The Trading Book: A Complete Solution to Mastering Technical Systems and Trading Psychology (Anglais) Relié – 1 août 2011
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Description du produit
Biographie de l'auteur
Anne-Marie Baiynd is president and CEO of TheTradingBook.com. A former neuroscience researcher and corporate recruiting executive, she currently runs a mentorship program, speaks to trading firms, trains proprietary traders, and manages client trading accounts.
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Commentaires client les plus utiles sur Amazon.com
If you are at all interested in day trading, this is a great book to read to gain an understanding of what is required to become a successful trader. Those who do not understand the work involved in the constant, and consistent, study of the markets and the charts are those who will just as easily lose the potentially large amount of money they thought was, hey, so easy to make. It's no easy endeavor, but it does reward those who put in the work learning and applying the system that works for them. Ms. Baiynd's is one such system.
Even though the trading system I use differs a bit from the author's (I use something other than Fibs to determine potential scale backs of positions and exits, as well as continuation - and I swing trade instead of day trade), I still found this book to be very helpful, particularly in the chapters pertaining to the psychological/emotional side of trading. Ms. Baiynd has a way of very concisely writing about that most crucial aspect of trading that is very impactful and stays in your mind long after you've read it. She has been able to state in a few very effective chapters what others have strung out in very lengthy, tedious (and expensive) books. That alone is worth the price of this book, in my opinion.
The main thing is that this is not a book for raw beginners. Those who are approaching chart trading and technical analysis for the first time are not going to get all of the instructions they need to get started. But this book will be very helpful to those who have a basic knowledge of charts as well as those who are struggling to find a day trading system that works.
Some of Ms. Baiynd's approach, though she is a day trader, is definitely applicable to the swing trader. It's all relative to the time frames of the charts you use, so applying her method to a larger time frame seems very workable.
So why not 5 stars?
As much as I enjoyed this book and applaud the usability of it and good sense in it, I wish Ms Baiynd had included more information about how she chooses strike prices. She alludes to them in a couple of examples that are too specific to be generally applied, but unlike the rules she lays out for the use of her chosen indicators, there are none for determining strike prices - when to buy in, out (and how far in or out) or at the money and when. In a book called "The Trading Book," I think a chapter on which options to buy, or sell, would be a given. You can have everything right in a trade entry and exit, but you really need to know how to determine which strike price to buy to get the most out of the trade.
Other than that, this is one of the most accessible and sensible books I have ever read on trading. My other favorite is Brian Shannon's Technical Analysis Through Multiple Timeframes, which is not only one of the most important trading books for me personally, but is, not surprisingly, also one of Ms. Baiynd's favorite, informing the foundation of her excellent system.
Others have made the same critiques of the illustrations. They are too small and cramped on the Kindle. I did discover a trick to get them on the same page as the text most of the time. Click the link to the image and then, when it appears, go back one swipe (page). This will put them on the same page. Good luck!
The strategy the author describes is an assortment of momentum, market psychology, and technical analysis. That happens to be what works for me in the markets so this book makes sense and I am learning some new tricks. Overall, I am happy with the book.