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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: WaveSeeker who wrote (9043)	6/20/2000 1:34:00 AM
From: Paul Viapiano	Read Replies (1) \| Respond to of 18137

I may have mentioned this one before, but "The Nature of Risk" by Justin Mamis is a book that changed my whole trading life. I loved "Pit Bull" as well...find myself re-reading it from time to time. Also, for reasons more literary than practical, "The Education of a Speculator" by Victor Neiderhoffer is a classic work. A huge endeavor that attempts to be many things but I enjoyed it nonetheless. And, although not a book by any stretch of the imagination, there are several old posts by Palo Alto Trader here (I'm thinking of the ones on The Equity Curve and also Setting Stops, I think) that really opened my eyes. I just finished "Dumb Money"...it was entertaining and trashy...but I liked it.

To: WaveSeeker who wrote (9043)	6/20/2000 7:17:00 AM
From: LPS5	Respond to of 18137

The irony of trading books is that once you become a successful trader, you really don't need them anymore, but they are a necessary part of the learning curve. I don't agree at all. In fact, I believe substantially the opposite; as expressed on several occasions - that the way to learn to trade is first hands on, with and around other successful (proven) traders, in an environment that stresses profitability vs. commissions. It should take months, it could take years. I see these books as supplementary vitamins as a trader passes the learning curve and becomes experienced - not the other way around. To build upon, rather than formulate or somehow "install," ones' initial trading experiences. LPS5

To: WaveSeeker who wrote (9043)	6/20/2000 7:23:00 AM
From: TraderAlan	Read Replies (4) \| Respond to of 18137

WS, #1 and #3 on your list are my two major writing influences. The funny thing is that both Crabel and Taylor were terrible writers. But the concepts are major building blocks to a market view. The 3rd influence for me was a series of TAG tapes that Raschke did that talked about positive and negative feedback events. Now I see everything the market does in those terms. I'll have to watch your review of my book <g> since I also use cute names for simplistic patterns (ie the 7 Bells). The manuscript will be delivered in 10 days or so with 250 pages of text and over 200 illustrations. I think it will do a great job messing with professional traders' brains. Alan

To: WaveSeeker who wrote (9043)	6/20/2000 7:34:00 AM
From: Threei	Respond to of 18137

The irony of trading books is that once you become a successful trader, you really don't need them anymore I think there are books you outgrow in a while (yeah, often in a very short while :)) but some of them provide insight you see under new angle as your understanding grows. Several books that had great impact on my trading still reside on my bookshelves handy and now and then I find that some ideas and thoughts in them I see in completely different light now, or understand much deeper, or they provide solution to the problem that was not even recognized by me at the time...To name a few: Disciplined Trader by Mark Douglas, The Intuitive Trader and The Way of Warrior Trader by Robert Koppel, Sun Tzu's Art of War by Dean Lundell, both Market Wizards by Jack Schwagger. Vadym

To: WaveSeeker who wrote (9043)	6/20/2000 8:00:00 AM
From: gaj	Respond to of 18137

ws - older books..i forgot kerr's, haven't seen taylor's, and would recommend highly the richard wyckoff / rollo tape books, which have been reprinted. the reason i like the cooper/connors books isn't because of the specific patterns, but because they inspired me to think about things in a different way. and that's good...joe ross' futures books do the same...

To: WaveSeeker who wrote (9043)	6/20/2000 10:20:00 AM
From: OZ	Read Replies (1) \| Respond to of 18137

First, a word about the Cooper/Connors/Raschke books - overpriced, large-print books with simplistic patterns with names such as "Holy Grail". The patterns described in the book simply don't stand up to backtesting, I make mucho using setups like and similar to what they describe. If these were supposed to be "system trades" they would just program them into a computer and execute them automatically. The kind of setups are best applied by the DISCRETIONARY trader and as a catalyst to be used with his inner resources. This is where the magic occurs. Street Smarts (Raschke) is a great book and worth the money. OZ

To: WaveSeeker who wrote (9043)	6/20/2000 1:29:00 PM
From: Brandon	Read Replies (2) \| Respond to of 18137

I dont know about backtesting, but they forward test damn well if you apply them with a bit of common sense. Brandon

To: WaveSeeker who wrote (9043)	6/21/2000 1:26:00 AM
From: ams	Read Replies (1) \| Respond to of 18137

"The irony of trading books is that once you become a successful trader, you really don't need them anymore." I used to think the same thing. However, every year or so, I force my self to reread some of my favorites and pick up some new ones I have been putting off. Once in a while, just when I think that my trading skills have plateaued, I read a book that make me say, "hmm." Just like the commercial says, "that was an epiphany." Although most of the books I have read over the last ten or so years of trading contributed zilch to my current level of trading, there are a few that are the cornerstone of my trading system today. Here are a few that made me take a closer look or see the big picture: Battle for Investment Survival by Gerald Loeb (Pure wisdom. Just the first half is worth reading.) ...Stock Operator by Lefvre (I forget the first part of the book title) Technical Analysis of Stock Trends by Edwards and McGee (basic charting but better and more thorough than any charting book i have seen since) As for actual techniques, below are two of several that took my trading to another level. The New Science of Technical Analysis by Tom DeMark (actually I only use one of his many techniques in my system) Hit and Run Trading by Cooper (H and R II is trash and obviously an attempt to ride the coattails of his successful first book. I understand his Momentum book is no better.) Several books that taught me the use of exponential moving averages, crossovers, and semi-log charts are priceless. In my opinion you cannot be a consistently successful trader without good charting skills. Happy Trading, ams