Readers reviews of
How To Take Money From Wall Street
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other market trading books, this book starts with money management. This is
the most important ingredient of trading success and it is good to see it
given the prominence it deserves. It is the core essential for trading in any
provides a good coverage of the basics of technical analysis, and particularly
the concepts of support and resistance which are an integral part of his
approach. Classic chart patterns also play an important part. The mechanics of
the trading approach used by Oz is well covered.
What is just as
important is the way he discusses the external factors which contribute to our
trading success. This is the mindset, and it starts with the idea that
protecting capital is the first step to making money. As an experienced trader
I found myself marking many passages that reinforced the lessons I had learnt.
For new traders this is perhaps the most important sections of the book. Oz
looks at the way he developed as a trader, identifies the factors which held
him back, and shows how he overcome these. New traders may be surprised that
this has little to do with improved techniques, or better technical analysis,
or more powerful software. The solution for success lies in how we handle the
trading decisions we make.
The strength of
this book is its practical nature. This is a book written by a trader, and it
shows. Here we have the opportunity to see how the theory is modified by
reality. By learning how others approach the task of trading, we can improve
our own trading.
The second part
of the book provides an outline of various short term trading techniques based
on news, watch lists, real time scans, and a range of specialist set up
patterns. There is plenty of material here to form the basis of further
research in the Australian market.
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