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Rule the Freakin' Markets: How to Profit in Any Market, Bull or Bear Hardcover – March 21, 2002

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Product Details

  • Hardcover: 256 pages
  • Publisher: St. Martin's Press; First Edition edition (March 21, 2002)
  • Language: English
  • ISBN-10: 0312282567
  • ISBN-13: 978-0312282561
  • Product Dimensions: 9.1 x 6.8 x 0.9 inches
  • Shipping Weight: 1.2 pounds
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (109 customer reviews)
  • Amazon Best Sellers Rank: #528,878 in Books (See Top 100 in Books)

Editorial Reviews Review

Those who can ignore the rather garish cover on this book will find a solid, straightforward guide to making winning trades in even the most bearish of markets. The author, who millions of insomniacs know through his middle-of-the-night infomercials, writes with a highly personal voice that some may find a bit grating, but his rags-to-riches story is compelling and needs to be told.

In a nutshell, Michael Parness went from living on a park bench in Brooklyn to a summa cum laude degree from Hunter College in New York City to founding a successful sports memorabilia company. After making $150,000 in that business, he followed his broker's advice in 1998 and ended up losing virtually his entire nest egg. Since then, he has invested carefully after studying media reports and understanding "market psychology." Now a broker-averse multimillionaire, he shares with readers a number of strategies that have worked for him in both bull and bear markets.

Augmented with exercises that truly help readers determine their own level of risk aversion, this guide shows online traders and, particularly, investment clubs exactly how market psychology drives daily and cyclical market moves. As Parness says, "I'm not mechanical, and I'm not good at figuring out technical stuff like computers or plumbing or chain saws, but I can figure out how things measure up in terms of probability. And probability is what trading is all about."

A few too many ka-chingos and wowsas mar an otherwise informed writing style, but nevertheless the book offers some excellent insight into how the market actually works, and how one can make money using that insight. Those looking for a serious study of economic trends and forecasts may want to look elsewhere, but readers interested in a breezy, anecdotal read about market bubbles and bursts will be entertained and more than likely enlightened. --Charles Decker

From Library Journal

An erstwhile playwright/screenwriter who became a multimillionaire through online trading, Parness provides a Gen-X view of the stock market. His loss of working capital owing to "expert" help and his success in doing it on his own temper his views. In truth, Parness covers little new territory this is Investing 101. Leslie Masonson (Day Trading on the Edge, LJ 1/15/01), who outlines the pros and cons of day trading, goes several steps beyond Parness. While Parness does make a number of well-founded recommendations, explaining that investors must learn from loss and understand the cyclical nature of the market, he offers little beyond the "Motley Fool" newspaper columns (and web site) by Tom and David Gardner. Libraries with other recent investment guides can readily do without this book. Not recommended. Steven Silkunas, Southeastern Pennsylvania Transportation Authority, Philadelphia

Copyright 2002 Cahners Business Information, Inc.

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Customer Reviews

Do yourself a favor and don't waste your money on this guy's products.
In this introductory book on trading, the author effectively communicates the fundamentals of the stock market in a way that anybody can understand.
If you are serious about making money in the stock MUST get this book.
James L Padrino

Most Helpful Customer Reviews

53 of 54 people found the following review helpful By Andrew Kasch on April 22, 2006
Format: Hardcover Verified Purchase
I like the guy. I enjoy watching his infomercials, and the book is entertaining. His writing style is refreshingly down-to-earth, humorous, and somewhat motivational.

I want to point out that this is NOT a book on daytrading, it is on swing-trading. The only mention of any intraday trading is "fading the morning gaps" which is only passingly mentioned in the book, not even really described. Years ago I saw on his infomercial where he was asked if his material was about daytrading and his reply was a firm "No! Too risky!" Judging by the column in Kiplingers a couple months ago it would seem he has changed that stance, as that writer had participated in his service that advises fading the morning gaps.

For years he has sung his mantra of "Trend trading." It's a branding thing he is doing, inventing the term and associating it with himself. Good marketing, no doubt. But he uses the term "Trend" in a different way than everybody else in the trading world. To him it means the trend of a certain perceived catalyst that is expected to move a stock's price rather than the actual price movement of the stock. For example, stocks that are expected to have a positive earnings announcement have a "trend" of upward movement the weeks prior to the announcement.

The first issue I have with the book is a minor one and has been pointed out by other reviewers: The "trends" he speaks of just don't work. Maybe they did at one time, as David Nassar has written about trading earnings whisper numbers in the past as well. But they don't work now. Let's review:

*FADING THE MORNING GAPS - As an active daytrader I heavily advise against this. If you are going to trade the opening minutes on volatile issues you are going to get seriously chopped up.
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147 of 160 people found the following review helpful By a professional trader on November 8, 2002
Format: Hardcover
The author's claim he turned $33,000 into 7 million in 15 months is extraordinarily unlikely, and extraordinary claims require extraordinary proof. However, you will not find any trade confirmations or affidavits from accountants in his book. In fact, he does not even detail one single trade he has ever made. One might wonder why someone who is supposedly so proficient at trading needs to write books, run a trading website, hawk videos, infomercials, etc. His book also contains numerous errors that make me wonder if he has ever traded at all. For example, he doesn't appear to understand the details of the new SEC day-trading rules, particularly the increased margin available under these rules to intraday traders. He states that Datek (now merged with Ameritrade) is not a direct-access broker (false). In fact, Datek at one time owned a chunk of the Island ECN, the ECN used almost exclusively by all sophisticated traders.
If the author did manage to achieve the gains he claims, it would have been during the very end of the biggest bull market in history, a speculative bubble that will probably never repeat itself in our lifetimes. Many of the "trends" which are the basis of his trading strategy no longer exist. For example, IPO and stock-split plays. In this current market, how many IPOs or stock splits have you heard of recently? Although the book discusses many solid trading rules such as always using stops on every trade, these rules can be found in a thousand other books on trading.
The most important part of trading, the mental and psychological barriers that need to be overcome in order to be successful are really not discussed at all, or are simply assumed. Ultimately, the book is irresponsible because it does not ever disclose how difficult it is to succeed at trading.
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38 of 39 people found the following review helpful By fred petersen on April 29, 2002
Format: Hardcover
Use this book to avoid making mistakes typical of so many investors.I enjoyed the exercises on how to trade, when to short stocks and why.The author shows that it doesn't matter what the market does, you can still make money if you know what to do. This book shows you the how.I also recommend Red Light, Green Light as a excellent study and how to read the markets and play market trends that are predictible.
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34 of 35 people found the following review helpful By Zossima on September 6, 2003
Format: Hardcover
I CHALLENGE ANYONE TO DEVELOP A PROFITABLE TRADING STRATEGY FROM THIS BOOK ALONE. YOU CAN'T. Parness' story is real and compelling, and he believes that it could be yours, too. You could go from $30,000 to $7 million in 18 months, like he did. But you won't with his book because he doesn't tell you how. He plants ideas in our heads, then leaves us hanging on the details of implementation. I SUSPECT THIS BOOK IS MOSTLY AN ADVERTISEMENT FOR HIS WEBSITE AND THE SERVICES HE SELLS ON IT.
This book has a lot of great ideas about how to take advantage of short-term trends in individual stocks. Parness talks about how to use news, expected earnings, stock splits, etc., to capitalize on predictable behavior in stocks. His examples are tantalizing, though he only uses made-up, idealized examples. But he doesn't tell you rules for determining if a stock that is going to split is actually going to rise in price. He tells you how to take advantage of price pullbacks for better entry prices, but he doesn't tell you how to tell if a pullback is a pullback or a reversal.
This writing might be most irresponsible when it comes to talking about options. Options are powerful tools, but a person can lose his shirt, mostly because of the loss of time value in the option. People who get excited about the idea of options and begin trading without really studying and learning the discipline that goes into options trading are fodder for the experts.
That all said, the book is an entertaining read. He does throw out some good ideas. Just be sure to follow them up by reading other experts.
The bottom line is that if you want to take these ideas and run, you would be best advised to do a lot of paper trading to flesh out a detailed and disciplined system. Otherwise, you risk approaching the market as a gambler rather than an intelligent risk-taker--even Parness admits the latter is better.
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