Despite the proliferation of computer indicators, the professional trader recognizes that success in trading still depends on a person's ability to read, anticipate and react to market movement. But how do you define something that can change more often then the weather? The answer is to use the geometry of the market itself. Channel Surfing presents one of the most definitive methods for establishing the geometry of any market, enabling a person to exploit the bias between buyers and sellers. Price rarely moves in a straight line and so channels provide the ultimate momentum indicator, outperforming many of the most popular indicators in use today. The beauty of it is that it doesn't require you to suffer through large draw downs in order to realize a profit. In fact, it is so effective that it is probably the very best approach for beginning traders and those with very little capital. So just imagine what an experienced and well-funded trader can do with it! As you read this book you can expect to discover and learn:The basic concepts of Channel Surfing, presented in a way that is easy to understand and easy to apply. Why channels are a natural phenomenon and how to take full advantage of this. How to take the basic concepts of Channel Surfing and catapult it into an even more powerful method of trading using advanced techniques. Additional methods of reading the geometry of the market that add to your success. For both novice and professional traders alike Channel Surfing provides a solid foundation for understanding the language of the markets. It is an exceptionally powerful technique that has the ability to adapt to the personal trading style of the individual trader and dramatically improve their success.
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About the Author
Michael J. Parsons started trading in 1987 and following a series of losses embarked on a journey of research that has led to the development of several trading techniques based on a unique approach. By utilizing aspects of wave science he first developed what would later be called Reversal Magic, a time based method for predicting reversals. The accuracy and success of this method was astounding, but even astounding methods need some form of money management, resulting in the birth of Channel Surfing. He has continued to develop an emerging science of technical analysis with a price targeting method called Balance Magic. Today he continues to write about and research new methods of trading and maintains a web site at www.tradingcafe.com. Additional information on the various publications he has written can be seen at www.reversalmagic.com.
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Most Helpful Customer Reviews
37 of 40 people found the following review helpful:
3.0 out of 5 stars
Too much trading going on,
Amazon Verified Purchase(What's this?)
This review is from: Channel Surfing: Riding the Waves of Channels to Profitable Trading (Paperback)
This book has some excellent information in it, and I would not hesitate to recommend it for intermediate-level traders. With one caveat: It ultimately encourages you to trade everything that moves.
The channels soon turn into webs, and as we know, the nature of a web is that everything ends up connected to everything else. If you connect every high and every low in sight, price is sure to bounce off something. Unfortunately, you won't know what, where, or when until after the fact. If you try to prognosticate, you'll end up over-trading, and best case, nibbled to death by commissions or spreads, and tight stops. I've been trading full-time for 6 years now. I've tried a lot of strategies. The best all-time performer by far is to trade with an obvious trend until it reverses enough to break the pattern or starts drifting sideways. I use trend lines, support and resistance, and simple channels. With the addition of money management, that's it and that's all. It's been my experience that when you try to get too fancy, you shoot yourself in the foot.
17 of 18 people found the following review helpful:
5.0 out of 5 stars
Reading trends and price ranges on charts for profit,
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This review is from: Channel Surfing: Riding the Waves of Channels to Profitable Trading (Paperback)
This book is among the best you will find on trading. It is based on pure technical charting, no fundamentals here. The author shows how to draw correct channel lines on charts of any time frame. The principles of the book is to make trading decisions based on the inside and outside channel lines. In an up trending market you buy on pull backs to the lower channel line and sell when the stock/commodity breaks the upper channel line. In down trending markets you short the stock/commodity when it is at the upper channel line and cover the short when it breaks the lower line. This is the best way to trade 90% of the time, it works! This is how I traded for years not with the charts, just buying and selling on pullbacks from 2003 to 2007 it worked beautifully during the bull market. The author also shows that when break outs occur in either direction the usually come back to touch the old channel line they broke out of one last time, with that line usually providing support or resistance in the future which is the place to buy breakouts. The book suggests only taking trades with a high probability of success with limited downside. The book does encourage stop losses when you are wrong. I really like that the author explained that trading ranges are usually not based on price but channel lines where stocks pull back to a lower channel line not a particular price. Many traders are waiting on a specific price to be met while a stock is making higher lows and does not give a lower entry price while the trend continues. The book shows how to really understand the trends and price channels on charts, truly a simple method to profiting in any market. It really enables readers to make sense out of price action. I highly recommend this book for all traders in all time frames. I really wish this would have been the first trading/investing book I read and not the 120th. It would have saved me a lot of time and money.
32 of 40 people found the following review helpful:
5.0 out of 5 stars
An Absolute Must-Buy for Any Trader,
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This review is from: Channel Surfing: Riding the Waves of Channels to Profitable Trading (Paperback)
As a former floor trader and member of a major US trading exchange, I have seen a lot of trading books, courses, and gurus with crazy ideas. Very few of them work and make you money. And some of them only work for a while before market conditions change, and their approach stops working. Other ideas are too complicated to follow, with many rules and exceptions. Or you have to watch the markets all day as a day-trader. But this is definitely not the case with "Channel Surfing."
I have over 100 trading books in my library, and this ranks as one of my top 3. Any trader can follow the author's trading approach and have very high odds for success. I strongly recommend that every trader get this book, whether you are a beginner or a professional. This book is also great for anyone who just simply wants to know what to do with their investments in their IRA, 401K, or mutual fund. It's so easy to "see the trees but miss the forest" when trying to trade the markets. It's hard to know whether you should get in or out of a position in the market. With this book, the author helps you to clearly and confidently see the market the way it should be seen. You see where the likely trend is for the future in almost any market. I did not observe any "curve-fitting" or phony charts in the book, just dozens of real-world examples that will convince any open-minded skeptic. And the principles in this book are timeless - they will always work. This book is a great bargain for the price and a must-buy. You will not be disappointed.
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Inside This Book
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Key Phrases - Statistically Improbable Phrases (SIPs):
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floor trader, inside channel line, outside channel line, major price levels, rebound entry, using multiple time frames, trend angles, conservative entry, lower channel line, average price difference, new center line, higher time frame, upper channel line, breakout entries, breakout trades, trend entry, channel lines, price zones, false breakouts, low risk entry, prior trend, sideways pattern, larger channel, consolidation pattern, market bias Key Phrases - Capitalized Phrases (CAPs): (learn more)
Channel Surfing, British Pound, Patrick Henry Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
floor trader, inside channel line, outside channel line, major price levels, rebound entry, using multiple time frames, trend angles, conservative entry, lower channel line, average price difference, new center line, higher time frame, upper channel line, breakout entries, breakout trades, trend entry, channel lines, price zones, false breakouts, low risk entry, prior trend, sideways pattern, larger channel, consolidation pattern, market bias Key Phrases - Capitalized Phrases (CAPs): (learn more)
Channel Surfing, British Pound, Patrick Henry Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
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