Tape Reading and Market Tactics by Humphrey Bancroft Neill

[Soultrader 12]

The best kept secret. In my opinion this is a book well known to professionals and not to amateurs. Most people lose money in the markets.

 

Originally published in 1931, this is a classic book focusing on tape reading and price and volume analysis. Why is this book so important? Tape reading and volume are pure information. Being able to read both gives you a tremendous edge over other traders. In my opinion it is as good as "Reminiscence of a Stock Operator". I have gained tremendous market wisdom by studying Neill's book over and over. Neill takes a true contrary approach as noted in one of his advices to investors: "beware of the crowd. When everyone thinks alike, watch out. They're probably wrong."

 

This is ranked 3rd next to Reminiscence of a Stock Operator and Mind OVer Markets in my all-time favorite trading book.

[wsam29 10]

After reading this book, it reinforced all the things I subconsciously picked up over the years of trading. Having not been introduced to tape reading, one does not know it exists and traders actually trade just looking at the tape. Having been "trained" as a chart trader, the be all and end all I thought at the time, I was looking for an edge or the holy grail, the progression of indicator searching begins!

 

The stuff Humphrey writes about still happens today, almost 70 years since the first publication and 3 revisions. Humans will behave the same way no matter what, they did back in the 1900's and they will from here on it.

 

I can now understand why there are indicators and charts, they were suppose to make trading easier but I have found that the market place and community is flooded with crap based on charts and indicators.

 

Was the introduction of charts and indicators a means to stroke the creators ego because of their new found method? I believe so, not to mention fatten ones pocket from the distrubution of their new creation.

 

Some topics that are covered in the book are the pace at which prices move, is an indication to do one of two things, stay in or get out. The quicker the tape moves, the quicker you should close a trade because the uninformed are most likey rushing in to make a quick buck from rapid tape action.

 

He explains about volume, price relation and general bits of wisdom and commone sense one should employ when trading.

 

The skill involved after learning about tape reading is real time interpretation of the tape as it is happening in real time.

 

I'm glad I picked this book up after being introduced by Soultrader. I overpaid for it but its already returned dividends to me.

[Blu-Ray 10]

Two good reviews there,

 

I just ordered the book yesterday, can't wait for it to arrive now

 

Cheers

 

Blu-Ray

[read_invest 10]

Hi.

 

Is the content much different in Tape Reading and Market Tactics by Humphrey Bancroft Neill Compare to the book Stan Weinstein's Secrets For Profiting in Bull and Bear Markets (Paperback)

[kuokam 10]

Can't remember Weinstein discussing tape reading in the book I read.

 

Hi.

 

Is the content much different in Tape Reading and Market Tactics by Humphrey Bancroft Neill Compare to the book Stan Weinstein's Secrets For Profiting in Bull and Bear Markets (Paperback)

[Tams 20]

The best kept secret. In my opinion this is a book well known to professionals and not to amateurs. Most people lose money in the markets.

 

Originally published in 1931, this is a classic book focusing on tape reading and price and volume analysis. Why is this book so important? Tape reading and volume are pure information. Being able to read both gives you a tremendous edge over other traders. In my opinion it is as good as "Reminiscence of a Stock Operator". I have gained tremendous market wisdom by studying Neill's book over and over. Neill takes a true contrary approach as noted in one of his advices to investors: "beware of the crowd. When everyone thinks alike, watch out. They're probably wrong."

 

This is ranked 3rd next to Reminiscence of a Stock Operator and Mind OVer Markets in my all-time favorite trading book.

 

this place is just full of hidden gems.

[kuokam 10]

I am really amazed.

The very instant you come in contact to the trading world, you are submerged with books, starting with Livermore's Roso. But you can spend years without the farthest allusion of Humphrey's existence and books.

Is it because of the equipment required? or the long period needed for training? or plain conspiration not to push the book to far in the spotlights? by who?

 

 

this place is just full of hidden gems.

[Perrin 10]

I imagine it's because it requires a little bit of thinking from the reader. Some people don't want to think, they just want to be told when to buy & sell, instead of doing the hard work for themselves. I imagine those people wouldn't get on very well with Humphrey B Neill's book.

 

If you liked Tape Reading and Market Tactics, you'll like another book of his, The Art of Contrary Thinking.

[wunderlich 10]

You can find the Tape Reading book at: <Removed link to forum & piracy site>

 

W.

[kuokam 10]

Thanks for the suggestion, I'll try and read the other books of his.

So, the hard work barrier might be the main culprit. Aha!

 

I imagine it's because it requires a little bit of thinking from the reader. Some people don't want to think, they just want to be told when to buy & sell, instead of doing the hard work for themselves. I imagine those people wouldn't get on very well with Humphrey B Neill's book.

 

If you liked Tape Reading and Market Tactics, you'll like another book of his, The Art of Contrary Thinking.

[kuokam 10]

How about this one: The Art of Contrary Thinking ?

 

Thanks

[Perrin 10]

I'm not sure, but it must be available on the net somewhere, I imagine.

 

I bought mine from Amazon

 

I like having a library of physical books. I have PDFs of books too, but I prefer actual books. Having a library (ok, it's a big bookcase, but it sounds much more impressive when I call it a library) also reminds me that I have read a lot of books. Sometimes I wonder to myself, "Am I any closer to being the best I can be at trading, actually do I even know anything at all?".

 

Seeing where I came from (so to speak) and the books that I've read, and the work I've done (files full of notes, of working out, my written thoughts, etc), reminds me that I have done a lot of work (but it's still ongoing!) and it hints to me that I'm not quite the same person as I was when I started. The thing is, I'm not massively different, I don't really feel any different, I'm still me. I think the changes in thinking happen gradually. So for me, it's somehow reassuring to actually see some of the steps that I've taken. I do something similar with a bookmarked list of threads that I've read from Traders Laboratory.

 

However, that may be off topic and, apart from the suggestion of Amazon, it's of no help in finding you a copy of The Art of Contrary Thinking, sorry

[Perrin 10]

I was thinking about this and another reason that people maybe don't read Humphrey B Neill, and other amazing books of that time (and other times), is because those books are old. Tape Reading & Market Tactics was first published in 1931.

 

I remember vividly when I was a teenager not buying or reading any books from a 2nd hand book shop that looked old. I just assumed they weren't as good as the modern ones.

 

When I first started learning about trading from websites, I remember being very sceptical about reading books from the 'distant' past. "How could a book written in 1931 be better than anything written today?", I thought. After all today we're living in an age of technological advancement and computers, iphones, the internet, all that stuff. Old books and old thoughts just aren't relevant? And even if they were, those old people can't be as smart as people today?

 

In some ways I think it's also down to people seeing their grandparents and always knowing them as old, never having seen them as they were when they were younger. You see them as old, and sometimes wise in a way, but they're outdated, what could they possibly offer a young dynamic person. Move over grandad, you're just old and boring! Then one day you realise your grandparents were amazing incredible people who you really ought to have spent more time with, getting to know them more, before they were no longer in your life.

[kuokam 10]

The last time I tried to have a pdf over the net, this ukash-police-scam virus seized my computer and I had to call the police station before hearing that they were not the authors. I then proceeded to get rid of the malware .

So, Amazon or Ebay for now.

 

As for the age of the book, you may be right but, the Roso date from that period as well, but are still featured among the best trading books.

 

I would be interested in knowing how swing and position traders fare with the ideas in this book? Tape reading looks so short termish to me but I agree I don't know much yet.

 

 

I was thinking about this and another reason that people maybe don't read Humphrey B Neill, and other amazing books of that time (and other times), is because those books are old. Tape Reading & Market Tactics was first published in 1931.

 

I remember vividly when I was a teenager not buying or reading any books from a 2nd hand book shop that looked old. I just assumed they weren't as good as the modern ones.

 

When I first started learning about trading from websites, I remember being very sceptical about reading books from the 'distant' past. "How could a book written in 1931 be better than anything written today?", I thought. After all today we're living in an age of technological advancement and computers, iphones, the internet, all that stuff. Old books and old thoughts just aren't relevant? And even if they were, those old people can't be as smart as people today?

 

In some ways I think it's also down to people seeing their grandparents and always knowing them as old, never having seen them as they were when they were younger. You see them as old, and sometimes wise in a way, but they're outdated, what could they possibly offer a young dynamic person. Move over grandad, you're just old and boring! Then one day you realise your grandparents were amazing incredible people who you really ought to have spent more time with, getting to know them more, before they were no longer in your life.

[Perrin 10]

I worked out my strategies (although I am still refining them) by reading numerous books like Tape Reading & Market Tactics and reading lots of stuff by some amazing people on TL. Oh and hours and hours of screen time looking at charts and watching the price move. That bit is as much, if not more important, than reading the books.

 

Yes, Tape Reading & Market Tactics and The Art of Contrary Thinking have been helpful to me. I think it's useful to get the general idea of 'reading the tape'. I think some people look at just price going up & down on the time & sales window, some look at very short term charts, and some look at longer term charts. I think that what you learn can be applied to other time frames. Currently I swing trade and I don't trade intraday (although I have been considering it) but I do look at the intraday charts often, and I can see where price might get into difficulty and reverse, for example.

 

The Art of Contrary Thinking is about thinking contrary to 'the herd'. If you want to do that it's probably best to throw out your television set first Or look at a news announcement, consider what the general consensus is about it, and consider the opposite viewpoint. It is a useful book.

 

I should write a short answer to some questions! So, the short answer from me is yes I do like Humphrey B Neill, his writing is excellent and I have got all of his books

[claryfray 10]

so informative and essential, thanks for this.