Books : Trade What You See: How To Profit from Pattern Recognition (Wiley Trading)
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- Good for Fiboinacci aplications however few patterns used as Recognition TradingShould be used by Advanced Traders...Also if you like to use triangules and Fibonnacci as tolls for trading decisions.
Rating:
- One of the Easiest Technical Trading BooksThis book is one of the easiest reading technical analysis books I've read. The book lays out a fairly simple mechanical system which can be implemented immediately to improve one's bottom line. I've been using the patterns and techniques in this book for a little over a month and it has helped me more than just about any other book out there. I now have a specific plan of action and rules to follow when I enter the market every day.
I would say that the only area lacking in the book is the mental side of the equation. But this isn't a book on the psychology of trading. The psychology of trading is far too important to be covered in a chapter in a book on technical pattern recognition. Those looking for guidance on the psychological side of trading would do well to read books by Dr. Brett Steenbarger, and the first half of Trading Chaos by Dr. Bill Williams.
I would say that reading the first half of Trading Chaos and then Trade What You See could be a real recipe for success for a lot of traders. Every trader has a different perspective and style, and every trader needs to find their own style. These two books fit my style best and I think they could help others as well.
Rating:
- A few good ideas but overrated and very disappointing. I've come to trust the reviews on amazon but i have to say that they are way off the mark for this particular book.
After trading for a few years, i've come to the belief that the simplest chart patterns are the best and you can find just about any pattern on a chart if you squint hard enough.
The authors would point out "ABCD" patterns after they have formed.
Perhaps the book was just poorly written but i just dont see the book helping any beginners and very few experienced traders.
Rating:
- Excellent Stock Trading Guide"Trade What You See" provides an excellent overview for an individual who is interested in trading stock and commodity markets. Many books try and guarantee the perspective trader that the markets will provide you with riches and absurd returns. Instead the authors of this book are very careful to not provide the reader with wild exaggerations of potential market trading profits. The readers are provided with a clear and concise explanation of market patterns and the use of Fibonacci ratios in assisting a trader on when to enter and exit the market. Numerous pattern examples are given where the probability for a positive trade is significantly higher than 50% and how a trader should approach these situations.
"Trade What You See" covers in detail how to reduce the risk of losses through the use and placement of stops while minimizing the risk on any given trade. Throughout the book the writers are very careful to point out the pitfalls of trading and how to avoid large losses. The authors cover in detail a sound money management system and place it as the major key to becoming a successful trader. This is why this book is very well done.
There is no hype, just a pragmatic, objective approach to stock trading. Anyone who trades stocks or commodities needs a copy of this book. The book is very useful not just for "day" traders, but long term investors who want to know when to buy and sell stocks and avoid large losses. Even for a person who trades on fundamentals this book is an important guide.
If you purchase this book and follow the provided money management principles, you will certainly minimize your risk of incurring large losses in the stock market. This is why I found this book superior to other books I have read on stock trading.
Rating:
- Profitable Price Patterns"Trade What You See" is sure to become a classic and included on most 'Recommended Reading' lists for traders and investors. The price patterns work in multiple time frames. Chapter 8, "Retracement Entries and Multiple Time Frames" addresses this important subject well.
The clarity of the patterns, the step by step methodology for trading each pattern, the recommended money management and history of each pattern makes this book very unique and useful. Yes, Larry has presented these patterns in other books, but never with such detailed trading information. New information, such as Chapter 10 'Learning to Trade Trend Days' widens the scope far beyond the profitable trading pattern information.
There is a section at the end of the book addressing trading as a business including checklists of what traders should do before the market opens and after the close.
"Highly recommended," I concur.
(Disclosure: I have been a student of Larry Pesavento and Leslie Jouflas and subscribe to www.tradingliveonline.com. )
