book : JM Hurst Cycles Course (Cyclitec)
This course would be best suited for:
- Beginners interested in trading
- Novice traders
- Professional analysts and traders
- Cyclic analysis – TIME is most important
- Using charts and cyclic tools
- Setting up a trading system
- Trading psychology
Detailed Course Contents:
Lesson 1: How Price Action Works, 2. From Cyclic Concepts to Trading Decisions, 3. Setting up the Cyclic Model, 4. Setting up a Transaction, 5. How to Deal with Tops and Short Selling, 6. Cyclic Analysis During a Transaction, 7. Terminating a Transaction, 8. How to Shape Strategy and Plan Capabilities, 9. Refining Your Capabilities, 10. A Reference Summary of Cyclic Analysis
The Late J.M. Hurst
Time required to complete the course:
Approximately 300 hours
Here is the essence of a recent Amazon listing about the Hurst Course:
Below is a partial review of the course by Edward Dobson, the President of the then publisher Traders Press. Those knowledgeable about the history and background of the study of cyclical price behavior in the financial markets know full well the tremendous value of the pioneering research done in this area by the legendary J.M. Hurst in the 1970s. His seminal work, The Profit Magic of Stock Transaction Timing, is a classic in this area and is held in the highest esteem by cycles enthusiasts. Few, however, are aware of the fact that Hurst, in addition to his classic book, also authored a full-fledged, fully comprehensive course, which teaches the student everything he or she needs to know to select and analyze data, produce trade signals, as well as enter, monitor and exit trades, based on the principles uncovered by Hurst’s incisive research.
The Hurst Cycles Course exposes the student, whether veteran trader or novice, to a method of trading based on the cyclic waves that underpin market price action. The scope of the training encompasses the entire gamut of activities required to make any market trade in virtually any time frame. The fact that price charts exhibit visible price cycles only a relatively small percentage of the time does not militate against this approach. In fact, it is precisely this reason that gives Hurst’s methodology its greatest value. Even when price is in a hard trend and does not exhibit an obvious cyclic pattern, it is underlain by a host of waves of various lengths and amplitudes. The author shows how these can be winnowed out of the chart, revealing their interrelationship with the price action and providing a remarkable amount of information about the history of the market, its current status and probable future.
In developing this course as an educational tool, the author has pulled out all the stops. No effort has been spared in bringing to the reader a full and usable understanding of trading on the basis of a cyclic substrate. The clarity of Hurst’s writing is no small part of the course’s value, even in the face of the fact that the text is loaded with newly coined special terms and labels. The illustrations are large (many oversized (A3) foldouts), cogent and truly necessary to the interactive style of teaching at the heart of this course. The student finds himself or herself repeatedly asked to perform learning tasks that clarify the material and will be used in actual trading.
History of this Material
Author J M Hurst is a legend to knowledgeable individuals interested and involved in the study of cyclical price movement in the financial markets. An aerospace engineer by training and background, he was the first pioneer in the computerized research into the nature of stock price action, devoting many years and over 20,000 computer hours to this study. His conclusions were first documented in this groundbreaking classic. This course has become a classic and it is held in exceptionally high esteem by serious technical analysts and market students.
- JM Hurst and Cyclitec Services produced the JM Hurst Course in the last 1960’s and early 1970’s.
In the early 1970’s this full-length course on cyclical analysis and on how to apply it to actual trading was published by Cyclitech Services. Hurst taught the principles of this course in a series of seminars for a year or two. The material in this course is considered by many to be the clearest and most thorough material ever made available for those interested in learning about cycles and how to trade profitably with them. There were only 250 copies of the course ever sold. It was out of print for 25 years until about 1998.
- Ed Dobson of Traders Press obtained a copy of an original course some time after 1997 and made it available.
- Russell Wasendorf purchased Traders Press in 2009.
From Wikipedia, the free encyclopedia:
Russell R. Wasendorf Sr. (born 1948) is the former Chairman and Chief Executive Officer of Peregrine Financial Group, also known as PFGBEST, a futures commission merchant (commonly known as a “Commodity Broker”) that filed for bankruptcy protection in Chicago in July 2012.
He was arrested in July 2012 following a suicide attempt. In September he pled guilty to embezzling $215.5 million from more than 13,000 customers over the course of 20 years. On January 31, 2013 he received a 50 year sentence for fraud, effectively a life sentence.
Wasendorf established Wasendorf & Son Inc. in 1980, renamed it Peregrine 10 years later and opened a Chicago office, according to the company website.
On July 9, 2012, the same day that the National Futures Association reported that Peregrine appeared to be missing at least $200 million in customer funds, Wasendorf attempted to commit suicide by asphyxiation outside company headquarters. Before doing so he left a suicide note admitting to embezzling from the company for nearly two decades, according to the FBI affidavit. “I have committed fraud. For this I feel constant and intense guilt,” he wrote in the note, according to the affidavit.
The bankruptcy filing took place after Peregrine was put under investigation for a shortfall of at least $200 million in customer funds. The firm was also accused by federal regulators of commingling customer and firm money.
Wasendorf was arrested and charged with making false statements to the Commodity Futures Trading Commission (CFTC). He admitted to stealing at least $100 million from his firm, according to an FBI affidavit that accompanied the criminal complaint unsealed on July 13, 2012, the date of his arrest. He was convicted and sentenced to 50 years of prison and $215.5 million of restitution.
Wasendorf is the author or co-author of six books about trading and futures, has been an investor in the BESTDirect Online Trading platform, and founded “SFO” (Stocks, Futures, Options), an industry magazine, in 2001. Wasendorf has engaged in charity work and won a number of awards for contributions to the community.
Post 2009, Traders Press compressed the original 3 lever arch folders down to 2 and provided the audio on CD rather than the original 10 cassette tapes.
Traders Press has now ceased operations.
- Current faithful reproduction
Some of the work put on some of the A3 charts by the original owner of the original course obtained by Dobson was distracting at best and misleading at worst. This old doodling and marginalia has been electronically cleaned off, as have some other ‘blemishes’. The material is therefore closer to the original in these respects than provided by Traders Press.
When you copy a copy there will be degradation and this is certainly the case with this reproduction. But rest assured that this in no way detracts from the quality and clarity of the material presented in the course. There are no issues with the written word but some of the ‘blank’ chart sections have faded grid lines. The main material shown on the charts remains clear and readable.
Please understand that the publisher has studied this course and uses this material to trade for a living. This material is too valuable for it to be lost and so this reproduction is provided for those seekers of truth and knowledge about how markets work. Dare to, if you care to!
This is not a get rich quick course. It takes about 6 months to work through. One cyclically aware, active and experienced trader completed the course in about 3 months of focused and dedicated study. It is like doing a University degree. You need to put in some serious study.