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Getting Started in Currency Trading, + Companion Website: Winning in Today's Market, 4th Edition by Michael Duane Archer

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Chapter 17

Goodman Wave Theory

Introduction

YOU ARE HERE—You are working with the simple system, refining it, using it to learn more about how currency prices move, how trading methods are developed, putting together your trading setup materials, and hard-wiring your trading mechanics skills. Yes, you are busy. But as my father often told me, “Busy is good!” And, of course, there is no free lunch here.

I met Charles B. Goodman (Charlie) in 1973 when I first began to trade at the old Peavey & Company offices in Denver, Colorado. We became fast friends and he mentored me over the next 10 years. I have used the Goodman Method for trading stocks (as a Registered Investment Advisor), commodities (as a CTA), and FOREX (as a private trader). I have codified and further developed his theory over the years and now teach it to mentoring students and groups online. It is similar to other wave theories in some respects, but quite different in others. I am biased, of course, but I think the differences are all in Goodman’s favor. Unlike other market approaches, Goodman is holistic. It is not just a trading method but also a money management scheme and an approach to the process of trading. Everything you need to trade is integrated into a single, coherent whole.

Charlie developed the Goodman Wave Theory (GWT), his holistic approach to trading and other ideas, during the 1940s and 1950s. His bible was the six booklets published by Burton Pugh in the late 1930s, The Science and Secrets of Wheat ...

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