5 comments about A Beginner's Guide to Day Trading Online (2nd edition).

1. I have traded for quite a while. Some things I never really understood, I understand now. The proof is in the pudding, which I will do when the Market is right. I recommend for anyone who is not an expert. Plus, it is easy to follow and pleasant to read.



2. I have been a successful position trader for few years and decided to venture into daytrading to cash in on trendless market periods. What I found out is that being a successful position trader does not necessarily mean you will be a successful daytrader. As a daytrader you have to make quick decisions and pull the trigger with little delay. This book focuses on too many technical indicators that may be useful in position trading but not of paramount importance in daytrading.In essence all they do is delay yor ability to take action thus missing your opportunity. I have finally been able to become slightly profitable using the help of a daytrader friend of mine who opened my eyes to the importance of having a thorough and deep understanding of level II. Although this book does discuss Level II, it is done in a superficial manner with little depth. It is critical to know the games that market makers and large position holders play to fool you. One common ploy used by large institutions to sell large amounts of stock is to use ECNs. The ECN will only show a small amount of shares while hiding the rest. The unsespecting daytrader wil see high volume at the bid and low ask volume and think the stock is moving higher.The exact opposite usually occurs since the ECN at the ask is only showing a small amount of shares they have to sell. While they show all the shares they are willing to buy at the bid. There are many more games played by the AXE etc and my point is unless you understand these issues being a successful daytrader will remain a difficult goal to achieve.THis book will certainly not provide this critical information



3. While i like Tony as a speaker and think most her work make sense, this is a book is just too basic.
   Everything is so idealized and oversimplified that trust me, it is unlikely that you will learn how to make money - however, you make learn how to day trade online. For sure you will loose money. Now if you take this and continue your journey, you will need to eventually read everything by Linda Raschke and Toby Crabel, because they are the only two hedge fund managers that i am aware of that have written books that are still trading, managing money and doing what they preach. So i may browse through this book, but really focus not on this author who tends to make its money from seminars and books, but by reading the real traders - Linda Raschke and Toby Crabel.



4. If you need basic information this is a good book. It does give a good survey of what day trading can be. It does not give a lot of information on what works. It's a good start.



5. I really enjoyed this book!! It offered simple explanations for some truly complex trading concepts. The book maintained the perfect pace for a beginner to pick up new ideas, and for a more experienced trader to reference as a 'refresher'.
   
   In addition, I appreciated the summary and breakpoints at the end of every chapter-providing some much needed guidance (within and beyond the world of candlestick charts;)

5 comments about The Little Book That Beats the Market (Little Books. Big Profits).

1. If you are a fan of Magic Investing, you should read this. Well written, a quick read, and gives some background to the online website.



2. Well worth a read and a good start for the beginning or intermediate investor who wants to beat the market over time.



3. First of all, I purchased this book, and did it as it suggested, but failed!!!
   
   then I tried to learn some other basic book, such as "Stock Trend analysis", you will find this book did NOT teach you anything, and just ask you to believe some "Magic" in the world, if everyone has this book and follow what the author suggested, then everyone will make money from stock market, it is simply not true!!!



4. 1. The best equation is buying good companies with high rates of return on the capital and high earnings yields.
   2. Margin of safety assumes the investor can not know the future; therefore, the best opportunity is to buy the stock of a good company, at discount. The optimum discount pricing for buying is near or below liquidation price. Graham identified prices at this level, as, "unreasonable prices". Most, investors shy away from seizing the opportunity at discount prices fearing greater valuation losses due to some undiscovered information, they are not aware.
   3. Buying stock is equivalent to owning a percentage of the company. Knowing the value of the company and having confidence the future value of the company will appreciate validates the buying price of the stock. Otherwise, he will invest his money into bonds and gain a fixed interest income.
   4. Investors have a hard time at making predictions. For some time after the great depression stock investment was considered risky.
   5. Suppose, you own a company and that company is making a profit. The business valuations are known and you decide to sale part of the company as stock. The stock price can be easily computed. The stock price is equal to the business valuation divided by the number of stock. The stock price, at this point is deterministic. The company continues to operate and report profits. The profits are reflected on the income statement. However, the price of the stock fluctuates randomly away from the price too earnings, it initially started. The price swings vary, at times people are paying out outrageous price; and at other times missing bargain prices. But should you care that the price is fluctuation wildly? No. You don't care, about the causes, for the price fluctuation, only that price fluctuated!
   6. You want to know the valuation of the business and using this valuation will predict the stock's value and support price to buy and sale. Buying high earning stock at bargain price allows you to earn income from dividend payments with relative without price dropping out.
   7. The equation equals buying stocks with high earnings and high return on capital; these stocks come from good companies and are bargain priced.
   8. How do we choose good companies at bargain prices? Find 30 stocks with the equation criteria for your portfolio. In one case study, the stocks performed 30% returns for 17 years. Choose companies through a ranking system. Companies with high rates of return on the capital and high earnings yields are ranked highest. Companies with good brand name can perform against competitors, who want a portion of the profits. Companies with a high return on capital are likely to achieve an advantage of kind. Eliminate companies that earn ordinary or poor returns on capital. Readjust your portfolio every three years according to rank. The equation works better than market averages and did not lose money. Don't buy and sell short term because the chances are high that you will lose, instead, invest long-term. Do be afraid of losing clients during short term drops in the valuation of the portfolio, instead, have confidence the equation will work long term.
   9. If we know how a group of stock high earnings and high capital returns perform on the average, we gain greater confidence of how they will perform in the future. However, short term price fluctuation will not reveal any future pattern. You will have to be patient. The equation is a long-term performer and eventually outperforms the competition significantly. The equation will work in the long-term.
   10. Look for companies you believe will be able to continue in business for many years and companies that should be able to grow their earnings over time.



5. Unless you are a novice investor, what you're paying for is the "magic formula" given in the middle of the book. The rest is a simplied version of how the market works.

5 comments about Market Wizards: Interviews with Top Traders.

1. This is one of my favorite books. It's always motivating during a down trading period. Although some reviewers claim it is outdated, I think they fail to realize some of the tried and proven tenets of trading. I believe that all traders should have this on their bookshelf - both novice traders for inspiration, and veteran traders for motivation.
   
   Note that in the above paragraph, I say "traders" and not "investors." Investors may not find this book as fascinating unless they are actively involved with their portfolios beyond "passive investing."



2. This is a must read for aspiring traders. The interviews are in depth with countless anecdotes and tips that will benefit new traders and traders that have some experience.
   
   I highly recommend it.



3. If you would like insights into the thought processes,trading rules and the stock trading psychology of highly successful traders, get this book...it's outstanding!
   
   A professional trader uses his head and stays calm. Only amateurs become excited or depressed because of their trades. Emotional reactions are a luxury that you cannot afford in the stock markets. Acting out of anger, fear, or elation destroys your chance of success. You have to analyze your behavior instead of acting out on your feelings.
   
   In this book, you have the opportunity to learn from the masters and learn not only from their success, but also from their failures.



4. For anyone familiar with the vast amount of investment literature out there, I'm sure you've come across a book written in the first half of the twentieth century called "Reminiscences of a Stock Operator." This classic tome is widely considered to be the "Bible" of trading, and it has been referenced directly or indirectly in many of the other popular books in the genre. You may have even read it yourself. For years it has been THE book to have influenced the world's top traders, but now, Jack Schwager has created the next classic work to fill recommended reading lists.
   
   "Reminiscences..." is mentioned in several of the interviews with the "Wizards", so it is no surprise that many of the same themes are echoed throughout the book. Chronicled are anecdotes and philosophies from some of the world's greatest traders, and to have them all gathered for the reader in one place is amazingly stimulating. More than any other book, "Market Wizards" has helped me become a profitable trader. Investors routinely pay hundreds, even thousands of dollars to attend trading seminars, but don't learn nearly as much readers will soak up from these pages. I make a habit to go back and regularly review the collection of tips in the back of the book, and nothing helps me break out of a trading slump like rereading a few select chapters.
   
   For those looking for a step-by-step trading system, you may be disappointed, but if you're interested in learning from the best of the best, then there's no other choice. The interview format makes for a quick read, and it's interesting to get a glimpse of how these great men live and trade. I highly recommend "Market Wizards" and its sequel "The New Market Wizards" to anyone wanting to take the next step toward trading success.



5. I'm having a great time reading Market Wizards by Jack D. Schwager. It ranks right up there as one of the most interesting market books ever written. While each trader has his own peculiarities, there are some interesting common themes. I like to compare my own methods with what these wizards are doing, it gives me a way of rating what I'm doing against the very best. Early in the game I had the impression that LTBH was the "proper" way to invest. With each passing day I'm more convinced that LTBH is a way for the big guys to convince little guys to buy, hold and cherish what they want to sell to you, a.k.a. "distribution." The big guys need someone (you) on the other side of the trade!
   
   The book most often recommended by the wizards themselves is "Reminiscences of a Stock Operator (Wiley Investment Classics)." There is a lot to be learned by listening to seasoned and successful practitioners. By providing transcripts of the interviews, the reader can get a lot closer to the wizards than if Jack Schwager had added more editorial input.
   
   The only interview which I found boring and skipped after a page or so was the one with the psychologyst, Dr. Van K. Tharp. Listening to the traders themselves is much more instructive.

5 comments about Option Volatility & Pricing: Advanced Trading Strategies and Techniques.

1. This is a fundamental "must read" for anyone who seriously intends to trade options.
   
   It's not a kind and gentle read (meaning you're going to get ALL the details about what drives option pricing). Sometimes you need to read through a section then back up and read it again - just like any legitimate textbook.
   
   What you'll take from the book is true insight into what's happening on the other side of the trade - and how to leverage that to your advantage.
   
   Again - a must read for anyone who is truly serious.



2. Natenburg is often referred to as the bible of options. If you are in that business, this is a great choice to read. Although dry at times (as a result of the subject), this book is thorough and a must have for those who are learning.



3. The book dwells on too much theory:
   
   1)Not hands on.
   2)Too much of explanation with few examples and kind of feel abstract sometimes.
   
   I got headache and resold mine. Don't get carried away by the 5 star reviews. This might not be for everyone.



4. It has been 32 days and I still have not received this book.
   
   Murray Tosh



5. This book is best understood by options traders, or clerks training to become traders. It is hard for all the concepts to sink in without getting your hands dirty on a trading floor. I was a floor trader at the CBOE for 4 years. At a MINIMUM, the reader should have access to a live stock options quote feed and follow an option tree for a stock. Some concepts will not sink in at first and realization may occur only after months of trading. An in-depth study in stock options is best for someone who is excellent in math.
   
   Natenburg lays out all the risk factors involved in stock options: underlying stock direction (delta), movement speed (gamma), volatility (vega), time decay (theta), interest rate / margin / dividend (rho). Then there is the multitude of trading strategies...
   
   For investors out there looking for a "free lunch" from stock options, no such thing exists. Any trading strategy has trade-offs and every stock option has a price. If you believe in a "free lunch" then good luck to you.

5 comments about Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications (New York Institute of Finance).

1. Easy to read. Does not require any special background knowledge to be useful.
   Read this as foundation material.
   cheers
   --jsd



2. This is the single best Introduction and Reference to Technical Analysis that I know. No other book I have seen gives such a thorough description of basic concepts, indicators and trading methods. The rookie can use it as an introduction to the field, since it is well-organized and well-written. The veteran can us it as a Reference. I certainly do. And Murphy adds further value by adding his own experiences and opinions from time to time. This book is on the small shelf I keep next to my trading desk, always in easy reach. When I need my memory refreshed as to how a particular indicator is calculated, or what RSI will tell me that MACD won't, Murphy is on hand to sort it out for me.



3. I was looking for a book that would give me a solid foundation in technical analysis and after having read it I now understand why it is a classic. Murphy explains in depth charting, trends, patterns, and indicators. This is to be expected in a tome on technical analysis but what set this book apart for me were the sections on money management, trading tactics, and intermarket relationships.



4. I have just purchased the book for the 2nd time to share with my team at work.



5. This book has some boring stuff, but if you want iformation about how the markets work and some good tips on what to look out for when trying to invest, along with detailed information on charts, then this book has it. Pace yourself when going thru it, even though some stuff is boring, and you will have a better understanding of the financial market and charts.This is one of the best books I have bought on Investing...

5 comments about My Life as a Quant: Reflections on Physics and Finance.

1. Very honest biography something along the line of Andre Agassi's book but with an entirely different subject. Good insite into academic life.



2. When he was a student, moving from South Africa to Columbia, Emanuel Derman became deeply attracted to particle physics and general relativity, subjects that dealt with the ultimate nature of matter, space and time. A life spent studying these topics would be a life devoted to the transcendental. Like in other disciplines, graduate students were socialized to view other options (teaching, industry, even changing to another type of work altogether) with contempt. Particle physicists added to this ingrained attitude the belief that their field is the source of the most fundamental knowledge, and they took some mischievous pleasure in denigrating other messier or more complex areas of physics.
   
   But physics is a harsh meritocracy. Most of the merit is concentrated in a small number of legendary figures at the top. "If you aren't Feynman, you're no one". In addition, academic posts were scarce, and many theoretical physicists who had once hoped to devote their lives to fundamental research were forced to become migratory laborers if they wanted to remain in academia, taking temporary short-term positions in universities and national laboratories whenever they became available. This is how Derman describes the progressive downgrading of his ambition: "At the age of 16 or 17, I had wanted to be another Einstein; at 21, I would have been happy to be another Feynman; at 24, a future T.D. Lee would have sufficed. By 1976, sharing an office with other postdoctoral researchers at Oxford, I realized that I had reached the point where I merely envied the postdoc in the office next door because he had been invited to give a seminar in France."
   
   So Derman decided to change course, and to embark in another career. After a stint at the Bell Labs, writing code and following bureaucratic rule, he did what many disgruntled physicists were beginning to do at the time: he moved to Wall Street, where his life as a quant became in earnest. Upon joining Goldman Sachs, he was lucky enough to begin a collaboration with Fischer Black, who had been lured from academia to a partner position and who was on his way to win the Nobel prize for the work he did on option pricing theory. Although he was unschooled in finance and had been in the field only for a few months, Derman was able to make a significant contribution to bond options theory, and the Black-Derman-Toy interest rate model won him lasting fame among traders.
   
   Derman's testimony on his mentor's personality is worth quoting at length: "Because he liked clarity, and perhaps because his training was not in economics, Fischer avoided excessive formalization. His papers were the antithesis of the unnecessarily rigorous lemma-filled research papers of financial economics journals... He was guided by his great economic intuition; though his mathematical skills were unexceptional, his instinct was strong, and he was tenacious in trying to attain insight before resorting to mathematics... He had a strong pragmatic streak; he was at least as much a practitioner as an academic, willing to devote time and attention to software, trading systems, and user interfaces. He thought that these were just as important as the models themselves." He argued that a trader should be judged on the rationale behind his or her methods and rewarded only if it is sound, irrespective of whether or not he or she profited in the most recent period. "It's crucial to judge the stories they trade on," he wrote about traders. "Stories can be wrong, but I am uncomfortable trading without one."
   
   As Derman describes it, a good quant is a jack-of-all-trades, simultaneously skilled mathematician, modeler and computer programmer, who prides himself on his ability to adapt to new fields and put his knowledge into practice. PhDs in physics or engineering fit this jack-of-all-trades bill pretty well. First, the mathematics of fiance closely resembles the mathematics of physics. Furthermore, physicists don't grow up wearing white gloves; they have no scruples about tackling tasks beneath their so-called dignity. They do their own math and programming; the willingness to do so is an essential part of graduate student and postdoc culture. So in this sense Derman was well prepared for his new work as a quant.
   
   In other respects, Derman's career change from ivory tower to trading floor required several personal adjustments. As he recalls, "When I moved to Wall Street the hardest attitude adjustment for me was to learn to carry out multiple assignments in parallel, to interrupt one urgent and still incomplete task with another more pressing one, to complete that, and then pop the stack." One the other hand, Derman liked the ways in which one could be usefully busy in quantitative finance. "There was always a program to write, a trading interface to design, a calculation to do. It was nice to be able to contribute without having to be extraordinary." By contrast, "a physicist spends about half of his or her time enthralled and the other half in depression."
   
   Until then he had basically worked out of love, and with complete disregard for financial incentives. He now worked for money, although passion, pride, and the pleasure of being thanked still played an important role. Influenced by what the others were doing, he did a very stupid thing: he left Goldman Sachs for a better paid position at Salomon, where is life was miserable, and he was all to happy to move back to Goldman when he was offered the direction of the Quantitative Strategies group.
   
   What especially impressed him about Wall Street in general and Goldman Sachs in particular was the absence of reverential fear. There was a general lack of respect for age and seniority that made him disregard his own age, and he liked that. He was relieved and exhilarated to discover that his employers appreciated solid skills and talents. He found a way of cutting through office politics by including in the programs he wrote for traders a swatch of code which measured how many times his program had been used: at bonus time, or to avoid mass layoffs, he was able to send a copy of the log to his bosses to prove his team's contribution to the bottom line.
   
   Derman came to see that creating a successful financial model is not just a battle for finding the truth, but also a battle for the hearts and minds of the people who use it. He noticed that successful salespeople and quants were prodigiously agile at using quick, back-of-the-envelope methods to compare bonds in terms of yield to maturity or option-adjusted spread. "You can get the answer to many complex derivative problems with less mathematics than you think," he remarked. On the other hand, he noticed that "as in any business, the salespeople liked tailoring and complexity because not only could you charge more for it, but it was also more difficult for a client to assess the value of the individual features. Complexity was also harder for competitors to copy."
   
   In the end, Derman's quarter of a life as a quant--he only stayed 17 years on Wall Street--was a life well spent. He was able to do something useful, gain recognition for his work, and earn a few bucks along the way. Derman notes that the word "quant" is often used in a pejorative sense--especially since the financial crisis of 2007-2008 the general public tends to see them as the mad inventors of weapons of financial mass destruction. But quantitative finance is a worthwhile pursuit--all the more so because of the risks involved in handling financial instruments. Economics as a modern science was born after the Great Depression when a lot of smart people entered the discipline to understand what had happened, and how to prevent it from happening again. If advanced economies now have a problem with their financial sector, then maybe the best way to solve it is to throw intellectual resources at it. Minds of the best caliber should be able to fix it. Indeed, there is no more pressing task.



3. No offense to the author, but his career doesn't deserve being in a book.
   
   Like most of us, Dr.Derman is an average person living an average life. I do not know what motivated him to write about his life in fine details. To be honest, I bought this book to read about Quants, how they predict stock and market trends, create and test sophisticated computer models, fail and succeed, etc. The book isn't really about it.
   
   The first half of the book is just about becoming a physicist and, eventually, failing at being a physicist.
   The second part is about working at different financial institutions and trying to understand what is going on...
   
   Again, I am upset that I was "forced" to read about this nice but pretty average person living some pretty average life for 120+ pages and actually paid for it...
   
   If you want to learn about Quants, go buy some other book.



4. This memoir has limited interest, even for me (a chemist who spent time at two of the author's academic haunts: Rockefeller U. and Penn). If you are or were in academia, you'll recognize the author's struggles in this milieu. Still, he seems a bit blinkered in considering Columbia as the navel of the universe in physics, even as he makes frequent mention of Feynman (Caltech - I did my post-doc there).
   
   His account of his career on Wall Street is unintentionally hilarious. He takes great pride in deriving models to assess risk (especially in fixed income instruments), but: (1) As one can read between the lines, his significant accomplishments are under the lead of Fischer Black; and (2) The collapse of these supposedly risk evaluated products in recent times implies that "quantitative finance" was certainly oversold. (Yes, I note that this was published in 2004 - well before the failure - first in the mortagage field and then across the entire credit markets - came to pass.)
   
   So there's a moral lesson or two to take away. First, no matter how lovely the math, do not place confidence in those equations. Second, all those models make assumptions that are ridculous, (e.g., on interest rates, residential real estate prices).
   
   If you can get this book through resale - I'm donating my copy to the Friends of Palo Alto Libraries. They'll probably price it at $0.50 which is about right. I do believe in markets but guys like Derman haven't a clue.



5. I preferred the later half more than the first half. I wonder if folks on the physics/phd side prefer the front half to the back half. I am glad to see someone speak so candidly about the trials and tribulations of being understood and appreciated as a quant. Truly, it is thankless, and though well paid, you can definitely get frustrated that you are not paid in the same manner relative to ROI vs. your peers. What is truly remarkable and makes this a must read is that it provides great insight into the human side of which every quant must learn to understand to the nuances.

5 comments about Technical Analysis for Dummies.

1. I want to like this book more than I do. I appreciate the author's friendly and no-nonsense tone. Although I'm a beginner, she seems to know what she's talking about. But I strongly object to how the book is organized. For the first 70 pages, she hints at indicators and approaches, constantly saying "I'll explain this in Chapter 4, I'll explain that in Chapter 11." So, you learn very little, but have high hopes for chapters ahead.
   
   Then, she jumps deep into the vagaries of backtesting, without having shown you how to do something a little more elementary, like draw a support line. Like I said, I'm a beginner; I'd never even heard of backtesting, and I really didn't want to wallow within a mysterious and unidentified piece of software before the author showed me how to recognize a resistance line. Hello? Plus, some of the charts could use quite a bit more labeling, and one so far seems to be missing.
   
   Hopefully, if I read this book two or three times, I'll squeeze out of it what she put in, but the organization is frankly infuriating.



2. This book has exactly what I expected and what I was looking for. Although I studied and work in Finance, I have never done any trading beyond the most basic fundamental analysis. I had heard of technical analysis but was completely scared off from learning it by the charts and graphs and technical terms that were really foreign to me. Through much research on my own, I decided that if I ever want to be truly successful in trading that I really needed to get a handle on Technical Analysis, so I bought several dummies books on trading, including this one. I have started to read all of them at once as much of the information overlaps and complements each other, but this is the one I seem to be going back to more and more, and it is the one I am furthest along.
   
   For me, this book has been a source of immense knowledge. I chose this book because I wanted to scratch the surface before jumping in with both feet first. I am completely green and needed a blank canvas approach. I like the Dummies books because they are an easy read, but are written by experts on the subject. This book is no exception. I feel like I am getting a very well-rounded overall understanding of technical analysis without being overly whacked with technical jargon and complicated mathematics.
   
   This has been great because I now have a big picture view of TA. From here, I can really narrow in on specific forms of analysis that I have learned about in this book. I have learned that most traders use 3-5 different analysis techniques out of the dozens or possibly hundreds that are available. This book has allowed me to uncover the 3 or 4 different forms that I am most interested in and would like to read about further. Of course that will require additional book purchases, however, that was the whole purpose of getting this book - was so I could figure out what works for me.
   
   If you're looking to get a big picture overview of technical analysis, as well as get helpful hints and techniques that I see as invaluable insider input, then this is a great book for your collection. And because it is sprnkled with so much helpful information, I'm sure it will be a reference on my shelf that I will refer back to for years to come.



3. I am not new to investing but am a beginner in day trading, technical analysis and the forex market. Now I've read several books on those subjects. I read Day Trading for Dummies which was OK, basic, and kind of what I expected. TA for Dummies was more than I expected for a Dummies book. It covers loads of the important indicators, is well-written and easy to follow, and offers lots of clear, understandable charts that illustrate the point well. I know these technical indicators are complicated and there is much more to each of them, but I agree with other reviewers - if you are a beginner trying to learn technical analysis, this is an excellent place to start!



4. This is a great, informative book.
   It is clearly written and approaches the subject of technical analysis in a concise, clear and comprehensive ways. The sections on chart reading and analysis I found to be particularly invaluable and highly informative. This book talks in detail about the major candlestick indicators (which I didn't know about before) and I found the sections on candlestick indicators to be very valuable. This book also goes into detail about all major technical indicators and how to use them and their pros and cons(MACD, RSI, Fast and Slow Stochastic Oscillators, Bollinger Bands, DMI indicator, etc...).
   
   It talked in a clear and informative way about identifying trends and identify trend reversal signals using technical indicators like the MACD as well as with chart reading and candlestick indicators.
   With what I've learned through this book I almost find myself wondering why people think stock trading is so hard and how could an educated person not make good money on the stock market? There are so many indicators of market changes, so many guiding indicators like the MACD, Stochastic indicators, etc...
   
   This book has taught me invaluable and significant information that have already greatly influenced my ability, confididence and profitability as a trader. If your a beginner or intermediate trader, get this book!!
   
   The personality of the author did turn me off. However the clarity, value and informativeness of the book absolutely overrode any dislike I had of the author. This is a great book.



5. I've learned one thing after reading the first six chapters of this book: I need to stop trying to trade until I understand what I'm doing. I really didn't know what I was doing. Now that I know that, I'm going to finish reading this book, and I've already ordered another book listed in the appendix of this one.
   
   Without knowing much about technical analysis yet, I'd say that this book seems to be opening a door to a whole new world for me. As far as the quality of this book goes, it seems to be touching on all kinds of topics that can be further investigated.
   
   If you have an interest in the stock market and want to trade (not invest -- that's different), (and as someone who doesn't know much about it yet), I HIGHLY recommend this book as a starting point.

5 comments about Trading for a Living: Psychology, Trading Tactics, Money Management.

1. An absolutely amazing book. If you are a trader and/or interested in becoming a trader then read this book. I ordered this along with Come Into My Trading Room and Entries and Exits also by Dr. Elder. I couldn't lay this book down as I was reading it every free moment I had. After two days I was done and have just moved onto Come Into My Trading Room. I am 100 pages in and it has much of the same content as Trading For a Living. I must say I enjoyed Trading For a Living more. It was easy to read and easy to understand.
   I thought I knew a bit about TA, but Elder added a lot to my knowlege. The psychology section was amongst the best in regards to trading psychology. The Tripple Screen System that he uses makes a lot of sense and is also easy to apply.
   Get this book!



2. I found the book to be interesting so much that I went ahead and purchased the study guide also. I have decided to dive into the stock market and see if I can make more money at this with the economy the way it is.



3. I tossed mine in the recycling bin rather than donate it to the library book sale. What a piece of trash this book is. All these old trading maxims and catch phrases are really a lot of hogwash. Save the price of this book and buy a lotto ticket. The risk/reward is better.
   
   I've bought a lot of investment books. This really is the worst. The positive reviews here make me seriously question the legitimacy of amazon book reviews.



4. After years of trading, I still go back and re-read this book.
   
   It has it all:
   
   - Trading Psychology
   - Money Management
   - Trading Systems
   - Technical Analysis
   
   Well written and very easy to understand, this book is a must to have in your Stock Trading resource library!



5. This book played an integral part in me being able to develop a top-notch trading game, therefore I duly recommend it. For many of the reasons that reviewers gave **** and ***** ratings with regard to its features, I concur.
   
   However, reexamining this book after I made my quantum leap, there are 3 critical factors that need to be addressed if you want to take your trading from "mildew to barbecue" in the shortest time possible. Get out your notepad and crayons because I am going to show you how to make this good book a better one for you. If it worked for me, I am sure it can work for you.
   
   
   1.Trading for a living means you first live how you want to trade
   
   Even though Dr. Elder covered a lot of ground when discussing the psychological aspect to trading, looking back, I respectfully disagree with his notion that trading psychology begins and ends with every trade you make. The reality is that there is no such thing as "trading-related problems." Furthermore, trading doesn't exist in a vacuum. Issues that find their way into trading are already happening in your life. Don't trim branches, kill the roots.
   
   To make the most of this book, start thinking from the inside out. Trading is 90% inner game. If you desire to follow a set of trading rules that you want to sustain you financially, then first become a person of character and integrity. The quality of your trading is reflected in not what you do but who you are.
   
   2.You are the markets
   
   One of my pet peeves was his discussion on crowd psychology. I agree with the author that one should understand crowd psychology and how it fits into the overall scheme of trading the financial markets. I duly understand how the markets move from one extreme to the other by the often primitive-driven actions of the "herd mentality." Although Dr. Elder makes a respectable contribution in explaining the mechanics of how mass trading psychology works, the book gives the impression that its influence is somehow "apart" from the individual trader, and that all the trader needs to do is learn how to "out maneuver" the crowd by more sophisticated means. The danger here is that it creates an unnecessary schism in the mind of the trader who doesn't know any better.
   
   To take your trading game to the next level, you must back away from the illusion of "me versus the markets" like spilt hot coffee. The reality is that the financial markets are YOU and you ARE the markets. The same primitive drives that run amuck in the markets are what also drive you to make irrational trading decisions. You can't hide forever behind your trading system if you have not squared up with yourself. Don't look down at the markets, look at the man in the mirror.
   
   3.You are god
   
   When you read this book, you may get the impression that more stock is given to trading indicators and other external factors. I understand that this appeals to those who have yet to enjoy consistent trading success and are more interested in "tips and suggestions." But if you want to play this game from a position of strength, then you must stop giving away your power to technical indicators and other external devices. Again, trading is 90% inner game. You show me someone who declares that "XYZ trading indicator no longer works," and I will show you someone who is looking for trading salvation outside of their self. The ideas that Dr. Elder present in this book or any trading concepts you create or acquire are for you to breathe life into and not to be worshiped.
   
   When you buy Trading For A Living and take these points to heart, trading success will began to be IN you and not on you like a t-shirt.
   
   
   Henry "Solomon" Billingslea, Jr.
   author of:
   
   Pimping Wall Street The Player's Guide To Trading The Markets, Vol. I

5 comments about High Probability Trading Strategies: Entry to Exit Tactics for the Forex, Futures, and Stock Markets (Wiley Trading).

1. This book is an excellent source for an intermediate student of Technical Analysis (TA). Having trading experience is a definite plus as well. What the author does, is describe the most important pieces of TA that you need to utilize in order to make a trade with a high probability of success. Having probability on your side gives you an edge, and this is everything in trading.
   
   It has taken me several years of trial and error to determine what are the necessary forces in the market that determine whether to place a trade or not. The author has summed up the most important, and more importantly how to align them. The forces are Momentum (on dual time frames), Price Pattern, and Cycles (timing). Putting these together, gives the trader a great edge.
   
   The only negatives are that he references his trading platform software more than is needed.
   
   Overall however, a great book on how to actually implement all of that TA knowledge that you have accumulated over the years!



2. After reading this book I believe I learnt a lot more about fibonacci clusters including price as well as time clusters to identify hgih probability pivot points not immediately obvious to untrained eyes. This book basically delivers on the titles name and Robert includes a useful cd which demonstrates in real time how the strategy might be used over various time periods from 5min to daily and weekly charts in various markets. All round I think this book is worth the purchase price as I already use fibonacci as part of my trading and it has outlined some areas and key fibonacci applications that I was not aware of, particularly how to identify in advance where not obvious potential support and resistance are for profit taking. Not to mislead anyone this book is not just about fibonacci techniques it also outlines how to use a DTOSC oscillator (a combination of RSI and Stochastic) although from what I have read, this is available only in Roberts own platform... which is not all that useful for someone who doesn't use it.... Despite Robert giving many plugs for his wonderful dynamic trader trading platform, I still think that any book you can learn something from is a good book... and this one will definately stay on the reference shelf for a while yet...



3. Chapter 4 and 5 (Beyond Fib Retracements and Beyond Traditional Cycles) were written with Miner's Dynamic software in mind. Most (if not all) of his Fib strategy is proprietary software and cannot be duplicated in other trading and charting platforms. Without this ability, you really miss out on the meat of his strategy. I use thinkorswim and have chatted with the support folks who verified that they are not equipped for these techniques.
   
   My recommendation would be to not buy this book unless you are also going to purchase Miner's Dynamic trading software.



4. I have not had the pleasure of meeting or being mentored by Mr. Robert Miner (except through his book + CD) so my advocacy of this book cannot match the adulation of Ms. Carolyn Boroden in the Foreword to the book. However, my review can be summarized in three words: "Buy this Book". It will be worth each one of the 7000 pennies you will pay.
   
   Miner's trading strategy is based on the four technical factors: Momentum, Chart pattern, Price and Time.
   
   Regarding (Price) Momentum, Miner's Dual Time Frame Momentum setup for a trade is a strategy that's easy to grasp and hence implement as part of a successful trading regimen. Miner uses traditional OHLC charts but I prefer Candlesticks. To learn more about Technical Analysis and Momentum indicators you may read the following well written Beginner/Intermediate level books: Constance Brown's `Technical Analysis Demystified' and/or Tina Logan's `Getting started in Candlestick Charting' and/or Toni Turner's `a beginner's guide to day trading on-line'.
   
   Miner's elucidation of Elliott Wave analysis regarding Chart Patterns is succinct and elegant. Is the market (for the ticker you are considering) in a trend or correction, and what is the position of the market within the trend or correction? He provides simple, lucid and non-trivial explanations of a 3-Wave ABC correction, and a 5-wave 1-2-3-4-5 Trend.
   
   Regarding Fibonacci Price retracement, Miner takes a paragraph to chide authors who dwell on the almost mystical power behind the powerful Fibonacci ratios, which he could have used to refer the reader to the excellent treatment of the subject by Constance Brown or the Fibonacci Queen Ms. Boroden's work.
   But Miner's book would not be as interesting were he not true to his opinionated self. However, Miner's treatment of Fib-retracement is easily understandable, digestible and applicable to real trades. Time retracements are treated very similar to the price retracement and equally well done.
   
   I commend the author for refraining from up-selling the Dynamic Trader software, although there were a few not-so subtle put-down of other software charting tools.
   
   The one place I must take exception to Miner's writing is the oft-repeated use of `High Probability' (starting with the title). He could not mean a probability of greater than 50% (as many might expect high to mean better than half), since he states `the best professional traders rarely have a greater than 50% win record' (Position Size, p158). He goes on to say, 'If you get good at trading, you will have around a 30 to 40% win percentage'. Since the title of the book includes `high probability' it behooves Miner to address this question explicitly, rather than simply proclaim this or that is a high probability scenario for successful trading. What is the `universe of possible outcomes' over which the entire probability is distributed? Etc. etc.
   
   One suggestion to make the book more easily readable is to shrink the Figures (perhaps include more of the time axis on the left to achieve a better aspect ratio) so two figures can fit on a single page. This will avoid the need to read text on a page discussing figures 2 or 3 pages ahead. This is important because the visible figures on the same or opposite page illustrate diametrically opposite situation than the one in the discussion. (Example: Section on Complex Corrections and Figure 3.17.)
   
   "Closing Range" does not appear to be a standard terminology (Investopedia does not cover that term). It is not defined by Miner, although the definition appears to be the lowest closing price of all bars of Wave 1 (which need not be the last bar for the wave).
   
   In closing, this is the first investment/trading book I have read where the right side of bar charts is left blank, emphasizing that the future is unknown and unknowable, and decisions are made under uncertainty. I have felt the need for my own trading software (Fidelity's Active Trader Pro) to allow me to try `what if scenarios' and perhaps even simulate future chart based on past patterns. Perhaps Miner's work and charts will inspire other charting software implementers to recognize the importance of the future and make my wish come true.



5. I love this book. It is a comprehensive and complete reference book for a professional trader. The author is very precise. The strategy is based mostly on the Elliott Wave Theory plus momentum trend, price, pattern and the right timing of an entry and an exit. Plus a CD with vidoes. Excellent!

5 comments about Day Trading For Dummies.

1. I bought this book hoping it would give at least a basic introduction to day trading. The book accomplished that. Loque goes over the basic needs of being a day trader. Emotional, financial and even office setups. She emphasizes that being a day trader is a business and one has to treat it as such. Not something that you do in your spare time from work or family responsibilities. The only thing I noticed is that she emphasizes having a good trading plan. I think she should have offer more examples of a trading plan and strategies. But she does offer at the end a lot of other resources to check out. If you are absolutely new to day trading this is a good book to start from.



2. This book is good for a person who is new to day trading. It provides an excellent start as an overview. Once you are more familiar with day trading, you will need more in-depth and advanced book.



3. As you probably know, daytrading can be a very good way to
   earn a lot of money and also LOSE a lot of money. This book
   is pretty good because it gives warnings both of those
   categories. I recommend this book because after reading it
   you will clearly know whether you are cut out to be a daytrader.
   Very basic information, but very necessary information.



4. Despite the "For Dummies" title, this book is not for dummies but for smart people who want to avoid the mistake most dummies make - not doing your homework!
   
   This book is not going to make you a day trader, in other words you're not going sit down after reading this book, open an account, and be a profitable trader. But what it will do is give you the ability to realize what you're getting yourself involved in on all different levels.
   
   You'll see what kind of work is involved, what you need to start studying, what the work flow is, what the risks are, what lifestyle it is, and perhaps most vital, the psychological issues you need to confront. That is extremely CRITICAL in my view for anyone to do prior to saying to yourself "I'm going to become a day trader". Logue's book is an excellent way to conduct the due diligence process that so many people neglect prior to opening an account.
   
   Logue is not too optimistic or pessimistic, it is not one of those "Make millions trading online" or "Trading ruined my life" books. Most important, it stresses that trading is a business, an entrepreneurial venture, and needs to always be treated as such. I also give props to the traditional "For Dummies" layout, which I'm a big fan of - its easy to reference and get to what you need.
   
   I think once you read this book, you'll have a good idea of what trading is like which will help you decide whether or not it is right for you. It also helps point you in the right direction as to how to get started. If more people did this in advance of opening an account, the statistics for failed day traders would no doubt be smaller.



5. I learned a lot about Day Trading after finishing reading this book. I did not play the stock market until I learned the rules of the game first. This book gave me the inside of how to position myself in learning all aspect of being a professional trader. Now I wake up every morning knowing what report to read first and how to play a good game for that day. I recommend this book!