26 of 26 people found the following review helpful:
5.0 out of 5 stars
Great book, not just for beginners, December 15, 2005
This review is from: Short-Term Trading in the New Stock Market (Hardcover)
I read a lot of trading books and have been trading for quite a while. I am always searching for a better book and new ideas. While this book doesn't have any revelations, it does do a wonderful job of reviewing the basics in an easily digestive manner. The author even has some review questions at the end of each chapter to see if you have a good understanding of the material. I particularly like the way the author discusses her stock picks and tells you what she is looking at and her decision process. It helped me ask some different (and better) questions concerning my stock selection before I entered a trade. There are some intermediate level discussions of indicators but very little on system trading (which I am currently researching). All in all an enjoyable book.
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88 of 101 people found the following review helpful:
2.0 out of 5 stars
good beginner guide, but not much more, July 31, 2005
This review is from: Short-Term Trading in the New Stock Market (Hardcover)
This is actually an excellent introduction to short term trading. Everything is well explained and pleasantly written. Day Trading 101. However, it's not really marketed as that, so it gets 2 stars.
If you read this book and much of it is a revelation, you need to spend the next 4-6 months doing research, reading, and paper trading. If you were to start trading based on what's in this book you would lose your shirt.
It's akin to a book on football that explaines the field, how far apart the lines are, where the end zone is, who the players are, what the positions do, what a pass is, the three things that can happen when you pass, etc. It would even have a few basic plays, the "long pass", "student body right", etc. Everything you need to know about football, except how to actually play and win.
Basic, well explained information is what this book has. And if you're just getting into trading it's a worthwhile read. It'll give you a foundation that will help you understand more advanced books like Secrets Of An Underground Trader or Technical Analysis of the Financial Market (Murphy).
But even the lack of advanced technical stuff is not really a strike against Toni's book. The technical books really are just research books for helping you design your own system. They are practically outdated as soon as they come out and even if they're not, it's a dangerous thing to rely on someone else's system. You need to design a system that you can trade and you're comfortable trading. If you can't do this, NO book can help you.
Which leads to the main reason I gave the book 2 stars. Lack of any real discussion of trading psychology. The book you NEED to buy if you're going to trade is Reminiscences Of A Stock Operator. It's 80 years old and explains the mentality of trading as well as any book out there. The Psychology of Risk is another good book. Understanding what it takes to trade and determining if you have that is critical. As is understanding if you can make split second decisions when it's $40K of your own money on the line.
Toni devotes a few pages to it, including a silly 'Psychology quiz' which is probably the same quiz they use in the back of Cosmo to determine whether you're an agressive lover or a passive one.
She also devotes a page at the end of each chapter to 'self-help' tips. It's true that you can't design a system for yourself if you don't know yourself, so these are helpful. At the end of the day tho, they won't explain what it takes mentally to be a trader. Personally, I find Yoga to be a good way to clear my head in the morning and get focused. But it's a means to end. Not the end itself. Such are the self-help tips in the book. If you don't know what you're trying to achieve, they are only so useful.
So if you've read several books on trading you can skip this. There are much more advanced books out there.
If you're new to trading and are looking for a well written book explaining the basics and a bit more, this is worth the money. But it's not a classic or something you'll find yourself referring to as the years go by.
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26 of 27 people found the following review helpful:
5.0 out of 5 stars
Excellent trading book, September 9, 2005
This review is from: Short-Term Trading in the New Stock Market (Hardcover)
I just finished reading Toni's newest book, Short-Term Trading in the New Stock Market. I am happy to report that each chapter has given me helpful advice. I have been trading for five years, and even in the initial chapters, which talk to newer traders, I learned useful points and strategies that I had forgotten, or had not previously known.
Toni teaches trading with a fast-paced writing style and a sense of humor that I appreciate. I particularly liked her chapters on ETFs: their origins, the benefits of trading and hedging with these funds, and where to find them. (She provides a list of the most actively traded.) Her discussion on market internals, meaning futures, TICK, TRIN, put/call ratio and VIX were very helpful to my day trading strategies.
Unlike other trading authors, Toni keeps her ego out of the picture. And, she adds very useful information between chapters on behavioral concept that help keep your trading mindset clear and constructive. All in all, I enjoyed this book very much and have recommended it to my trading friends.
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