofit. In a month's operations he may make $4,000 and lose $3,000 -- anet profit of $1,000 to show for his work. If he can keep this average up,
Richard D. Wyckoff
trading in 100 share lots, throughout a year, he has only to increase hisunit to 200, 300, and 500 shares or more, and the results will betremendous.The amount of capital or the size of the order is of secondaryimportance to this question: Can you trade in and out of all kinds ofmarkets and show an average profit over losses, commissions, etc.?If so, you getting proficient in the art of tape reading.If you can trade with only a small average loss per day, or comeout even, you are rapidly getting there.A Tape Reader abhors information and follows a definite andthoroughly tested PLAN, which, after months and years of practice,becomes second nature to him. Hismind forms habits that operateautomatically in guiding his market“The professional dayadventures. Practice will make thetrader must be able toTape Reader just as proficient inforecasting stock market events, but hissay: "The facts are inintuition will be reinforced by logic,front of me; my analysisreason and analysis.of the situation is this;Here we find the characteristicstherefore I will do thisthat distinguish the Tape Reader fromthe Scalper. The latter is essentiallyand this."one who tries to grab a point or twoprofit "without rhyme or reason"- hedon't care how, so long as he gets it.A Scalper will trade on a news tip, a look, a guess, a hear-say,gossip -- on what he thinks or what a friend of a friend of friend says.The Tape Reader evolves himself into a ‘trading machine’ whichtakes note of a situation, weighs it, decides upon a course and gives anorder. There is no acceleration of the pulse, no nervousness, no hopes orfears concerning his actions. The result produces neither elation nordepression:
Richard D. Wyckoff
There is calmness before, during and after thetrade.The Scalper is a car without shocks, bouncing over every littlebump in the road with rattling windows, a rickety motion and a strongtendency to swerve into oncoming traffic.The Tape Reader, on the other hand, is like a fine train, whichtravels smoothly and steadily along the tracks of the tape, acquiringdirection and speed from the market engine, and being influenced bynothing else whatever.Having thus described our ideal Tape Reader in a general way, letus inquire into some of the pre-requisite qualifications.First, he must be absolutely self- reliant and self-determining. Adependent person, whose judgment hangs on the advise or passing wordsof others will find himself swayed by a thousand outside influences. Atcritical points his judgment will be useless because he has not been ableto exercise his ‘judgment muscles’ – they are weak from inactivity!The professional day trader must be able to say: "The facts are infront of me; my analysis of the situation is this; therefore I will do thisand this."Second, he must be familiar with the mechanics of the market, sothat every little incident affecting prices will be given due weight. Heshould know the history of earnings of the stocks he is trading andfinancial condition of the companies in whose stock he is trading; theways in which large operators accumulate and distribute stocks; thedifferent kinds of markets (bull, bear, sideways, trending, etc.); be able tomeasure the effect of news and rumors; know when and in what stocks itis best to trade and measure the market forces behind them; know whento cut a loss (without fear or depression) and take a profit (without prideand puffery).
Richard D. Wyckoff
He must study the various swings and know where the marketand the various stocks stand; he must recognize the inherent weakness orstrength in prices; understand the basis or logic of movements. He shouldrecognize the turning points of the market; see in his mind's eye what ishappening on the floor of the exchange.He must have the nerve to stand a series of losses; persistence tokeep him at the work or trading during adverse periods; self-control toavoid overtrading; an amiable and calm disposition to balance him at alltimes.For perfect concentration as a protection from stock tips, gossipand other influences which are rampant in a broker's office he should, ifpossible, seclude himself. A small room with a ticker (ed. note: acomputer with real time data), a desk and private telephone connectionwith his broker's office are all the facilities required. The work requiressuch delicate balance of the faculties that the slightest influence eitherway may throw the result against the trader.You may say: "Nothing influences me," but unconsciously it doesaffect your judgment to know that another man is bearish at a pointwhere he thinks stocks sho uld be bought. The mere thought, "He may beright," has a deterrent influence upon you and clouds your ownjudgments; you hesitate and the opportunity is lost. No matter how themarket goes from that point, you have missed a beat and your mentalmachinery is thrown out of gear.Silence and concentration, therefore, is needed to lubricate theday trader’s mind.The advisability of having even a news feed in the room, is asubject for discussion. The conclusion is that ‘news’ is ‘news’; therecording of wha t has already taken place, no more, no less. Itannounces the cause for the effect that has already been more or less feltin the market. On the other hand the tape tells the present and future ofthe market.Money is made in Tape Reading by anticipating what iscoming -- not by waiting till it happens and going with the crowd.
Richard D. Wyckoff
The effect of news is an entirely different proposition.Considerable light is thrown on the technical strength or weakness of themarket and special stocks by their action in the face of important news.For the moment it seems to us that a news feed might be admitted to thesanctum, provided its whisperings are given only the weight to whichthey are entitled.To evolve a practical methodology – one which the trader mayuse in his daily operations and which those with varying proficiency inthe art of Tape Reading will find of value and assistance -- such is thetask we have set before us in this manual.We shall consider all the market factors of vital importance inTape Reading, as well as methods used by experts. These will beillustrated by reproductions from the tape. Every effort will be made toproduce something of definite, tangible value to those who are nowoperating in a hit-or-miss sort of way.
Chapter IIGetting Started In Tape Reading
WHEN embarking on any newbusiness enterprise, the first thing toconsider is the amount of capitalrequired. To study Tape Reading "onpaper" is one thing, but to practice andbecome proficient in the art is quiteanother. Almost anyone can makemoney on imaginary trades because thereis no risk of any kind -- the mind is freefrom the strain and apprehension thataccompanies an actual trade; fear doesnot enter into the situation; patience isunlimited.
“The trader of littleexperience suffersmental anguish if thestock does not go hisway immediately; hefears he made amistake and a loss ofhis money…”
Richard D. Wyckoff
All this is changed when even a small commitment is made. Thenhis judgment becomes warped, and he closes the trade in order to getmental relief.As these are all symptoms of inexperience they cannot be overcome byavoiding the issue. The business- like thing to do is to wade right into thegame and learn to play it under conditions that are to be met andconquered before success can be attained.After a complete absorption of every available piece of educationalwriting bearing upon Tape Reading, it is best to commence trading in tenshare lots, so as to acquire genuine trading experience. This may not suitsome people with a propensity for gambling, and who look upon the tenshare trader as being afraid and a ‘babe in the woods’.The average lamb with $10,000 in capital wants to commencewith 500 to 1000 share lots-- he wishes to start at the top and work down. It is only a question oftime when he will have to trade in 50 share lots – having lost themajority of his capital in large trades.To us it seems better to start at the bottom with 50 shares. Thereis plenty of time in which to increase the unit if you are successful. Ifsuccess is not eventually realized you will be many dollars better off forhaving risked a minimum quantity.It has already been shown by experience that the market for oddlots (100 shares or less) on the exchanges is very active, so there is noother excuse for the novice who desires to trade in round lots than greedof- gain, or a get-rich-quick mentality. Think of a baby, just learning towalk, being entered in a race with professional sprinters!In the previous chapter we suggested that success in TapeReading should be measured by the number of points profit over pointslost. For all practical purposes, therefore, we might trade 10 share lots,were there no objection on the part of our broker and if this quantitywere not so absurdly small as to invite careless execution. 50 shares isreally the smallest quantity that should be considered, but we mention 10
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shares simply to impress upon our readers that in studying Tape Reading,it’s better keep in mind that you are playing for points, not dollars.
The dollars will come along fast enough if you can make more pointsnet than you lose. The professional billiardist playing for a stakeaims to out-point his antagonist. After trading for a few monthsdon’t consider the dollars you are ahead or behind, but analyze therecord in points. In this way your progress can be studied.
As the initial losses in trading are likely to be heavy, and as theestimated capital must be a more or less an arbitrary amount, we shouldsay that units of $5,000 would be necessary for each 50 share lot tradedin at the beginning. This allows for more losses than profits, and leaves amargin with which to proceed.Some people will secure a footing with less capital; others mayhe obliged to put up several units of $5,000 each before they begin toshow profits; still others will spend a fortune (large or small) withoutmaking it pay, or meeting with any encouragement.Look over the causes of failure of most businesses and you will findthe chief causes to be:(1) Lack of capital, and(2) Incompetence.Lack of capital in Wall Street trading can usually be traced to overtrading. This proves the saying, "Over-trading is financial suicide." Itmay mean too large a quantity of stock being traded, or if the trader losesmoney, he may not reduce the size of his trade to correspond with theshrinkage in his capital.To make our point clear: A man starts trading in 50 share lots with$1,000 capital. After a series of losses he finds that he has only $500remaining. That’s on 10 points on 50 shares, but does he reduce hisorders in shares? No. He risks the $500 on a 50 share trade in a lastdesperate effort to recoup. The stock loses 10 points and he’s out $500.
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After being wiped out he tells his friends how he "could have mademoney if be had had more capital."Incompetence really deserves first place in the list. Supremeignorance is the predominant feature of both stock market lamb andseasoned speculator. It is surprising how many people stay in the Streetyear after year, acquiring nothing more, apparently, than a keen scent fortips and gossip. Ask them a technical question that smacks of methodand planning in trading and they are unable to reply.Such folks remain on the Street for one of two reasons: They haveeither been "lucky" or their margins are replenished from some sourceoutside of the markets.The proportion of commercial failures due to Lack of Capital orIncompetence is about 60 per cent. Call the former by its Wall Streetcognomen – Overtrading -- and the percentage of stock marketdisasters traceable thereto would be about 90 per cent.Success is only for the few who really want the work (not the glory),and the problem is to ascertain, with the minimum expenditure of timeand money, whether you are fitted for the work.These, in a nutshell, are the vital questions up to this point:•
Have you technical knowledge of the market and thefactors that move it?
•
Have you $1,000 or more that you can afford to lose inan effort to demonstrate your ability at day trading?
•
Can you devote your entire time and attention to thestudy and the practice of this science?
•
Are you so fixed financially that you are not dependentupon your possible profits, and so that you will notsuffer if none are forthcoming now or later?
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There is no sense in mincing words over this matter, nor in holdingout false encouragement to people who are looking for an easy, drop-apenny- in the-slot way of making money. Tape Reading is hard work,and those who are mentally lazy need not apply.Nor should anyone to whom it will mean worry as to where his breadand butter is coming from. Money-worry is not conducive to clearheadedness. Over-anxiety upsets the equilibrium of a trader more thananything else. So, if you cannot afford the time and money, and have notthe other necessary qualifications, do not begin. Start right or not at all.Having decided to proceed, the trader who is equal to the foregoingfinds himself asking, "Where shall I trade?"The choice of a broker is an important matter to the Tape Reader. Heshould find one especially equipped for the work: who can give closeattention to his orders, furnish quick bid and asked prices, and othertechnical information, such as the quantities wanted and offered atdifferent levels, etc.The broker most to be desired should never have so much businesson hand that he cannot furnish the trader with a verbal flash of what "thecrowd" in this or that stock is doing. This is important, for at times itwill be money in the pocket to know just in what momentary position astock or the whole market stands. The broker who is not overburdenedwith business can give this service; he can also devote time and care tothe execution of orders.Let me give an instance of bow this works out in practice: You arelong 100 shares of Union stock, with a stop-order just under the marketprice; a dip comes and 100 shares sells at your stop price -- say 164.Your careful, and not too busy broker, stands in the crowd. Heobserves that several thousand shares are bid for at 164 and only afew hundred are offered at the price. He does not sell the stock, butwaits to see if it won't rally. It does rally. You are given a new lease oflife. This handling of the order may benefit you $50, $100 or severalhundred dollars in each instance, and is an advantage to be sought whenchoosing a broker. Having knowledge of the depth of the market – how
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much is offered for sale and at what price and how much is bid and atwhat price; the placement of bid and ask orders are of tremendousimportance to the tape reader.The brokerage house which transacts an active commission businessfor a large clientele is unable to give this type of service. Its stop-ordersand other orders not "close to the market," must be given to exchangeSpecialists, and the press of business is such that it cannot devote markedattention to the orders of any one client.In a small brokerage house, such as we have described, the TapeReader is less likely to be bothered by a gallery of traders, with theirdiverse and loud-spoken opinions. In other words, he will be left moreor less to himself and be free to concentrate upon his task.The ticker should he within calling distance of the telephone to theStock Exchange. Some brokers have a way of making you or a clerkwalk a mile to give an order. Every step