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Strategies & Market Trends : DAYTRADING Fundamentals

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To: Craig who wrote (2104)	7/27/1999 4:57:00 PM
From: Robert Graham	Read Replies (1) of 18137

Does Miner demonstrate trades that do not work where he ends up having to exit premature of the price target? Does he do a good job in explaining when to exit or scratch the trade early and his thinking behind the unanticipated exit? Or does he rely on being stopped out with a trailing stop effectively making the exit a "no brainer"? This book by Miner does sound very interesting. Also how is that book by Barry Rudd? Does it cover swing trading, breakout trading, or what type of trading? It does sound like the DiNapoli book would go well with the Miner book. Have you found this to be true? I personally have found the Ross books to be very worthwhile even though their value may not be apparent at first reading. His books are more fully appreciated through a change in the reader's frame of mind in the way charts are perceived by their price action instead of by indicators and well-defined price patterns including geometries like trend lines and other aids of S&R. Many tools of TA like Stochs and MACD filter what information there is to be revealed by the raw price action data of the stock. Learning how to look for in the price action what shows up in the indicator Ross believes to be more useful. Understanding price action I have found to be very helpful in my own trading. He does not help the reader understand price action by a list of explicit rules. The reader comes to understand price action as Ross covers his trading techniques that rely on price action. He also includes some market insights, good ideas that can be adapted by the reader, and many examples of trading that both do and do not work out. The trades that differ from his method when trading real markets is where Ross attempts to give the reader an understanding of what was in his mind as the trade progressed. This makes sense since a good trader can alter his trade from his methodology depending on what he is seeing taking place in the market. His books are for the descretionary trader. Even though his books are written for the futures trader, IMO much can apply to to stock trader. Those looking for rules and a system will be disappointed with some of the ambiguity that they will find in his books. JMO. Bob Graham

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