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Readers reviews of Swing Trading

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This is an  interesting collection of interviews with people who loosely describe themselves as swing traders. Markman extends this term to encompass position traders who buy a stock with the intention of holding it for weeks or months until the trend has ended. This is a style of trading that suits many people who use the market as  a part time activity.

 

Each of the six interviews is an in-depth discussion of strategy, tactics and philosophy. It is clearly explained why the trader has chosen this particular approach to the market. With this knowledge the reader is able to make more sense of the specific strategy that is adopted. This puts the tactics into context so we get the opportunity to see a complete trading solution.

 

While we may not want to duplicate any one of these combinations, it is very useful to see how all the pieces come together. These lessons can be transferred to our own trading.

 

Despite the variety of methods discussed, all these traders have a single objective. They aim to buy high and sell higher. There is no bargain hunting involved in these swing trading approaches. The book starts with a long  interview with Terry Bedford who is perhaps best described as coming from the classic charting tradition. Some readers will disagree with the way he defines chart patterns, but to do so is to miss the point of this interview. Bedford uses his understanding of chart patterns in a  consistent fashion and with a  clear trading plan.

 

Like all the successful swing traders interviewed, his plan rests on stop loss discipline. When the trade hits his planned exit points he takes the exit. Swing trading is based on taking profits after a  significant pause in upwards momentum and reinvesting those profits in new opportunities. This suits busy people who trade only part time. Trades are held for weeks or months with a simple objective – to profit from a  rise in price. Unlike investors, the swing trader does not lose sight of this objective.

 

The book is supplemented with many step by step instructions for creating Excel spreadsheets that help the reader to duplicate the stock selection processes discussed by the traders who are interviewed. This is a useful overview of some of the techniques that are successfully applied to better position trading.

 

 

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