20 of 20 people found the following review helpful:
5.0 out of 5 stars
The simple straight forward approach always seems effective, March 13, 2003
By A Customer
This review is from: How I've Achieved Triple-Digit Returns Daytrading: 4 Hours A Day (Paperback)
I have been trading professionally for about three years now. Most books on trading, particularly day trading get into a very in depth analysis of indicators (mostly lagging ones) and such. In the end, you do more analysis than trading and never make a trade because all "the indicators" have not lined up.
This book was refreshingly different, it was so simply written and walked you through step by step what the thought process is when making a trade that a trader of any level could grasp the concepts. The funny thing is that despite his simple approach, Mr. Floyd's strategies work, and work well. They work execcedingly well in a volatile market.
In short, a great read and wonderful reminder about one of the most important lessons in life, Keep It Simple. It is nice to see veterans of the day trading industry still proving that it is a viable profession.
JJ, Seattle
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33 of 36 people found the following review helpful:
1.0 out of 5 stars
Your BELOW average run of the mill day trading book., June 17, 2003
This review is from: How I've Achieved Triple-Digit Returns Daytrading: 4 Hours A Day (Paperback)
Scalping Glorified with some trendy indicators.
Candle stick charts : opposite from everyone else. BLACK bar is an UP bar (close higher than open) and WHITE bar is a down bar (close lower than the open). Beware of that ! This book uses opposite colors for the bars from everyone else in the world !
Lots of mistakes such as mentioning buy instead of sell (short) (page 33, arbitragers should be SELLING and not buying in that case). The author corrects himself few lines later. S&P tick charts have incorrect values compared to the 1 min S&P chart as its shown. The author should have either corrected the values OR simply drawn the tick charts by hand. Tick charts are only used as illustration purpose for showing breakout/breakdown/consolidation, so numbers were not important anyway.
Dont go by the number of pages in the book. It could have been written in less than 40 pages. Big pages, big font, some pages have simply 1-3 lines such as (See the chart on the next page and look at the XYZ indicator going under/above/turning blah blah blah).
Author has given very less information considering the price of the book ! He doesn't tell anything about 1) source for the quotes (need for S&P futures tick by tick data) 2) direct access broker (how to chose, which ones are there etc etc) 3) his FN numbers (come on for $50 bucks, give some more info about them instead of one line).
The information in this book is nothing new and can be found at various day trading website for FREE ! And I think that information is little better than the one in the book.
The insiders (market makers, professional traders etc) love to feed off trades generated from these methods ! Taking the other side of these trades is their bread and butter.
Less than 0.1% of the traders using these methods religiously can barely breakeven after gazillion trades (slippage, commissions, quote fees $50/month for just S&P futures data , bad fills, missed trades, etc etc).
If author is consistently making 3 digits returns, why sell a book for only [item price]? Why not manage money and make millions in fees !
My advice, dont waste your money on this book.
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6 of 6 people found the following review helpful:
3.0 out of 5 stars
For Hyperactive Traders, November 21, 2003
By A Customer
This review is from: How I've Achieved Triple-Digit Returns Daytrading: 4 Hours A Day (Paperback)
This book tells you to basically trade with the trend using stochastics, s&p futures and moving averages intraday to capture small moves . It does not work all the time and you must monitor the stock closely and be very disciplined with exiting the position when necessary. If you are a hyperactive trader this book can be of some value. Buy it if you can find it for a lower price than $50.
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