The Best Trading Book coded dor Tradestation

Published: 12th April 2010
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WELL WRITTEN

I have read a number of the other reviews and like to add my thoughts.
First of all the book at full price is a very pricey, but if you look around long enough you can pick one up at a considerable discount either here at Amazon or Half.com/Ebay.

Second, I feel this volume is not for beginners.
The strategies described in the book and the patterns offered as examples are in their purest form. If you don't take other market conditions into consideration, i.e. trending vs. range bound or are conscious where support/resistance lies and volume, then these patterns could betray you. One example is the Turtle Soup and Turtle Soup Plus work best on low volume breakouts and markets in a trading range.

You also have be familiar with and market indicators such as ROC and RSI to name a few. I would recommend you first read a book on technical analysis which discusses these indicators. If I may suggest, Trading for a Living: Psychology, Trading Tactics, Money Management by Alexander Elder, I found to be veery usefull.
Additionally you will need to be using charting software package that is customizable to the specs given in the book.

Having said that I will say that I do think this is a very well written book. The wording is easy to read which makes for fast learning. The experienced trader can incorporate these strategies with his/her existing ones to increase his/her success. The book kept my interest.

I recommend this book to traders already familiar with technical indicators, has good discipline and risk management skills.

EXCELLENT BOOK ON SWING TRADING

I read the book 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 represented in the book, 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 book, and make money from it frequently. But I am also aware of the fact, that new lows/highs are set for strong significant 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 slows down 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 react 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 involved in swing trading, it's a fantastic starter book 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 essential 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 language, 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 react to such conditions and take notes! Through time and experience, you'll soon notice that you will be able to react with percision and timing as these professionals do, without doubt but with full confidence!

for more info: http://street-smarts-tradestation.blogspot.com

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