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An interesting anecdote, related to the reason why I won't ever buy
another book about trading, and have thrown quite a few into the
trash so that no one else will be misled by them.:)
Mike Covel isn't a trader, and evidently never was. He's an
excellent marketer, though. Here's one of the websites he runs.
http://turtletrader.com/
It's impressive-looking and has a lot of information, yet among the
serious, real-life Turtle-Trading/trend-following community Covel is
considered an exploiter of innocents, since he doesn't actually trade
or really understand the meaning or concepts behind what he's
selling. When he first started his site, he was charging $999 for a
Turtle-trading system, even though he didn't have the rules right.:)
One of the original Turtles, Curtis Faith (who was actually tutored
by Richard Dennis and William Eckhardt), discovered a few years ago
what Covel was doing and posted the Original Turtle rules for free on
the web.
Now, Covel is offering the "original" Turtle System (which may or may
not be the real deal) and an "advanced" system for $1,000 more.:)
Although since he doesn't trade and doesn't understand the concepts,
you have to ask yourself what's up with that.:)))
Anyway, take what you consider to be the best trading book that you
own, code-up its #1 system and then run an honest test (10 years of
data, or at least through an entire bull-bear cycle) and see what the
results are like. Then compare the system's performance to an index
appropriate to the securities you've tested.
If it turns out that the book offers something genuinely worthwhile,
I'm happy for you.:) But the odds are overwhelming that it doesn't.
The great thing is, though, that Amibroker provides a way for new
traders to avoid years of disappointment and losses. Use it to test
the systems touted in books and magazines, see if they're valid, and
if they aren't DON'T USE THEM.:)
Instead, try to understand the "why" of trading concepts. What makes
a market go up sometimes and down at others? Why do some stocks go
up more than others? How does diversification work, or does it work
at all?
Think about trading methods that AREN'T popular, or methods with
rules that are hard to code. That way, you'll be trading in
an "area" without lots of competition, giving you a better chance
at "beating" the market.
JMO and FWIW.
Luck,
Sebastian
--- In amibroker@xxxxxxxxxxxxxxx, "areehoi" <rhoierman@xxxx> wrote:
>
> Steve,
> I'm not too big on buying books straigt out as I've got burned too
> many times. Usually I'll check one out at the library and if I find
> it valuable buy. I tried to get "Technical Analysis Power Tools for
> Active Investors" by Gerald Appel (developer of MACD) at the library
> but they didn't have so went ahead and bought. Glad I did as it is
> excellent. Another book I found extremely interesting is one on
Trned
> Folllowers by Micheal Covel. He convinced me of the merits of trend
> Following. Recommend for those with doubts.
>
> Merry Christmas to all
>
> R.E. (Dick) Hoierman
>
>
> --- In amibroker@xxxxxxxxxxxxxxx, "Steve Dugas" <sjdugas@xxxx>
wrote:
> >
> > Hi,
> >
> > Well, it's Christmas again and people are asking me what I want
but
> I can't come up with much, so I thought I might ask for a couple of
> trading books. Anyone read anything lately that you learned
something
> new or valuable from and would care to recommend? All suggestions
> welcome - thanks very much!
> >
> > Steve
> >
>
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