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Street Smarts: High Probability Short-Term Trading Strategies 1st Edition

54 customer reviews
ISBN-13: 978-0965046107
ISBN-10: 0965046109
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Editorial Reviews

Review

* * * * (out of 4 stars) ... excellent!, Commodity Traders Consumer Report, March 1996 -- Commodity Traders Consumer Report, March 1996
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Product Details

  • Hardcover: 238 pages
  • Publisher: M. Gordon Publishing Group; 1 edition (January 1, 1996)
  • Language: English
  • ISBN-10: 0965046109
  • ISBN-13: 978-0965046107
  • Product Dimensions: 11.3 x 8.7 x 0.8 inches
  • Shipping Weight: 1.8 pounds (View shipping rates and policies)
  • Average Customer Review: 3.5 out of 5 stars  See all reviews (54 customer reviews)
  • Amazon Best Sellers Rank: #154,476 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

91 of 94 people found the following review helpful By A Customer on August 8, 1999
Format: Hardcover
Street Smarts is one of the better trading books out there. However, as another reviewer rightly bemoans, the explanations are too short. The main problem with a lot of these patterns is that most require a heavy amount of filtering. The Turtle Soup strategy will kill you in a trending market, it needs filtering even in non-trending markets. It seems to have some promise in a high ADX environment only when used as a continuation signal and not a reversal. I tried it on the 5 minute S&P's. Trust me, I had to do a lot to make this pattern work. So much that I discarded the idea of using it. Also beware, some time frames are very bad for the anti technique. I know this is not how it is supposed to work, but from what I have seen there are certain intraday timeframes in the S&P which are just horrible for technical indicators. Play around, you'll see. The range contraction patterns have promise, however the authors neglect to tell you that most should be traded in the direction of the trend. I like the statistical studies in the back of the book. LBR is not a mechanical trader, she has mechanical patterns but she decides when to implement them. Do not trade these patterns mechanically unless you want to get ripped to shreds. Hence I refer back to what I have said from the start, the patterns in this book need much filtering!
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179 of 193 people found the following review helpful By A Customer on August 24, 2003
Format: Hardcover
This ridiculously expensive book (booklet?), mostly outdated and primitive-looking charts with oversized text and plenty of useless appendices to fill more pages contains a collection of multi-day (aka "swing" trading) entry and exit recipes that are claimed by the authors to work well not only with futures --as most charts in the book are from futures-- but intraday and with stocks. You can find formulaic trading recipes and advice like this here and there and in other books without having to pay [item price]. When you learn how to trade, you will find that no one needs any magical recipes to go in or out of trades and that in the end anything works as well as anything else if you know how to do it appropriately. But if they told you this, you wouldn't buy the book. Each chapter contains a small description of a trading recipe and a set of ilustrations of the recipe, each one filling a whole page with three sentences and a chart that looks like it was taken from a snapshot of a computer screen in the early 1980's. Then, at the end of the charts sections, there are a few comments in dialog form.
Linda Raschke's comments on some of the magic formulas are more interesting and more believable than Connors'. She claims to be a daily scalper in the futures markets. Some of the materials in her old Web site were interesting too, though she seems to be spending a lot of time working the trading fair educational circuit. Is she making a great deal of money trading all of these finger-counting strategies, entering after 20 bars here and there and puting a stop just above yesterday's high when the ADX is under 20% and the S&P are in an inside day combining historical volatility with Tony Crabel's NR7, etc, etc, or does she need to supplement her income teaching seminars for $1500 an evening?
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118 of 126 people found the following review helpful By T. Villarubia on February 25, 2000
Format: Hardcover
First of all let me state that you must already have a certain concept of trading and trading terminology to benefit from this book. You must also understand and believe the importance of chart reading as a trader to fully understand what the authors are saying. I believe some of the negativity written about this books is because the readers didnt understand trading concepts as applied to chart reading or disregard chart reading altogether as a valid tool to trading.
With this said, I have to say that the book was beneficial for me as a short term trader. It helped me find patterns that I would've otherwise overlooked before reading this book. Let me also add that the turtle soup and turtle soup plus one does not really apply 100%, per say, to the fast momentum stocks I screen for. However, reading those strategies helped fine tune my entry and exit strategies when I enter a trade. It did so by helping me look for intraday swings and the probabilities of possible price action for next day trading based on what happened to the price at the close. If anything, the book helped me alot because it opened my mind to other trading possibilities and thus form ideas for myself.
Like another reader said, the authors are not mechanical traders. Thus these patterns and strategies should not be taken mechanically. Instead one should trade cautiously using discretionary stops. The book will only teach you about patterns in the market that have a high probable outcome. It's up to the individual to trade the patterns and use protective stops in the case the anticipated move goes wrong.
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73 of 78 people found the following review helpful By Beau F. Penaranda on July 19, 2002
Format: Hardcover Verified Purchase
I read the book and basically confirmed some of the patterns that I've been trading for years. Everyone has it's own name for the setups, but regardless of the name, the patterns describe in the book, do work!
Everyone has their own twist to these patterns. I notice one reviewer had mentioned that he profited on the exact opposite strategy that the book had described. Selling new lows and buying new highs. Personally I think this is more dangerous than the strategy in the book(Buying new lows and Selling new highs). That is what swing trading is about. I do the same exact strategy as they mention in the book, and make money from it frequently. But I am also aware of the fact, that new lows/highs are set for strong fundamental reasons, so instead of using regular stops, I use Stop and Reversal(SAR)type orders. These order give me the best of both worlds. If my estimate is correct, I get an early fill as the market decelerates in one direction and accelerates in the opposite. If the trend continues, my SAR order gets me out, and fills me in the direction of the momentum. Price, Momentum, Time and Volatiliy and how you react to them, is the key to swing trading.
It's not set in stone that these patterns work everytime, but as the title mentions, it's the probabilities of the markets reaction when these patterns form. Like any other method in trading, nothing works everytime, but as years go by, you find out what works best for your trading style and what doesn't. This book didn't teach me anything that I already have found out through experience, but for traders interested in swing trading, it's a fantastic starter book and worth the investment if purchased. It excerises the mind's of traders on how to anticipate the market, thereby always thinking one step ahead of it.
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