Tools and Tactics for the Master DayTrader: Battle-Tested Techniques for Day, Swing, and Position Traders (英語) ハードカバー – 2000/6/29
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Over 30,000 online investors daily flock to pristine.com, the top-rated Website run by day trading legends Oliver Velez and Greg Capra, for up-to-the-minute strategies and market commentaries. In Tools and Tactics for the Master Day Trader, Velez and Capra revisit and completely update over 100 of their daily commentaries from the past four years, with new material explaining what worked, what didn't, and why.
This no-nonsense, easy read, meant to be referenced by traders every trading day, covers everything from potent trading strategies to intuitive insights on psychology and discipline. Proving once again that the best teacher is experience, Tools and Tactics for the Master Day Trader will help any trader log on with the technical skills, market knowledge, and confidence they need to capture more winning trades, and reap new profits.
Oliver Velez and Greg Capra are co-founders of Pristine Capital Management, Inc., and Pristine.com. They are among the electronic trading industry's most sought-after speakers.
True if you google OV he does not have a very good reputation but so what. Don't think I would do business with him, but I am reading his book to see if I can learn something.
I have read many trading books to get ideas so as to sharpen my edge understanding I have to put the pieces together. I really did not notice the Pristine sales pitches because I expect to be sold more stuff and I skip over them. As I said I am looking for ideas to sharpen my edge. Nothing more.
I did use some of the techniques day trading and they are working quite well but I adapted them according to what I already know. I have 30 days to assess this book and I can always return it. No harm there.
As I said OV does not have a very good reputation but I am so seasoned in all these trading services wanting to sell me something that I am not at all offended. That is how these people make money. I also realize that if these techniques worked so well, they would be doing it all the time instead of teaching. Do you see Warren Buffett teaching? He is too busy making billions. I also realize that in these books there is always an idea that strikes me that I incorporate in my trading.
That is all I expected to get out of this. Some ideas no more. Those who trash this book are simply not being realistic. It is an amalgam of ideas that you have to sift through and see if there is value. What trading service is not like this. In my experience they are all like this.
As usual the Fundamental Traders appear to be jealous because Technical Traders can make decisions without believing the predictions beyond a grain of salt. Yes, I will watch and listen to the Fundamental investment news shows but I check it against my Technical Analysis and my personal stock research process; something you Fundamentals cannot do apart from financial reports.
Jim Crammer stated that Bear Sterns was healthy, stable, bla bla bla. The charts were stating other wise. Technical traders got out; Fundamental traders cried tears all the way from the bank. Why? Crammer told you that Bear Stern fundamentals were sound. Jim Crammer lied and the charts, data, and trends did not.
I have purchased a cross section of books (4ea) written by Fundamental traders to hear the other side of the line. It is amazing how the Fundamental Traders spend almost 1/2 of a book bashing technical trading. Fundamental trading is dying everyday. Technical trading has exploded as a direct relationship of the speed and proficiency of the Information Technology age, the processing power of the PC, and the Internet. In my opinion, it is foolish and ill advisable for any investor to be still using the system of Fundamental trading. Information and decision making is to fast, precise, and in a constant state of change. Fundamental trading relies on long gradual stable growth in the market. That is no longer possible because of global competition, global government and economic instability; and the overwhelming amount of untruthfulness and financial book-cooking in the world today.
What makes this book great IMO is the amount of actionable and verifiable guidance it contains. All it takes to see what Velez and Capra are saying is watching the charts unfold. Their buy and sell setups show up on a regular basis, too many and too often for every one to be traded. Their explanation of the market's cycle stages is crystal clear and knowing where a stock is and therefore which way it's headed next becomes much more simple. And their criteria for uptrends downtrends and sideways trends combined with stages allows me to position myself correctly much more often, and combined with the information on nesting time frames is very valuable.
There is much more that I haven't even mentioned, advice on best attitudes toward trading, best mindset, understanding market internals, etc. But what seems most important to me, at least at this point in my development as a trader, is the clear belief Velez and Capra hold that it is possible to become one of the small percentage of traders who are successful, and they want this to happen. Far too many books on trading convey a different message, one that tells the reader in a vague way how the author might approach the market but never a plan to become truly successful at trading.