Profits in the Stock Market/With Charts [Hardcover]

H. M. Gartley (Author)

Product Details

• Hardcover
• Publisher: Lambert Gann Pub (May 1935)
• Language: English
• ISBN-10: 0939093073
• ISBN-13: 978-0939093076
• Product Dimensions: 11.3 x 9.1 x 2 inches
• Shipping Weight: 4.8 pounds (View shipping rates and policies)
• Average Customer Review: 4.7 out of 5 stars  See all reviews (6 customer reviews)
• Amazon Best Sellers Rank: #516,503 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

24 of 25 people found the following review helpful:

5.0 out of 5 stars Technical analysis classic!, September 15, 2004

By 

Steven Phillips (Ada, OK United States) - See all my reviews
(VINE VOICE)    (REAL NAME)   

This review is from: Profits in the Stock Market/With Charts (Hardcover)

Harold McKinley Gartley had a stock market advisory service in the mid-1930s that had a large public following. This service was one of the first to apply "scientific" methods and research to resolution of the stock market problems: 1)what to buy; and 2) when to buy. This correspondence course is a summarization of Gartley's findings through 1936. The original course was issued looseleaf, in a green, three-ring binder. Lambert-Gann, Inc. has reissued this course in a more convenient book-format along with a separate package of oversized charts for easy reference against the textual explanations.

Gartley covers, in great depth, the Dow theory, market movements, bar charting, figure charting, volume of trading, price formations, relative strength, moving averages, oscillators, and breadth measuremants. He presents copious references to indicate from where he got his material and numerous footnotes for text clarification or expansion. There is very little that one finds in the literature of technical analysis today that was not covered in Gartley's work. The book is well-researched and well-written. Unfortunately, Gartley's idea of "scientific" study is somewhat primitive as measured against today's standards. His approach was more rational-intuitive than statistical. (A good example of the methods he employed can be found in Gartley's "Stock Market Probability Tables" published by the author in 1940.)

While I feel that this is the best and most complete work on technical analysis ever compiled, the lack of apparent progress over the past seventy years in the theoretical underpinnings of the technical analysis field seems to cast a shadow of doubt over its basic methodology. Personally, I have never found much use in the Dow Theory (subjective and late signals); price patterns (one tends to see what one wants to see); etc. The core of technical analysis can be summarized as, "A price trend will continue until it reverses." Problems arise in precisely defining what time period is relevant, what constitutes a valid trend inside the timeframe, and how a valid trend reversal is to be determined - all in such manner that result in an investment return greater than a buy-and-hold strategy. Current statistical evidence for the utility of technical analysis in generating profits in excess of buy-and-hold is not encouraging.

If you are interested in technical analysis, you really need to become familiar Gartley's work and perspective. I have over 1,000 books in my library covering economics, finance, and investment, and am not aware of any better exposition of technical analysis than "Profits In The Stock Market."

9 of 9 people found the following review helpful:

5.0 out of 5 stars Mandatory Classic, December 11, 2001

By 

"lmm-trader" (Lisboa, Portugal) - See all my reviews

This review is from: Profits in the Stock Market/With Charts (Hardcover)

This is one of the best books I have ever read about technical analysis. Although the charts aren't what you would call 'contemporary' (the 30s and back) the wisdom in it still lives today.

It's a Complete Course, which used to be sold by chapters, but now, bound in a single book you'll be able to read all there is to it. The law of supply and demand hasn't changed that much ever since, just the participants in the markets.

With all the knowledge within the book you'll get a series of accompaning charts to help you in your study that show in a nostalgic, although informative way, how to build a trend following system. The trading style devised will be greatly appreciated by everyone who knows the virtues of patience on trading - waiting for the ideal timing with high probability of sucess.

Buy this one and you're trading is almost guaranteed to improve.

2 of 2 people found the following review helpful:

5.0 out of 5 stars Technical Analysis, May 22, 2011

By 

M. King "MK" (MK) - See all my reviews
(REAL NAME)   

Amazon Verified Purchase

This review is from: Profits in the Stock Market/With Charts (Hardcover)

If you are a serious investor/trader then this book is for you. Though the primary focus is technical analysis, Mr. Gartley explains the importance of fundamental analysis and the psychological affects that affect the decision-process as well. He explains that you cannot have one without the other if you are a serious investor and you must have all the tools at your disposal if you are going to be successful in the business of investing.
The emphasis is technical in nature but very fundamental in utilization of all tools necessary to becoming a successful in the business of investing. Remember investing is not a game, gambling, or hobby. Investing is a Business. If you are in the business of investing, this book is for you.