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 doesnt 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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