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Readers reviews of SHORT TERM TRADING, LONG TERM PROFITS

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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.

 

The book 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 won’t 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 it’s going to act in the future.”

 

These comments 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.

 

Quite simply, 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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