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A Course in Trading By Donald Mack & Wetsel Market Bureau – Overview
A Course in Trading By Donald Mack & Wetsel Market Bureau
A Course in Trading is a timeless trading manual originally compiled in 1934 by the Wetsel Market Bureau and reissued in 1998 by Financial Times Management, edited by Donald Mack. As part of the Traders’ Masterclass series, it distills decades of market observation into 26 structured lessons, each focusing on a specific method of technical analysis. The book blends practical charting techniques, market psychology, and risk control—making it relevant for traders seeking a disciplined, rule-based approach.
Foundations of Technical Trading
Before diving into individual strategies, the course lays out core principles for interpreting price action. Readers learn the interplay between price, volume, and time, the importance of chart scaling, and why identifying key support and resistance zones is crucial for trade planning.
Lesson Highlights and Core Techniques
The 50% Retracement Rule
This classic technique teaches traders to anticipate market pullbacks that retrace roughly half of a prior move before resuming the trend.
Example: If a stock rises from $40 to $60, a pullback to the $50 area can serve as a potential buy zone.
Benefit: Offers a clear, low-risk entry point within an established trend.
Pivot Points and Market Reversals
Pivot point analysis helps identify likely turning points in price action based on the prior period’s high, low, and close.
Application: Day traders can use daily pivots to plan intraday entries, while swing traders may apply weekly pivots for broader market positioning.
Gaps and Market Psychology
The course explains common gap types—breakaway, runaway, and exhaustion gaps—and how each signals different stages of a market move.
Example: A breakaway gap following consolidation often marks the start of a strong trend.
Trend Lines and Formations
From simple uptrend and downtrend lines to complex coil patterns, these lessons help traders visualize market structure. Recognizing trendline breaks is critical for spotting reversals early.
Integrating Price, Volume, and Time
One of the book’s most valuable lessons is the “triple confirmation” concept—never relying solely on price action without confirming volume and time cycles. This multi-dimensional analysis improves accuracy and reduces false signals.
Practical Applications
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Swing Trading: Use retracements and pivots to enter trades with high probability setups.
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Position Trading: Apply time-cycle analysis to align entries with seasonal or cyclical patterns.
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Risk Management: Combine stop-loss placement with price pattern analysis to cap losses.
Why This Course Remains Relevant
Even though first published over 90 years ago, the principles in A Course in Trading are timeless. Price patterns and market psychology remain constants, regardless of modern trading platforms or algorithmic execution.
Final Thoughts
For traders serious about mastering technical analysis, A Course in Trading offers a structured, lesson-based path to proficiency. Donald Mack’s editorial work preserves the clarity of the original text while making it accessible to modern readers. Whether you’re a novice learning chart patterns or an experienced trader refining entry and exit rules, this book provides a rich foundation.
