Customer Reviews

Stock Patterns for Day Trading II: Advanced Techniques

5 star:		(2)
4 star:		(0)
3 star:		(2)
2 star:		(0)
1 star:		(0)

 

 

This book contains a gold mine of treasures. Each page contains nuggets of ideas that can be mined for trading success in the market. The four main sections of the book are broken up as follows: 1) Primary trading strategies - there is some repeat from Barry's first book, but many additional trading patterns are also covered. 2) Supporting tools & tactics - this covers what to look at in addition to daily charts to help with trading decisions. GOOD STUFF. 3) Real-World trade analysis and money management - Puts the whole trading process & thought patterns that go along with it under a microscope to summarize the analysis a trader must conduct to be successful. 4) The Psychology & Discipline of day trading. Know yourself before you trade! Things to analyze about yourself and know about yourself before you begin to trade.

This book, like Barry's first book, contains no fluff. There are no wasted words. Barry concisely gets to the heart of the points he is making.

I own approximately 10 books on daytrading. After trading approximately 1 year the only two books I go back to to consolidate/refresh/ingrain ideas are Barry's books.

Sorry Barry. The rating system only goes up to 5 stars. I'd give this book a 6 star rating also.

I bot both his books. Vol-1 basically talk about one thing, buy breakout of consolidation at high. I obsvered thousands of stocks over a year and it shows up 2 or 3 times. To avoid human errors, I even use real-time scanning software but still can't find enough candidates to make a living. So I turned to his Vol-2, hoping for some advance techniques.

Don't be fooled by the sheer number of pages. Though numbered double-sided, you can easily find enough sigle-sided and even sigle-worded pages of chapter name, section name, index, table of content, recap, empty tables and notes, etc. As a rule of its kind, margin takes up 1/3 of the space. On a typical page, there are not more than 5 lines of text and 2 or 3 illustrations (not actual charts but something like what's a wide-range-day looks like and 10 of its variations). If you are a pretty lady, the bars can be as big as your fingers.

One thing I appreciated in Vol-1 is the (though unnecessary) massive number of chart examples, not anymore. Instead, you will see a huge daily bar chart printed on a 11x8' page with only 10 bars! Can you imagine how it looks like! And he regularly uses two of these to show a case, one daily and one 5 minutes (sure, he is generous enough to give your more bars on the 5-min ^_^) To worsen that, although the book was published in 99, most of the examples dates back to 96. History repeat itself, but do we have to repeat history?

To speak about the content, 1/3 of Vol-2 talks about opening at the close of a wide-range-day, with the possiblity of going up and down ^_~ 1/3 repeats Vol-1 and the rest, something you should already know if you are planning to buy an expansive daytrading book.

I'm a amature trader and may not be qualified to judge the author's techniques. But I read and tried his first book and not quite satisfied with it, and I opened his second book and hated it.

Reading all the reviews below, I can see the view of both the positive and negatives. The publisher is Traders Press, who are known for their over priced books, huge pages, fonts and often minimal content. This is no exception. There are 200+ pages in this book, but half of the pages are just charts that may take 3 seconds to look over before moving on. I finished reading this book in about an hour with little effort.

I do like Rudd's style, he gets straight to the point with his pattern setups with very simple (sometimes vague) explanations. He uses typical TA that we already know - support, resistance, price targets, open, close, high, gap resistances. Nothing particularly special for an informed trader. I can't say this is a bad book, the price is reasonable compared to a Joe Ross book and a trader may pick up a thing or two that he isn't aware of.

It is difficult to find a good daytrading book that gives you a tremendous amount of chart examples and notes to help you find a good set-up on a 5 minute intraday chart. Most of the other stockmarket books out there give you the same old stuff that you have read many times before.

Barry's style of daytrading you will find is straight forward using price patterns,set-ups, sell-offs, gaps, discussion of the price bar for the more experienced intraday traders. Looking for tradeable daily setups from congestion areas.
If you don't understand the first time go through it several times until you do fully understand the information presented.

This is not a book that cover's stock indicators that most of the rookie trader's use to trade stocks. You can find lots of those kind of books in your local bookstore.