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38 of 41 people found the following review helpful:
3.0 out of 5 stars
searching for non-randomness, May 16, 2004
This review is from: How to Take Money from Wall Street: Learn to Profit in Bull and Bear Markets (Paperback)
I always find it amusing when someone publishes a book detailing a specific trading strategy. Why, because although certain behaviors never change in the markets (fear and greed), the market internals are always changing and evolving. What this means is that virtually all trading strategies become useless over time. This is the most recent of Oz's three trading books, and although published in 2002, it was written mid-year 2001. Oz started trading during the Roaring Nineties, and in all of his books he states that his trades are always based on support and resistance levels. Support and resistance levels are self-fulfilling prophecies, in that if a critical mass of enough traders believe in such levels, they will cause these levels to materialize by entering and exiting trades at such levels. This works great in powerful markets when such a critical mass of traders are present. However, the 2000-2002 bear market effectively purged the markets of this critical mass of traders, and hence I no longer see consistently tradable support and resistance levels in the major indexes, and also in individual stocks. Traders are always searching for non-randomness, that is any pattern that repeats itself enough of the time that it can be profitably traded. I have reviewed Oz's system of support and resistance trading, and also his use of scans to find breakouts, reversals and gaps, and have not found them to be viable in today's market. I also note that his website does not appear to have been updated since 2002, which makes me wonder if he is still able to trade profitably using this system. I doubt it. This book is worthwhile as an introduction to using scans to find specific stocks to trade, if one is interested in trading stocks rather than indexes, which are inherently more risky (for example, Oz mentions that he once was long in a stock at 13 when it was halted for trading; it opened several days later at around 5). Also, his practice of seeking a minimum 3 to 1 return on every trade is important, because it allows you to be profitable even when only 50 percent of your trades are successful. I would not, however, pay the inflated price of the book.
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38 of 42 people found the following review helpful:
5.0 out of 5 stars
Well Done, February 3, 2002
By A Customer
This review is from: How to Take Money from Wall Street: Learn to Profit in Bull and Bear Markets (Paperback)
Hi, I am an international student from Japan. So there will be alot of grammer mistakes. sorry for in advance. First, I really like Mr. Tony Oz system because it is really simple. In most of the books which I've ever read (approximately 15 books.) somewhat made me weight on indicators. On the other hand, this book never talks about even an indicator.(besides Moving Averages, Bollinger Bands and Volume.) On this book, he concentrates on Support and Resistance lines, trend lines, and Volume. He also talks about money management in very simple form and his actual setups. I think this book is not for those who have already built thier own trading system and constantly making money in stock market, but I strongly recommend this books for beginners who want to build fundamental just like me. And I wish I had read this book before 15 books I bought.
I could have skip 5 , 10 or even 14 books. (I would still want to read "the Master Swing Trader" by Mr Alan S Farley) Forgot to mention, his strategy is a swing trading method holding stocks for a day to weeks. Thank you for viewing my review. NORI
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20 of 21 people found the following review helpful:
4.0 out of 5 stars
Best book by this author, March 20, 2002
This review is from: How to Take Money from Wall Street: Learn to Profit in Bull and Bear Markets (Paperback)
This is the best of the three Tony Oz books. I own all three. I have read this book twice and referred to it numerous other times. It covers the material in his first book, Stock Trading Wizard, but has updated the material more in tune to the current market conditions. For example, in his first book he recommends stocks based on RSI (relative strength), but seems to have backed off of this approach. His approach now is based on support and resistance. And who could argue? He really does a good job reinforcing the importance of finding support and resistance levels. He also does a nice job talking about the mental part of trading. The author seems to have outstanding self-discipline when it comes to taking losses and setting stops, and this attitude becomes contagious throughout the book. There are a couple of things I would've liked to see. The first is the formulas for the calculator he refers to throughout the book. It is suggested that readers download the calculator and use it, but I want to see how it calculates what it does before I will just blindly trust it. Secondly, 30% of the book is spent on realtime stock scan formulas for which the formulas can't be published "due to copyright restrictions". He says to refer to his earlier book for the formulas. I went to his second book, which says to refer to the first book. Finally, the formulas are there in the first book. But not all of them. I was lucky that I own his other books. People who do not own his other books and are interested in his formulas will not be so lucky. All in all, I have to give a strong recommendation to this book. It is well worth the money, and absolutely essential if you are a Tony Oz believer.
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