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I believe this
is a shallow and irrelevant book that is written by someone who, at heart, apparently does
not believe short term trading is a sound
trading approach. The book contains little that is new, and nor does it provide new
insights into established techniques.
This is a 239
page book. It devotes 21 pages to short term trading strategies where 24 approaches are
covered, ranging from Range Trading to Buying Prints. Several other very short sections
deal with rote-like rules for overnight positions, Level II momentum etc. No danger of
drowning in detail here.
contains such misguided gems as One of the great features of value investing is
that, if a stock is already beaten up and it falls even more, the low price means it wont
have that far to fall. (p7) This
ignores the way the percentage impact of price accelerates as prices fall. Later he tells
the reader that Technical analysis
studies how the price of a stock has acted in the past in order to predict how its
going to act in the future.
do not reflect modern understanding of the markets. Modern investment has moved beyond
these inaccurate platitudes.
Much of the
book is spent on classic investment theory, complete with the importance of fundamental
analysis, and an entire section on asset
allocation in non-market related sectors. This includes a strong attachment to dollar cost
averaging as a money and risk management method. Perhaps this is relevant to short term
trading, but the author fails to show this.
this book does not match its title. It presents commonly held beliefs about investing the market without
questioning them. The relationship between the book content and short term trading is best summed up on p 6 where
he writes Beware of stocks with high volatility, and in so doing, he
eliminates the primary hunting ground for many successful short term trading techniques.
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