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Readers reviews of The Next Step To Share Trading Success
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Trading the market starts as a simple task, but as traders become more experienced they tend to explore more complex solutions that fit their particular needs. In his first book, The Business Of Share Trading, Wilson illustrated how he applied basic trend analysis and trading concepts to build a disciplined, planned approach to trading the market. His focus was on trading as a business and the book covered the necessary steps and attitudes required for success. In some ways, this was a generic book. Any trader could use the information as a starting point.

 

 The market is too broad to be traded with a single tool or combination of tools. Inevitably the trader must specialise, either in a particular type of market, segment of a market, or with a  particular range of trading techniques. Ultimately this may mean we trade only Australian stocks that are in strong trends with a preference for those classed as midcaps. This is market specialisation. Our preferred personal trading opportunities are the types of trades we feel comfortable with in this market segment. Our trading might be based almost exclusively in Darvas trend trading, so our focus is on the use of indicators that support and improve this approach.

 

The Next Step to Share Trading Success is a broadly ranging specialist book. It covers specific trading techniques in detail. It is the combination of indicators and the application in particular ways of those indicators that defines individual trading style. Like many successful traders, Wilson does not limit his trading preferences to just a single set of conditions. The novice is encouraged to master one set of trading conditions before expanding his repertoire of techniques. This book  shows one of the ways this expansion can be achieved.

 

Wilson covers his favourite trading strategies. They include pattern based trading, reversal set ups and using the ADX . The development work he has done with the use of parabolic trend trading is interesting. These are specific trading techniques applied to specific  types of opportunities. They are not core trading that provide the bulk of trading income. They are specialist techniques applied when the opportunity presents itself. They are part of the successful trader’s repertoire.

 

He has a particular preference for strong stocks within strong sectors and his work on Relative Strength Comparison analysis is excellent. He includes all the necessary Metastock formula information for traders who want to duplicate his work in this area. Stocks located using this analysis go on a watch list. He shows how these stocks are further analysed for compatibility with one of the range of trading techniques he prefers to use. Techniques include Darvas trend trading. As with the other  sections in the book, he explains the indicator, its construction,  and the trading techniques. Then he shows how he has applied it in some of his personal trades.

 

Readers will also find several techniques for reversal trading. This includes effective use of Bollinger bands and MFI analysis. He discusses the application of a combination of several indicators before showing how they are brought together for use in his own breakout system.

 

This is not just a collection of preferred personal indicators. The book highlights the way indicators are combined to develop successful trading strategies for specific trading opportunities. The successful trader has a small arsenal of technique combinations that he selects from when confronted with a trading opportunity. The novice believes there is a  single system that will allow him to trade all, or most listed stocks. The successful trader knows there are many different systems or techniques which, when applied appropriately, will deliver consistent results in a  variety of trading situations.

 

This book is an excellent guide to how these indicator solutions are developed, assessed and applied.

 

 

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