Readers reviews of How I Trade for a Living

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This is a very good book on trading and trading discipline. Smith has a very good memory for numbers and number sequences. This allows him to compare todays price action as reported on the tape and in effect, visualise this in relation to previous price activity. Many people use charts in the same way.

The specific ‘indicators’ he uses are unfortunately not directly repeatable in the Australian market, such as short sales ratios. The general trading principles he uses are repeatable because he relies on price momentum and index divergences to establish his trading conditions. His V bottom reversals are applicable to Australian and other market conditions. (He says he doesn’t use charts, but the V bottom reversal relies on an understanding of intra day index movements that are most easily seen on a chart) His use of mutual funds as a trading vehicle to achieve diversification is not easily duplicated in other markets.

The strength of the book is the way it underlines the need for discipline, for goal setting and the way that simple trading approaches can be consistently profitable.

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