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TRADING BOOK REVIEW
===================
The Bad...
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Short Term Futures Trading - Jake Bernstein
Some specific daytrading techniques presented - no proof or testing
Supplied to indicate whether such methods are profitable. So I
programmed
and tested each of the ideas covered - none proved worthwhile.
Floor Traders Confidential Handbook - George Angell
Nothing really too 'confidential' revealed in this 22 page booklet.
Save
your money.
The Weintraub Day-Trader - Neal Weintraub
Weird method using a moving average type indicator. I found it
unusable
and strange. Lacks a valid premise of why it could be profitable. I
returned this book back to Windsor Books within days.
Detecting High Profit Day Trades in the Futures Markets - J.T. Jackson
Was initially excited about this method. Completely programmed and
exhaustively tested it. Was quite disappointed with the results.
Might
spark some new ideas for the inquisitive trader, but the described
method as such, is not recommended.
The Daytraders Manual - William Eng
Nothing of any value here. Vague. Avoid this book.
The Spike-35 Trading Method - J.D. Hamon
Another system which I completely programmed and back-tested. Simply
unprofitable.
You Can't Lose Trading Commodities - Robert Wiest
Describes long term method known as Scale Trading. Very deep pockets
and
nerves of steel required to trade this method. Not recommended.
The Price Spiral Method - B.J. Howard
Esoteric, mathematical method of analyzing Elliott waves. Tedious and
ineffective.
The Trading Advantage - Joseph Duffy
Touts some rather ridiculous methods based more on numerology,
coincidence
and astrology than on sound trading logic. Avoid.
The Symmetry Wave Trading Method - Michael Gur
Tedious and ineffective method of wave-counting that simply does not
work.
Trident: A Trading Strategy - Charles Lindsay
Another method which I performed extensive computer studies on.
Completely
bogus. In fact I tried Mr. Lindsay's dial-in trade recommendation
service.
Also ineffective. Incidentally, Mr. Lindsay renieged on his guarantee
to
refund my money for the service (US$245). Traders out there - heed my
words and avoid any dealings with with Charles Lindsay.
How to Profitably Day Trade the Market Turning Points - George Angell
Support/Resistance method described in this 16-page booklet is
ineffective. Not recommended.
The World's Most Powerful Money Manual (TWMPMM) - Ken Roberts
Save your money!
The So-So...
============
Techniques of A Professional Commodity Chart Analyst - Arthur Sklarew
Pretty generic chart reading techniques with a new twist thrown in
here
and there. Doubtful of the potential profitability of these
techniques
in actual trading situations though. Not bad but nothing ground
breaking
going on here.
Techni-Seasonal Commodity Trading - Everet H. Beckner
These techniques and trades have some merit, but the trader would
require
much patience and fortitude to ride them out. I'm a little leery of
the
recommended yearly trades as they have not been tested far back
enough
(only 15-20 years) to draw a statistically valid conclusion to my
satisfaction. They do display high percentage effectiveness though.
Some traders may love this mode of trading, but it somehow doesn't
quite
sit well with me. All in all, not bad but approach with some caution.
The $3,000 Secret - Lee Gettess
Doesn't really present a specific system per se, but rather generally
extols the virtues of using volatility as the basis for a short-term
trading system. For $15, it's probably worth the money as it could
spawn
some good ideas for enterprising traders who are willing to devote
some
time into developing their own systems.
The New Technical Trader - Chande & Kroll
Just barely makes it into the So-So list. To start with, let me just
say
I am not a big proponent of using solely mathematically derived
indicators to generate trading signals. OB/OS indicators and
oscillators
tend to just leave me cold. That said, these guys really go overboard
with the mathematics in this book. Programmed and tested many of the
ideas
presented - none proved very promising. The avid number cruncher
however
might extract some value out of this book. Be prepared to spend a lot
of
time testing though.
Inside The DayTrading Game - George Angell
Sort of meanders around many different daytrading topics. Contains
some
good ideas however. The Snapshot method of trading the S&P explained
within has some merit. Not earth-shattering as Angell touts it to be,
but
not bad.
24 Trading Systems for $24 - Welles Wilder
These are actually 24 systems by Bruce Babcock which Wilder claims
are
unprofitable and wants to expose Babcock as a fraud. I'm not going to
take any sides here, but as indicated by the enclosed Futures Truth
tests,
Wilder has a valid point. Although most of the systems per se, do
appear
unprofitable, Wilder does acknowledge the fact that some good trading
ideas can be gleaned from these systems in bits and pieces. "Gap
Grabber"system
for S&P on page 101 looks fairly good although it trades
infrequently. For
the price, not bad as an idea generator.
The Good!...
============
Daytrading With Short-Term Price Patterns - Toby Crabel
Sadly enough, my 'Good' list consists of only one book. This text is
a
gold mine of short-term/daytrading ideas. The work presented herein
explores the profitability of recurring bar-chart price patterns
(which
I personally feel to be the way to go). A wealth of ideas for good
day
trading systems although you will want to perform your own back
testing of
Mr. Crabel's ideas. Highly recommended for the day trader. This is
the
only book I've ever kept!
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