第一章　投机是一门有利可图的职业： 谷物市场概述－(江恩期货教程中文版 )－003 [复制链接]

　　May 11 low 154
　　5月11日低点154美分
　　March 3 high 182.5, reduce STOP to 186.
　　3月高点在182.5美分，止损移动到186美分。
　　Later in March the price broke 171 low. We sell 25,000 more at 166 when the price breaks the low of 169 of July 21, 1951 and it has broke 50% of 335.5 which is 167-3/4 putting it in a very weak position with the main trend down.
　　3月后期价格击穿171低点。价格突破1951年7月21日的低点169美分，在跌破335.5的50%即167.75美分时，我们又在166美分卖出25,000蒲式耳，下跌趋势已经非常的虚弱。
　　May 11 low 154. We buy 125,000 at 156 to cover because the May option will expire about May 20 [1953]. We now have a total profit of $69,550. to work with.We can now trade safely on 100,000 bushels which gives 70￠ per bushel marginand a loss of 3￠ on 100,000 bushels would be $3,000. and if we lost for ten consecutive times we would still have more than half or 50% of our capital to trade with, which is perfectly safe.
　　因为5月份的合约即将在5月20日到期，我们在156美分平了125000蒲式耳。我们目前共有资金69550美元来操作，所以现在就可以比较的操作100000蒲式耳了，这将获得70美分/蒲式耳的利润，按亏损3美分计算，100000蒲式耳的损失只是3000美元，假如我们连续10次损失我们将仍然有原来一半以上的资金去交易，这就显得极其安全。
　　We wait for May Rye for 1953 [1954.5] delivery to give an indication of what it is going to do.
　　我们将等1953年5月黑麦的交割后，观察其给我们未来交易给出下步操作指示。
　　1953, July 6. The option opened at 153, a new low. July 7 high 156 when itbreaks 153 we sell 100,000 bushels at 152 and make the STOP 157. It declinesvery fast and we sell 25,000 more at 140 because it is 3.5￠ below the 50% of 286.5 which is 243.5 [143.5.5], the high of May 7, 1946 and we wait until the price is 3￠below this level which puts it in a very weak position before going short.
　　1953年7月6日，该合约以新低价153美分上市。7月7日上涨的高点156美分，当它击穿了153美分时我们在152美分卖出100000蒲式耳，止损位157美分。随后行情暴跌，于是我们又在140美分售出25000蒲式耳，因为它低于286.5美分的50%的3.5美分，该价位143.5也是1946年5月7日的高位。我们等待价格跌至此价位3美分下面，在短期走强之前，此价位使市场处于非常微弱的境地。
　　1953, July 28 low 133.5, August 6 high 140-3/4 and 140; we make the STOP on125,000 at 145, the decline continues and breaks the low of 133.5. We sell 25,000 more at 131.5 and make STOP at 142.5.
　　1953年7月28日低点133.5美分，8月6日高点140.75美分与140美分；我们将125000蒲式耳的止损点设在145美分，下降持续并且突破了低点133.5美分。我们继续在131.5美分卖出25000蒲式耳，止损位142.5美分。
　　August 13 low 121, August 17 high 135.5, reduce STOP to 137. August 28 andSeptember 15 and September 23 low 116.5, 114-3/4, 115. We know that theseasonal lows are often made in August and September and the trend turns up sowe reduce the STOP to 121 on the shorts. The STOP was caught and we buy150,000 at 121. We now have a capital of $127.500 to work with. We buy100,000 at 121 and make STOP 114.
　　8月13日低点121美分，8月17日高位135.5美分，将止损位降137美分。8月28日以及9月15日9月23日低位美分别为116.5美分、114.75美分、115美分。我们知道季节性低点常常产生在8、9月份，并且趋势也在这里发生转折。因此我们将短期止损点设在121美分。目前共有资金127500美元，于是在121美分买入了100000蒲式耳，止损位114美分。
　　November 2, high 134, November 17 and 30th low 133.5; we make STOP 120.5.December 14 high 133.5, a slightly lower top, we raise STOP to 129. STOP was caught. We sold 100,000 at 129 with 8.5 profit which gives us a working capital of$135,500. We sold short 100,000 bushels at 129 and placed the STOP at 136.
　　December 23 low 120.
　　11月2日高点134美分，12月17日以及30日低点133.5美分，我们在120.5美分设置止损点。12月14日出现比顶部略低一些的133.5美分高点，于是我们将止损位设在129美分。价格触及止损点后，我们在129美分卖出了100000蒲式耳，并且已获利8.5美分，这　时我们共有135500美元的资金。我们在129美分卖掉100000蒲式耳，并将止损点设在136美分。12月23日低位120美分。
　　1954, January 3 and 14th low 120.5 and 121-3/4, higher bottom. We buy 100,000　at 124, profit 5￠ which now gives a capital of $140,500. We buy 100,000 at 124.
　　1954年1月3日和14日低点在比底部价格稍高的120.5和 121.75美分。我们在124美分买入100,000蒲式耳获利5美分后资金变成140,500美元。继续在124美分买入100,000蒲式耳。
　　1954, January 22 - 27th high 128, a lower top. We raise the STOPS to 124. STOPS were caught and we are out even losing only commission.
　　1954年1月3日到27日涨到比前期顶部稍低的128美分。将止损提高到124美分，we are out even losing only commission不知如何翻译。
　　We sold short 100,000 at 124 with STOP 125. March 29 low 101.5, April 2 high110.5, we reduce the STOP to 112.5. April 19 high 108-3/4, we reduce the STOPto 110-3/4. April 30 low 93.5 with the main trend still down and we would remain short with a stop at 104.5 or 3￠ above the low of March 29, 1954. We will assumethat we covered shorts at 96, this would give us a profit of $173,700. in 33 months starting with a capital of $3,000. Suppose we cut this 50%, the profit would still be$86,850. This is proof from the records based on rules that if you do not guess youcan make large profits on small risks.
　　在124美分短线卖出100,000，止损125。3月29低点101.5美分，4月2日高点110.5美分，我们降低止损到112.5美分。4月19日高点108.75美分，止损降到110.75美分。大势一直向下，4月30日低点93.5美分，我们将止损设在104.5美分或3月29的那个低点101.5上面3美分处进行短线操作。假定我们已经在96美分处短买，这将使资金从3000美元的本金在33个月内达到173,700美元。假如我们削减到50%，那么也是86,850美元。这就是你不用猜测，遵守前面的规则以较小的风险而获得巨大利润的证明。
　　This also proves that no matter how low the price is you can make big profits byselling short and no matter how high the price is you can make money buying solong as you are going with the trend up or down. The question naturally arises,“Why do not more people make fortunes trading in Commodities”.5 The answer isweakness of the human element. They trade on hope, fear, and think prices are toolow to sell or too high to buy and if they do act they do different from what therules indicate, but remember that there are always some big traders who do buy andsell no matter how low the price is or how high it is, and these are the people whomake big money. The late Jesse Livermore traded this way and accumulated asmuch as $15,000,000. at one time. Men like Dr. Crawford have the nerve to buyand sell at extreme low levels or extreme high levels where the trend is down andto make millions, while the man who fears or trades on hope does not have thenerve and he not only misses big profits but he makes losses. If you expect tosucceed you must learn to follow rules and after you have proved to yourself therules will work, have the nerve to follow them and profits are assured.

　　SOY BEANS – RECORD OF HIGHS AND LOWS.MAY SOY BEANS. Trading in Futures started October 5, 1936 and May SoyBeans opened at that time at 120 and advanced to 164 in January 1937.1938, October low 69; 1937, July 27 low 67. This was the lowest price that MaySoy Beans ever sold.

　　This also proves that no matter how low the price is you can make big profits by selling short and no matter how high the price is you can make money buying so long as you are going with the trend up or down. The question naturally arises,“Why do not more people make fortunes trading in Commodities”.5 The answer is weakness of the human element. They trade on hope, fear, and think prices are too low to sell or too high to buy and if they do act they do different from what the rules indicate, but remember that there are always some big traders who do buy and sell no matter how low the price is or how high it is, and these are the people who make big money. The late Jesse Livermore traded this way and accumulated as much as $15,000,000. at one time. Men like Dr. Crawford have the nerve to buy and sell at extreme low levels or extreme high levels where the trend is down and to make millions, while the man who fears or trades on hope does not have the nerve and he not only misses big profits but he makes losses. If you expect to succeed you must learn to follow rules and after you have proved to yourself the rules will work, have the nerve to follow them and profits are assured.
　　这就证明了不管价格走多低你都能通过短线获得巨大利润，不管其走多高只要你都跟随涨跌趋势你都赚钱。问题自然出现：为什么大多数人在市场中赚不了钱？答案就是因为人性的弱点。他们在希望、恐惧中交易，都明白价格低时买，价格走高时卖，在实时交易时却不根据规则的指标来操作，但是要明白赚钱的总是市场的主力，他们才不管价格多高或者多低，所以赢利才是这种人。杰西·利莫佛尔曾经在市场中赚钱了差不多15,000,000美元。象克劳佛先生这样有胆量敢在在下跌趋势中进行极端的顶与底买卖而赢利数百万的人太少，当人们在在恐惧与期望里交易时勇气全无，他是不仅仅是错过赚大钱，同时还亏损不小。如果你渴望成功，你就必须遵守规则，在你自己通过亲自验证这些规则后，勇敢的去执行他们，赢利就指日可待。

　　SOY BEANS – RECORD OF HIGHS AND LOWS.MAY SOY BEANS.
　　五月大豆期货的高低点记录　（这一部分与上面小麦部分内容类似，也是讲述买卖与遵守规则的例子，所以不再做重复性劳动，暂时省略翻译，以后有时间再补充上。）

希望有朋友继续翻译下面内容

SOY BEANS – RECORD OF HIGHS AND LOWS.
MAY SOY BEANS. Trading in Futures started October 5, 1936 and May Soy
Beans opened at that time at 120 and advanced to 164 in January 1937.
1938, October low 69; 1937, July 27 low 67. This was the lowest price that May
Soy Beans ever sold.

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1940, August low 69. From this level prices advanced to September 14, 1941, high
202.
October 19 low 154½.
1942, January high 203, just 1¢ above the high of September 1941.
December low 166.
1943, January high 186. At this time the Government stopped trading in Soy
Beans and there was no trading until October 1947 when trading was resumed. In
October 1947 May Beans started up from 334 which was above all tops since
February 1920 when the high was 405, so you would buy at 334 or 336, because
they were at new high levels and hold for a definite indication to sell.
1948, January 15 high 436-3/4, the highest price in history. At this time you would
have to keep up a daily high and low chart and a weekly high and low chart to tell
when the trend changed and know where to place STOPS and where to sell out
longs and go short. This indication was given on January 19, 1948 and you would
be short. A big decline followed to February 9, 1948, low for May Beans 320½,
where the daily chart again gave indications to cover shorts and buy. After that
time the price advanced to 425 in May 1948. In October 1948 the 1949 option
opened and declined to 239, which was 50% from the low of 44¢ in December
1932 to the extreme high of 4363/4, making this a buying level protected with
STOP LOSS order at 236.
1948, November high 276-3/4. The daily and weekly high and low chart indicated
that this was a selling level and a time to sell out longs and sell short. A rapid
decline followed on heavy liquidation.
1949, February 14 low 201½, down to the old low levels of 1941 and a buying
level because it was just above $2.00 per bushel.
1950, May high 323½. The Korean War started on June 25, 1950 and war is
always bullish on commodities and, therefore, we would look for buying
opportunities. A big advance followed and most options went to above 280 in July
1950.
1950, October 16 low for May Beans 232½. A rapid advance followed from this
level.

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1951, February 8 high 344½. At this time the Government placed a ceiling on May
Beans at 333 and, in fact, on all other Beans. November Beans started down at this
time from a high of 334 and declined to 262 in July.
1951, May Beans for 1952 delivered, opened in June at 287.
1951, July 9 low 268-3/4. In October prices crossed the highs of 3-months at 281
to 283. You would buy at this time because prices were again at new highs and
you should buy based on the rules.
1952, March, April and early May prices reached the low of 282. Buy because it
was 3-months at the same low level.
1952, May high 314. Same high as December 1951, a selling level.
1952, August – the new option low 291 and the end of August high 314-3/4, 3 tops
at the same level. Sell with STOP at 317.
1952, October low 298.
1952, December high 311, a lower top and selling level.
1953, February low 282, not 3¢ below the lows at 284 in March, April and May,
1952, a buying level with a STOP at 279.
1953, April high 309, a lower top than December 1952, a selling level.
1953, the May option declined to 292.

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THE GREATEST ADVANCE IN MAY BEANS IN HISTORY
When I state the greatest advance I mean the greatest advance from low to high
levels of any option.
BUYING CAMPAIGN IN MAY BEANS. We will start with a capital of $3,000
and buy according to the rules outlined. August 20, 1953 May Beans low 239½.
We would buy 10,000 bushels at 240, place a STOP-LOSS order at 3¢ below,
making a risk of 10% of the capital or $300.00.
Why do we buy here? Because it was the same low as October 1948 and for the
same mathematical rule. 1932 low 44¢, 1948 high 436-3/4, 50% of this is 240-3/8,
a sure buying level protected with a STOP LOSS order.
The May 1954 option opened at 256 and advanced to 259-3/4 and then declined to
239½.
1953, September 2, high 263, closed the same day at 259. While we now have an
indication that prices are going higher we do not buy more but wait for the closing
rule and for the price to close above 260, which was the high of the life of the
option after it started.
September 16, low 248-3/4. We raise STOP to 246-3/4 on the 10 bought at 240.
During the week ending October 10 May Beans closed at 261. We now buy 10
more at 261 and raise the STOP on all of the beans to 255 or 1¢ below the low of
the week.
The advance was rapid and for the week ending October 31, the price closed at
282, above the old low at 280 in February 1953. This was an indication of higher
prices and as we have big profits we can buy 5,000 at 282 and raise STOPS to 275.
Look up the record to see where the new old highs are so we will know when
resistance should be made. We find these highs at 314-3/4, 313½, 311, and 309.
These highs were made in 1952 and 1953, therefore, we would expect some
reaction from around these levels.
1953, December 2, high 311¼, same high as December 1952. We sell out 25,000
at 310 giving a profit of $12,300.00 and with the capital investment of $3,000.00,
makes a $15,3000.00 capital to operate on. We sell 25,000 short at 311 and place
the STOP at 316. While we know the trend is up we expect a reaction from these
old high levels. A fast decline followed December 17, low 295-3/4 at old low

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levels of March, April and May 1953. We cover 25,000 bushels at 297 with a
profit of 13¢ which gives a working capital of $18,800.00. At this price we can
figure safely 30% margin per bushel is enough or $3,000.00 on 10,000 bushels or
$7,500.00 on 25,000. This is conservative trading.
We buy 25,000 for long account at 297 and place STOP at 293. The price starts up
from December 17 low and makes higher bottoms and higher tops indicating up
trend.
We follow the closing rule which is that when prices close above old highs that
have been made months or years past it is an indication that prices must go very
much higher.
1954, January 19, high 315½, closed 314½, not yet enough above the old highs.
We wait for close at 316½ to buy.
January 22, closed at 317. We buy 25,000 more at 317.
February 22, low 309¼, down for the last old top in 1953. We make STOPS at
307.
From previous records we know that the next old top is 344¼ on February, 1951 so
expect that this is the next price to watch.
February 24 and 25th, high 340½ and 342. Low for three days at 335½ we raise
STOPS to 333½ until price goes above 344½, the old top and an indication of
higher prices.
March 4, high 359-3/4, closed at 359. March 5, low 349, March 8, low 343½, at
the old top level and a buying level. We buy 15,000 more at 345 and raise STOPS
on all to 341.
March 19, prices crossed the previous high of 359½, which was the high of March
4, indicating higher. March 19 we buy 15,000 more at 361. March 25, high 371.
April 1, low 354½, a higher bottom than March 11 and 16th. We raise STOPS to
352 on all our line of May Beans that was bought. April 9, prices make a new high
closing at 375, indicating much higher prices.

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April 13, high 382½, April 14, low 376½. Raise STOP to 373. April 15, high 388,
closed at 387¼. We buy 10,000 more at 387.
April 20, high 402, closed at 396. We know that when it does close above $4.00 it
will indicate higher prices. We know the last high in May 1948 was 425 so the
indications are that May Beans will reach somewhere near these old highs but now
is the time to protect profits and not buy more.
April 27, high 407½, closed at 402, under the high but above $4.00, which
indicated higher prices.
April 23, low 298¼, [398¼?] closed at 403½. We now raise STOPS on all longs to
395.
April 27, high 422, within 3¢ of 425, the high of May 1948, and up from 239½ to
422. The price has advanced 182½ cents, the greatest in history.
April 27, after high of 422 the market declined fast and closed at 411, which was
the lowest price of the day. We now place a STOP 5¢ below this low or at 406.
April 28, low 406½, missed the STOP by 1/2¢. April 28, 29th and 30th, high
317½, 315½ and 316-3/4. When prices made 316-3/4 on April 30 we raise STOP
to 411-3/4 or 5¢ per bushel down from this top because the prices have started to
make lower tops and we must pull up STOPS and protect profits that have
accumulated.
April 30, late in the day May Beans declined to 410¼ and the STOP was caught.
We sold out all longs at 411. Total profits $92,6000.00 in 8 months and 10 days
time on a capital of $3,000.00 and the trading was very conservative, the risks were
conservative at all times.
This is proof beyond any doubt that prices are never too high to buy if you follow
the rules and protect with STOP LOSS orders. When these great extremes occur,
fortunes are made by men who have the nerve and the knowledge to follow the
rules. In this campaign we have not done any guessing as to where to buy or sell.
We have let the market prove itself. We have bought on definite rules and placed
the STOP LOSS orders based on definite rules and sold out at an extreme high
level on a definite rule because the option was nearing the end or reaching the 1st
of May when we do not trade in an option. This great advance in Soy Beans is no

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exception. It has happened in other commodities – Coffee, Cocoa, Cotton,
Cottonseed Oil, Lard, Rye, Wheat, and Corn. If you will only learn the rules and
when the market runs into these extreme levels, not try to guess where the highs are
going to be but simply follow the trend and follow up with STOP LOSS orders and
buy regardless of price when new highs are made, you cannot fail to make
enormous amounts of money.
MAY CORN
You will find the chart on May Corn covering all the main swings from January,
1925 up to date. Study this chart and apply all the rules just the same as we have
applied them in the examples on Soy Beans and Wheat.
You will note this chart from January 1925 where the price started down from 137.
It made lower tops and lower bottoms until 1926 when there were two bottoms
around the same level at 67 and 69. This was a buying level. From there the price
moved up and when it crossed the other top at 97 you would buy more. The high
in August 1927 was 122, a selling level. After that the price declined and made a
slightly higher bottom in 1928 and rallied til May 1928. Following this there were
three bottoms just below 80. These occurred in 1928 and 1929 and the tops were
up to around 110 and 112.
July 1930 was the last high where you would sell short against the old tops and
when prices broke the lows of 77 and 78 you would sell more. When prices broke
below the lows of 1926, which was 67, you would sell more. The decline
continued making lower bottoms and lower tops until May 1932 when the low was
28¢ per bushel. There was a rally to 41 and final low was in February 1933 when
the low was 24¢ per bushel. After President Roosevelt took office in March 1933
and the Exchanges [re]opened, the trend on all commodities as well as all stocks
turned up and when prices crossed the tops, as you can see on the chart, you would
buy. There was a rapid advance. May Corn high in July 1933, 82½¢ per bushel.
This was just under the old lows and it was a selling indication.
April 1934, low 40¢ per bushel, higher than previous bottoms and around the other
bottoms. From this level the main trend turned up again and advanced until May
1935. Then the next option in September 1935 made low at 56¢ per bushel. When
it started crossing tops and making higher levels, you would continue to buy at

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high levels. You can see that the main trend swings continued up without ever
breaking a swing bottom, finally crossing the high of May 1937 and advancing to
187½ in April 1947, declined to 142 in June 1947 and then the advance was
resumed. When prices crossed the high of 173 and the high of 187½ you would
buy more. There was a rapid advance with small reactions until September 1947,
high 288. This was above all previous highs for May Corn and you would wait
until there was an indication on the weekly and daily charts to show that the trend
had turned down. From this time on the main trend continued down making lower
bottoms and lower tops until February 1949 when final low was reached at 110.
Look back over your charts and you will find old tops at 112 and 108, therefore,
when May Corn declined to 110 in February 1949, it was a buy because there hade
been a drastic decline and the long interest had been cleaned out. You would
watch the daily and weekly chart here and you would see where they showed a
change in trend. Note two higher bottoms following this time, the last bottoms
occurring in February 1950, low 124. Here you would buy and when prices
crossed 137, the high of May 1949, you would buy more at new high levels.
Again, when prices crossed the high of December 1948, 152½, you would buy
more. The market continued to advance reaching final high in December 1951,
198½. You would always expect selling around the even figure of $2.00 per
bushel and this would be the place to sell out longs and sell short as the price was
just above the old bottom at 192 and lower than any other bottom. From this high
the main trend turned down and you could remain short. May Corn continued
down making low in September 1953, when the low was 138.
The market advanced to 162½ in December 1953; failing again to cross the high of
March 1953 you would again sell short. The decline was resumed and the low of
148 was made in April 1954, and the rally after that was very small. Up to this
writing the main trend on May Corn is down but the option will expire in the
month of May so you will follow July and December as the trend indicates,
December option being the best trend indicator because the new crop can be
delivered in December. Therefore, you would get up a chart weekly, daily and
monthly on December Corn and follow the indications on it for the balance of
1954. You would always keep up a May, July and December chart on Corn. The
record that I have given covering the May option back to 1925 is all that you will
need except daily, weekly and monthly charts on December and July options.

22.
Again I repeat, you must always use a STOP LOSS order and must always
continue to study and learn more and more about the records and you will make a
success with Corn as well as anything else.
MAY CORN SWINGS 1925 TO 1954
The main trend turned down from a high of 136 in January 1925 and continued
down until May 1926, low 67¢, then in April 1927 there was a bottom that was
slightly higher. This was a buying level. Prices advanced to August 1927, high
122, a selling level against an old top, and after that the main trend was down
making lower tops and lower bottoms.
1928 and 1929 the lows were around 76¢ per bushel. There were 3 lows at these
prices. When the low was broken at these levels you would sell short and then sell
more when it broke 65¢ per bushel. Final low was reached at 24¢ in February
1933. For many years back in 1860, 1893 and 1896 low on Corn had been 20¢ per
bushel. Therefore, when it was around these low levels it was a buy for a long
term investment. You can see that the main trend continued up after the February
lows until July 1933 when the price advanced to 83¢ per bushel, just above a series
of old bottoms. It was a rapid advance and indicated selling. Then there was a
decline to April 1934 making two bottoms and making bottoms at the same level as
the old tops which would be a buying level. The price then advanced until 1935
reaching 95¢ per bushel. August 1935, low 56¢ per bushel. This was a buying
level and when it crossed 68¢ you would buy more and hold selling around 96¢, a
series of old tops, and reacted. When it crossed 97¢ you would buy more.
1937 May high 139, a selling level as indicated by the daily and weekly high and
low chart. After this the main trend was down making lower bottoms and lower
tops until August 1939, low 42¢ per bushel, around the same low as April 1934,
and a buying level. From this time on the bottoms were higher and the tops were
higher. You would buy every time an old top was crossed and buy heavily when it
crossed the old tops at 142. The advance continued until September 1947, high
288. The daily and weekly charts showed that this was top for a fast decline. The
decline continued making lower tops and lower bottoms until February 1949 when
there was panicky decline and May Corn sold at 110. Look back in the years 1928

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23.
and 1929; you will find a series of tops around 112 and 110 making this a buying
level. After this the main trend turned up making higher bottoms. When prices
crossed 135 you would buy more and when they crossed 150 you would buy more.
The advance continued until December 1951, high 198. Corn is always a sale just
under $2.00 as there is always a reaction even in a bull market. However, at this
time the main trend turned down and prices continued to work lower until
September 1953, low 137. December 1953 high 162, same high as March 1953
and a selling level.
In March 1954 the price declined to 148 per bushel and up to this time has been in
a narrow trading range. However, the main trend is down but at this time you
would make up charts on December Corn daily and weekly and study it and follow
the short side as long as the trend is down.
Apply all of the same rules on Corn that we used on all of the commodities and you
will make a success trading in it. Many times Corn has very wide swings and
when it is active there are excellent opportunities for profits.
MAY RYE SWINGS 1932 TO 1954
Rye is very profitable to trade in and most of the time it shows profits in
comparison with wheat and runs Soy Beans a close second at certain times. You
can see by the chart how bottoms and tops are formed and you should buy when it
declines to a new low level and sell when it breaks into new high levels. Note
1938 to 1945 when lows were around 42¢ and 40¢ a bushel – a series of bottoms
making this a buying level as a real investment. February 1941 – when final low
was reached at 41¢ the price started to move up and when it crossed 54¢ you would
buy more. The advance continued until January 1942 high 93¢; the trend turned
down temporarily from this level and declined til May and November 1952, low
68¢ and 66¢, higher bottoms than October 1941, a buying level. You would buy
more when it crossed 81¢ and then later after it reacted to April 1943 and crossed
90¢, you would buy more and when it crossed 95¢ you would buy more and finally
when the price crossed the highs of 1933, 1936, and 1937 you would buy more, as
it indicated very much higher prices. The last low was September 1944 at 94¢;
from this level there was a rapid advance crossing the highs of 1944 where you

Page 24
24.
would buy more and then when it crossed 152 you would buy more. The advance
was rapid til May 7, 1946, high 286½, the highest price in history. Here you would
be keeping up the daily high and low chart and this indicated high, a selling level,
and you would have sold short. A rapid decline followed.
1948, July. The next option started at 196 and being far below where other option
expired, you would sell short. The main trend continued down making lower tops
and lower bottoms until February 1949, low 115. A buying level against the high
of July 1943. From this level the advance was rapid making higher bottoms and
higher tops. You would buy more when it crossed 160, buy more when it crossed
165.
1951, May high 210½. The option was about to expire and of course you would
stop trading.
1951, August low 168. The daily chart showed up trend and you would buy.
1951, December high 221½. The daily high and low charts showed selling level
and you would go short.
1952, March low 190. The indications were that this was bottom and you would
buy again.
1952, August high 219. A lower top and a selling level.
1952, October low 193. A higher bottom and a buying level.
1952, November – final high at 214, the third lower top and a selling level; you
would sell short all the way down. When it broke 193 you would sell more; when
it broke 190 you would sell more, after that time the rallies were very small and the
option expired in May 1953 at 153. The new option started in July 1953 at 156;
you would sell short and sell just as soon as it declined to 152 which was under the
old bottoms.
1953, September 15 low 115; same low as February 1949 and a buying level.
Prices advanced to 134 November 2, reacted to November 17, advanced to 134
again on December 14, making a double top and a selling level. After this it
continued to work lower making lower bottoms and lower tops. When the price
broke 118 you would sell more. When it broke 115, the lows of 1949 and 1953,
you would sell more. The decline continued until May 1954 when the May option

Page 25

22.
Again I repeat, you must always use a STOP LOSS order and must always
continue to study and learn more and more about the records and you will make a
success with Corn as well as anything else.
MAY CORN SWINGS 1925 TO 1954
The main trend turned down from a high of 136 in January 1925 and continued
down until May 1926, low 67¢, then in April 1927 there was a bottom that was
slightly higher. This was a buying level. Prices advanced to August 1927, high
122, a selling level against an old top, and after that the main trend was down
making lower tops and lower bottoms.
1928 and 1929 the lows were around 76¢ per bushel. There were 3 lows at these
prices. When the low was broken at these levels you would sell short and then sell
more when it broke 65¢ per bushel. Final low was reached at 24¢ in February
1933. For many years back in 1860, 1893 and 1896 low on Corn had been 20¢ per
bushel. Therefore, when it was around these low levels it was a buy for a long
term investment. You can see that the main trend continued up after the February
lows until July 1933 when the price advanced to 83¢ per bushel, just above a series
of old bottoms. It was a rapid advance and indicated selling. Then there was a
decline to April 1934 making two bottoms and making bottoms at the same level as
the old tops which would be a buying level. The price then advanced until 1935
reaching 95¢ per bushel. August 1935, low 56¢ per bushel. This was a buying
level and when it crossed 68¢ you would buy more and hold selling around 96¢, a
series of old tops, and reacted. When it crossed 97¢ you would buy more.
1937 May high 139, a selling level as indicated by the daily and weekly high and
low chart. After this the main trend was down making lower bottoms and lower
tops until August 1939, low 42¢ per bushel, around the same low as April 1934,
and a buying level. From this time on the bottoms were higher and the tops were
higher. You would buy every time an old top was crossed and buy heavily when it
crossed the old tops at 142. The advance continued until September 1947, high
288. The daily and weekly charts showed that this was top for a fast decline. The
decline continued making lower tops and lower bottoms until February 1949 when
there was panicky decline and May Corn sold at 110. Look back in the years 1928

Page 23
23.
and 1929; you will find a series of tops around 112 and 110 making this a buying
level. After this the main trend turned up making higher bottoms. When prices
crossed 135 you would buy more and when they crossed 150 you would buy more.
The advance continued until December 1951, high 198. Corn is always a sale just
under $2.00 as there is always a reaction even in a bull market. However, at this
time the main trend turned down and prices continued to work lower until
September 1953, low 137. December 1953 high 162, same high as March 1953
and a selling level.
In March 1954 the price declined to 148 per bushel and up to this time has been in
a narrow trading range. However, the main trend is down but at this time you
would make up charts on December Corn daily and weekly and study it and follow
the short side as long as the trend is down.
Apply all of the same rules on Corn that we used on all of the commodities and you
will make a success trading in it. Many times Corn has very wide swings and
when it is active there are excellent opportunities for profits.
MAY RYE SWINGS 1932 TO 1954
Rye is very profitable to trade in and most of the time it shows profits in
comparison with wheat and runs Soy Beans a close second at certain times. You
can see by the chart how bottoms and tops are formed and you should buy when it
declines to a new low level and sell when it breaks into new high levels. Note
1938 to 1945 when lows were around 42¢ and 40¢ a bushel – a series of bottoms
making this a buying level as a real investment. February 1941 – when final low
was reached at 41¢ the price started to move up and when it crossed 54¢ you would
buy more. The advance continued until January 1942 high 93¢; the trend turned
down temporarily from this level and declined til May and November 1952, low
68¢ and 66¢, higher bottoms than October 1941, a buying level. You would buy
more when it crossed 81¢ and then later after it reacted to April 1943 and crossed
90¢, you would buy more and when it crossed 95¢ you would buy more and finally
when the price crossed the highs of 1933, 1936, and 1937 you would buy more, as
it indicated very much higher prices. The last low was September 1944 at 94¢;
from this level there was a rapid advance crossing the highs of 1944 where you

Page 24
24.
would buy more and then when it crossed 152 you would buy more. The advance
was rapid til May 7, 1946, high 286½, the highest price in history. Here you would
be keeping up the daily high and low chart and this indicated high, a selling level,
and you would have sold short. A rapid decline followed.
1948, July. The next option started at 196 and being far below where other option
expired, you would sell short. The main trend continued down making lower tops
and lower bottoms until February 1949, low 115. A buying level against the high
of July 1943. From this level the advance was rapid making higher bottoms and
higher tops. You would buy more when it crossed 160, buy more when it crossed
165.
1951, May high 210½. The option was about to expire and of course you would
stop trading.
1951, August low 168. The daily chart showed up trend and you would buy.
1951, December high 221½. The daily high and low charts showed selling level
and you would go short.
1952, March low 190. The indications were that this was bottom and you would
buy again.
1952, August high 219. A lower top and a selling level.
1952, October low 193. A higher bottom and a buying level.
1952, November – final high at 214, the third lower top and a selling level; you
would sell short all the way down. When it broke 193 you would sell more; when
it broke 190 you would sell more, after that time the rallies were very small and the
option expired in May 1953 at 153. The new option started in July 1953 at 156;
you would sell short and sell just as soon as it declined to 152 which was under the
old bottoms.
1953, September 15 low 115; same low as February 1949 and a buying level.
Prices advanced to 134 November 2, reacted to November 17, advanced to 134
again on December 14, making a double top and a selling level. After this it
continued to work lower making lower bottoms and lower tops. When the price
broke 118 you would sell more. When it broke 115, the lows of 1949 and 1953,
you would sell more. The decline continued until May 1954 when the May option

Page 25

25.
sold at 88-3/4 and the July option declined to 91½ and the December option to $1.
This was a drastic decline and a final liquidation when the open interest dropped to
the lowest level for many years.
At this writing the indications are that Rye is low enough for at least a rally. You
will note that the low in May came down to the old top level of March 1943, and
there was a series of tops around 87¢ to 90¢. However, for trading in the future in
1954 and 1955, you should keep up the July and December options and then when
the May option starts for 1955, keep up the daily and weekly high and low chart
and you will be able to determine the trend on Rye and make large profits trading
in it.
Follow all the rules in SPECULATION A PROFITABLE PROFESSION, as well
as read carefully all the rules on Rye in my book, HOW TO MAKE PROFITS
TRADING IN COMMODITIES. If you do this and study and place STOP LOSS
orders for protection, and trade only definite indications, you can make substantial
profits trading in Rye Futures.
MAY SOY BEAN SWINGS OF 10¢ PER BUSHEL OR MORE FROM
OCTOBER 16, 1950 TO MAY 1954.
The reason that we have shown the swings on this chart, starting October 16, 1950,
is because that was the low after a sharp decline from the big advance in August
after the Korean war started. You can see that from October 16, 1950, low 232½
the advance was rapid until February 8, 1951, high 344¼ when the Government
placed a ceiling on Beans at 333. I have marked "B" for buying levels on the chart
and "S" for selling levels.
In 1951 when the Government placed a ceiling on Soy Beans at 333, if you had a
chart on November Beans you could see that it indicated top and you would go
short of the November option.
1951, July 9 – May Soy Beans declined to 268-3/4 and the main trend turned up
again and advanced to December 10, 1951, high 314.

Page 26
26.
1952, February 27 and April 21, lows at 381 and 328; this was a buying level as
indicated and the price advanced to 311 May 21, 1952. This was a selling level
against the top of December 1951; however, the May option expired and you
would, of course, wait for the new option which started July 24, 1952 at 291. The
trend turned up and it advanced to 314. August 14 it declined to 306; August 26
made double top and September 3 at 314 which was a selling level with a STOP at
316. The main trend continued down until February 13, 1953, low 280, around the
same lows as April 1952, a buying level. There was a rapid advance to April 16,
high 309, which was the last high and the option declined to 296½ and expired.
1953, July 25; the new option opened at 256 and advanced to 259½. You would
sell it short when it broke 256 because it was below all previous bottoms and
indicated lower. The price declined to August 20 low of 239½. This was a buying
level as indicated by the weekly and daily charts. The market advanced to 263 on
September 3, reacted to 248-3/4 September 16. You will note that I have marked
"B", the buying levels all the way up on this chart and that bottoms were higher
and tops were higher showing the main trend up.
1954, January 22, high 317½. This was above all of the tops at 314, 311, and 309,
a definite indication that prices were going very much higher. February 2, when a
reaction came to 309¼, which was down to the old top levels, you would buy.
When it crossed 317 buy more, and continue to buy all the way up. When it
crossed 345 you would buy more. March 4, high 359-3/4, March 8, low 343½, just
back to the old top level of February 8, 1951 and a buying level. Protect with
STOP LOSS order at 342. The advance continued making higher bottoms and
higher tops and you would buy every time it advanced to new high levels until
April 27, 1954, extreme high 422. April 28, low 406½; April 29, high 417½, a
lower top and a selling level; however, there was definite indication for weakness
and selling when it broke to 406.
1954, May 12; May Beans declined to 372, a decline of 50¢ per bushel since April
27. The July option made high on April 27 at 415 and sold at 368-1/8 on May 12,
1954, down 47¢ per bushel. The writer sold July Beans short at 412 on April 30,
and sold more at 400½; sold again at 396 and at 390½ because prices were
breaking the previous low levels and indicated a definite down trend. We covered
shorts at 370 on May 12 because our daily high and low chart and hourly high and

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27.
low chart indicated that the market was making bottom for a one to two day rally.
You should keep up a daily high and low chart and a weekly chart on May, July
and November Soy Beans and if you trade according to the rules you can make a
vast amount of money. Soy Beans is really the “millionaire money maker” but
remember that if you buck the trend on Soy Beans, it can break a millionaire;
therefore, use STOP LOSS orders every time you make a trade and LIMIT YOUR
RISK and do not OVERTRADE and you can make enormous profits trading in
Soy Beans.
WHEAT
You always need to know the record of prices for a long period of time on Wheat
as well as anything else. 1852 Wheat low 28¢ per bushel; 1867 high $3 per bushel;
1877 high 176; 1888 high 165; 1898 high 185, 1905 high 122, 1909 high 135; 1912
high 119, 1915 high 167.
1914, June low 84¢ per bushel. This was just before the war started; when it
crossed 119 and 122 you would buy and expect the next important resistance level
to be the old high of 165.
1915, September high 167. Did not go 3¢ above 165 making this a SELLING
LEVEL with a STOP at 168.
1916, when May Wheat advanced above 167 you would FOLLOW the RULES
and BUY AT NEW HIGH LEVELS and then watch the next old high at 185.
When this was crossed you would BUY MORE AT NEW HIGHS because it had
been so long since 185 was made back in 1898 and so much time had elapsed you
would expect very much higher prices, especially in a war market.
The next old high was $3 a bushel, the extreme in 1867; when this was crossed the
next high had to be shown by a change in trend because there was no other high to
use as a guide.
1917, May 11 high 325. The Government stopped trading and Futures Trading
was not resumed until 1920. This is the May option that we refer to and from this
time on we will refer to the May option and give trading indications on the May
option.

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28.
In 1920, from that time on you could see what old lows were broken and when
prices declined below old top levels and old low levels showing the main trend as
down and you would continue to sell. Refer to chart on Wheat 1914 to 1954. Note
1921 to 1924 lows of 105, 104, and 101; the last low, 101, was made in March
1924, a buying level with STOP at 99.
The next tops were 127, 150 and 181; when these highs were exceeded you would
follow the rules and buy at new highs.
1925, January high 205-7/8; from this high the trend turned down and you can see
by the chart that TOPS were LOWER and BOTTOMS were LOWER indicating
DOWN TREND. Here you would follow all the rules and SELL SHORT.
1928, April last high 171; you would sell more when 116, 112, 93 and 84 were
broken. 84 was the low of June 1914, and declining below this level indicated
much lower prices.
1932, December; final low 43-3/8 for the May option. This was the lowest that
May Futures ever sold and the lowest since January 1895 when the last low was
49¢ per bushel.
After the low in December 1932 you would look up the last old highs and watch
them. These were 62, 73, 130, 135, 150, 164, 171, 181, 185 and 205-7/8.
In 1933, when the main trend had turned up, you would buy when the prices
crossed 62, 73, and watch 130, the last old high in February 1929.
1933, July, May Wheat made a high of 128, just below 130, making this a
SELLING LEVEL.
1939, September. Hitler started the war and war is always bullish on Wheat and
you should always buy when war starts. May Wheat was selling around 62½ in
August 1939, the old top level of May 1932, making this a BUYING LEVEL
protected, of course, with STOP around 60. You would buy when prices advanced
above the previous highs, 86, 117, 128, 164, 171, 185 and 205-7/8.
Note 1937 high 145 and September 1944 last low 144 – you would buy here
because it was at the OLD TOP LEVEL and place a STOP 3¢ below.
1944 and 1945. The Government put ceilings on Wheat and these ceilings were
not removed until 1946.

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29.
1946, September May Wheat last low 180. When it advanced above 185 you
would buy more at new high levels and then when it crossed 205-7/8 the high of
1925, you would follow the rule and BUY AT NEW HIGH LEVELS and watch
300 to 325, the highest Futures had ever sold for resistance levels.
1947, November and January 1948, May Wheat high 306-7/8. Study the weekly
and daily chart at the time these highs are made and you will see how the TREND
TURNED DOWN and it was time to sell out all long Wheat and sell short.
The first decline after the high in January 1948 was very rapid and in less than one
month’s time it declined to 229 in February 1948, then rallied to 252 and in
February 1949 declined to 196½. You can see by the chart July 1949 low was 191-
3/4 and after this the trend turned up and made higher bottoms and higher tops.
1951, February high 261 made the next low at 235.
December high 265½, this was final high of this upswing. You would sell short
and sell more on the way down after prices declined below 235.
1953, August low 186-3/4; from this level the minor trend turned up and in March
1954 the high was 231, failing to advance to 235 the low of May 1951, indicating
weakness and lower prices. The trend turned down and on May 12, 1954 May
Wheat declined to 195¼ and July Wheat to 189½, and at this writing the main
trend is still down.
Follow all the rules in this course of instruction, SPECULATION A
PROFITABLE PROFESSION and the rules in my book HOW TO MAKE
PROFITS TRADING IN COMMODITIES. Never decide that you know it all.
Continue to keep up charts and study and you will make speculation a profitable
profession.
I have never thought that I had learned all there was to learn and have made some
of my greatest discoveries after I was 75 years old, having perfected my Master
Charts Nos. 9 and 12, my 3-Dimension Chart proving the relation between price,
time and volume which shows velocity or speed and trend. Also discovered new
Master Time Charts.
I have spent over $20,000.00 since my 75th birthday making researches and
preparing trends for the future.

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30.
Learn to work hard and study. The more you study the greater your success will
be. KNOWLEDGE IS THE GREATEST THING YOU CAN HAVE. It is better
than money in the bank. You can never lose KNOWLEDGE and no one can
STEAL it from YOU; therefore, get all the KNOWLEDGE YOU possibly can.
CONCLUSION
I have written this course of instructions, SPECULATION A PROFITABLE
PROFESSION to help others make a success trading in Commodities. There is no
greater pleasure in life than rendering good service to others. The Bible tells us
that a man should not hide his candle under a bushel; I believe in passing on my
secret discoveries to help others and have always found greater happiness and
made greater success by helping others.
“He who has the truth and keeps it,
Keeps what not to him belongs;
Keeps a pearl from him who needs it,
And a fellow mortal wrongs.”
(Anon.)
[undated, but likely circa May 1954] [unsigned]

以下是几张行情的图片

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