Best Trading Book Ever !

Published: 09th April 2010
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First of all let me state that you must already have a certain concept of trading and trading terminology to profit from this book. You must also understand and believe the importance of graph reading as a trader to fully understand what the authors are saying. I believe some of the negativity written about this books is because the readers didnt understand trading concepts as applied to chart reading or disregard chart reading altogether as a valid instrument to trading.
With this said, I have to say that the volume was beneficial for me as a short term trader. It helped me find rules that I would've otherwise overlooked before reading this volume. Let me also add that the turtle soup and turtle soup plus one does not really apply 100%, per say, to the fast momentum stocks I screen for. However, reading those strategies helped fine tune my entry and exit strategies when I enter a trade. It did so by helping me look for intraday swings and the chances of possible price action for next day trading based on what happened to the price at the close. If anything, the volume helped me alot because it opened my mind to other trading possibilities and thus form ideas for myself.Like another reader said, the writers are not mechanical traders. Thus these forms and strategies should not be taken mechanically. Instead one should trade carefully using discretionary stops. The volume will only teach you about rules in the market that have a high probable outcome. It's up to the individual to trade the rules and use protective stops in the case the anticipated move goes wrong.

ANOTHER REVIEW:

I read the volume and basically confirmed some of the patterns that I've been trading for long time. Everyone has it's own name for the setups, but regardless of the name, the patterns describe in the volume, do work!
Everyone has their own twist to these patterns. I notice one reviewer had mentioned that he profited on the exact opposite strategy that the book had described. Selling new lows and buying new highs. Personally I think this is more dangerous than the strategy in the book(Buying new lows and Selling new highs). That is what swing trading is about. I do the same exact strategy as they mention in the volume, and make money from it frequently. But I am also aware of the fact, that new lows/highs are set for strong fundamental reasons, so instead of using regular stops, I use Stop and Reversal(SAR)type orders. These order give me the best of both worlds. If my estimate is correct, I get an early fill as the market decelerates in one direction and accelerates in the opposite. If the trend continues, my SAR order gets me out, and fills me in the direction of the momentum. Price, Momentum, Time and Volatiliy and how you respond to them, is the key to swing trading.

It's not set in stone that these patterns work everytime, but as the title mentions, it's the probabilities of the markets reaction when these patterns form. Like any other method in trading, nothing works everytime, but as years go by, you find out what works best for your trading style and what doesn't. This book didn't teach me anything that I already have found out through experience, but for traders interested in swing trading, it's a fantastic starter volume and worth the investment if purchased. It excerises the mind's of traders on how to anticipate the market, thereby always thinking one step ahead of it. And when your anticipation is wrong, get out!

One other important factor. Rashke was a former successful floor trader and Connors was a hedge fund manager. These people know how to trade professionally. They know how other floor traders trade on the floor, and how institutional giants such as ADM,Refco and Rosenthal Collins play their cards and make money. In other words, their livelyhood depended on their attention to detail in the area of trading. They aren't like most us that trade, that have a job to fall back on. This is their job and main source of income! My point is, don't just learn their techniques,setups and strategies, but more importantly, learn their mindset, and what they do when the market moves in favor or against them. Determine how they respond to such conditions and take notes! Through time and experience, you'll soon notice that you will be able to respond with percision and timing as these professionals do, without doubt but with full confidence!

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