28 of 30 people found the following review helpful:
2.0 out of 5 stars
10 minute book, no revelations, November 29, 2006
This review is from: The TRENDadvisor Guide to Breakthrough Profits: A Proven System for Building Wealth in the Financial Markets (Wiley Trading) (Hardcover)
I'm a day trader and trade stocks, ETF's, and options. I always looking for new ideas to help me screen for "buy candidates." I thought this book might have some new twist on technical indicators. When I opened it up, I was disappointed. I literally read the book, cover to cover in 10 minutes. I went though it quickly because the material was so simple. Basically the theory in the book is as follows: 6 phases of a stock. Recovery Phase (50SMA < 200SMA, Close > 50SMA), Accumulation phase (Close > 50SMA, Close > 200SMA, 50SMA < 200 SMA),etc.... same simple concept for the other four phases. Then for the grand finale,the last chapter "Putting it all together"...drum roll.... Was a review of the previous six chapters.. happy holidays.
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9 of 10 people found the following review helpful:
4.0 out of 5 stars
It Ain't Sexy, But..., May 17, 2006
This review is from: The TRENDadvisor Guide to Breakthrough Profits: A Proven System for Building Wealth in the Financial Markets (Wiley Trading) (Hardcover)
It ain't sexy and, fundamentally, it's not especially new. But it is profitable (see below). The words "neural network," "doji" and "impulse wave" are nowhere to be found. But the words "trend," "accumulation," and "distribution" are (a lot). So what do you want to do? Make money or pretend that those fretful, indecisive, and painful hours staring at the screen are just as much fun. If it's the former and if you're willing to abandon your search for the "next best thing" (you know, the one that's finally going to turn it around for you) and to revisit some time-honored market wisdom presented in a freshly drawn framework, I encourage you to pick up this book.
The title, TRENDadvisor Guide to Breakthrough Profits, succinctly gives away the message inside: the trend is indeed your friend. Why read beyond that? Because Dukas presents this essential market truth, first among equals, as the organizing principle around which he creates an elegantly simple, though no less comprehensive or powerful for being so, model of market behavior. Based on the recurring, and so predictable, patterns of human behavior around issues of risk and money, this model is universal and enduring. Analyzed with a just few indicators, robust in their simplicity, the model spits out clearly defined trade parameters: entry points, protective stop levels and profit targets. Failures are quickly identified. Probabilities are left to unfold. Discretion is unwelcomed and taken at one's peril.
The heart of the model is an understanding of market behavior as a series of six recurring stages, each with a distinct pattern of price activity. These stages continually repeat and form the familiar rising-and-falling cycles of market action (though Dukas has curiously chosen to represent it as a six-segmented diamond). Each stage is given its own chapter in the book. Each one's characteristic price pattern is thoroughly analyzed according to the relative forces of supply and demand being evidenced. Pattern evolution is explained. Finally trading rules, both long and short, where appropriate are suggested. Chart examples are numerous and varied across markets and timeframes.
Basic money management concepts are integrated into the individual discussions of trading each market stage. Along with a brief review of trading plans, money management is also given a cursory chapter of its own. The book ends with a brief review of statistical analyses of the major market indexes and Dow stocks relative to the six stages during the past one, ten and twenty years.
If you are intrigued, as I was, with the power and elegance of a simple concept made comprehensive in its extension, not in more complexity, you might check out Dukas' web site. There, under Performance, he publishes the returns of his system since 2000. They are impressive. Although most of the site is proprietary, from what can be deduced as a non-member these results, for example 36% in the first quarter of this year, are derived from trades setup identically to those he describes in his book.
I'm sure there are those sufficiently enamored of novelty and fond of complication who will remain unconvinced. And some of them are no doubt good and profitable traders; there are many ways to make money in the markets. Some, perhaps, but only a few I think. It is from the others that those who have the discipline to follow a simple plan, grounded in the truths of human behavior, will fatten their wallets.
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8 of 9 people found the following review helpful:
5.0 out of 5 stars
Apparently simple ... yet very powerful ideas, May 29, 2006
This review is from: The TRENDadvisor Guide to Breakthrough Profits: A Proven System for Building Wealth in the Financial Markets (Wiley Trading) (Hardcover)
This is a book that explains that markets move by phases and how markets can be traded depending on the phase they are.
The books starts showing how to setup a template to analyze a stock. This is done by means of some very well known oscillators. This could appear very simple yet the author explains how this setup translates into market phases and how these oscillators behave during each phase.
Taking these concepts into account, the author complements the overall strategy to follow by applying money management rules and even shows examples of how all of this is done.
The book contains many charts and follows a certain rythm. All of this is done in order to achieve the objective of "training the eye" in order to detect how to apply all of this whenever trading for real.
I really like the strategy of simplifying the different scenarios and timeframes that can be found and going step by step in order to decide what to do next.
I have read many trading books. I highly recommend this book for both the novice as well as the advanced trader and I think this one of the best trading books that is that is available.
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