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Readers reviews of The Market Maker's Edge

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For overseas readers thinking of directly trading US markets this book is invaluable. It is written from the other side of the fence and reveals the complexity and motivation of the market makers and their activities. They do not set out to disadvantage you as a private trader, but many of their actions have this effect. Every time you trade in the US you are trading against a full time, skilled, experienced market professional. You can either try to beat them at their own game, or accept their role in the market and incorporate it into your trading decisions. This book will help you make this decision.


The book has an unusual beginning. It steps straight into the ideas of risk, stop loss management and position sizing. This reflects the market makers view of the world and it should also be our view of the world as traders. Profit isa result of successful risk management.


Several chapters contain excellent discussions on the impact of US economic data indicators and release dates on the US market. There is a good discussion of a series of financial and fundamental ratios and their uses. It is also very useful to see how the market makers factor in fundamental information and news releases. Their understanding is quite different from that of the individual trader. There are some very useful trading strategies here.


The last chapters are on specific day trading tactics, including gap trading, opening price activity, volume impacts and block prints. Block prints are large institutional orders. We see them in the course of trades screens and they can be used in the same way. Some of the volume clues discussed are irrelevant in Australia because we have direct access to the information in level 3 depth of market screens. In the US these details can only be guessed at and implied by the action of market makers.



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