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Trade Like an O'Neil Disciple: How We Made 18,000% in the Stock Market Hardcover – August 23, 2010

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Product Details

  • Hardcover: 384 pages
  • Publisher: Wiley; 1 edition (August 23, 2010)
  • Language: English
  • ISBN-10: 0470616539
  • ISBN-13: 978-0470616536
  • Product Dimensions: 6.4 x 1.3 x 9.3 inches
  • Shipping Weight: 1.4 pounds (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (93 customer reviews)
  • Amazon Best Sellers Rank: #70,575 in Books (See Top 100 in Books)

Editorial Reviews

From the Inside Flap

How is it that so many traders and investors lose money in the market, while others—like authors Gil Morales and Chris Kacher—have shown the ability to earn huge returns on investment? As Bill O'Neil himself says, "Human nature being what it is, 90% of the people in the stock market—professionals and amateurs alike—simply haven't done enough homework." Trade Like an O'Neil Disciple: How We Made 18,000% in the Stock Market is your homework. And if you invest in the market, you can expect that there will be a test involving your own money.

The result of years of observation and the subsequent application of the commonsense rules learned, Trade Like an O'Neil Disciple details the small realities that make up the stock market, including:

  • The importance of a 6–7% automatic stop-loss policy on stock purchases

  • Sit tight and be right, or "take your profits slowly"

  • The value of psychological capital, and how mastering your own psychology allows you to operate from a position of strength

  • Position concentration, and how diversification—"kissing all the babies"—is unnecessary

  • How timing the market is possible and necessary, despite claims to the contrary by those who can't

  • Mistakes novices or lazy investors make, such as averaging down or purchasing only cheap stocks

  • How O'Neil applied historical precedent to box theory to come up with consolidation patterns ("bases"), such as: ascending; cup-with-handle; double-bottom; square box; flat base; and high, tight flag

  • Using early buy points in the form of "pocket pivots" to gain an advantage in difficult market environments

  • Using gap ups as buy points to jump on board of some of the most powerful stocks

  • The finer points of O'Neil-style short-selling techniques

It took years to identify, analyze, catalog, and verify the characteristics of winning stocks for O'Neil to finally perfect his system. Authors Gil Morales and Chris Kacher save you the time and—if you're an investor, money—by bringing together in one comprehensive guide, the commonsense investment philosophies that allow them and you to Trade Like an O'Neil Disciple.

From the Back Cover

"In these historically difficult markets where quantitative easing and forced selling are the norm, Gil Morales and Chris Kacher show how to apply, with incredible success, their unique investment tools and methods in an increasingly volatile trading environment. However, beyond their 'pocket pivot point' investment method, their short-sale setups and their groundbreaking 'Dr. K market timing tool,' what is truly amazing is to learn how professional traders analyze their mistakes and correct them. It is not great tools that make great traders, it is humility and flexibility combined with decisive action that determines one's 'success or failure.'"
Pascal Willain, independent trader and inventor of volume-based indicators, author of Value in Time

"If you only read one book this year, read this one. It turns everything you know inside out and changes the way you see the things that matter. In a world full of fake promises and hype, here is something real. Morales' and Kacher's vision, passion, and dynamism is [proven]by their results. Lots of people talk, they have delivered. If you really want to succeed in a very uncertain world, read this book. It will change your success."
Dr. Michael Meegan, author of All Will Be Well

What the market will do is anyone's guess. What it is doing should be anything but.

From the successes and failures of two William O'Neil insiders, Trade Like an O'Neil Disciple: How We Made 18,000% in the Stock Market is a detailed look at how to trade using William O'Neil's proven strategies, as well as what it was like working side-by-side with the Wall Street legend.

Detailing both the technical information and the trading psychology that has worked so well for them, and including a market direction timing model, Trade Like an O'Neil Disciple breaks down what every savvy money manager, trader, or investor needs to know to profit enormously in today's stock market.

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Customer Reviews

Chapter on selling short, very good information the most detailed I have found on this topic.
I found the book also very useful for guidance on trading like Mr. O'Neil with plenty of nice charts with very useful examples of when to buy and sell stocks.
Steve Burns
This book will make more sense to you, since it takes up were the O'Neil book leaves off, and then some.
Risk Adjusted Return

Most Helpful Customer Reviews

173 of 185 people found the following review helpful By Trends Catcher on August 29, 2010
Format: Hardcover Verified Purchase
This book is an excellent addition to the CANSLIM literature. To understand this book's place in the grand scheme of trading literature, I have to digress first.

If you have been trading for a few years and have read some of the classic literature on trading (e.g., Market Wizards series), you know that the vast majority of successful traders are trend followers. The objective of trend followers is to capture trends in markets with limited risk. The rules of trading that all trend followers stick to are letting profit run, cutting losses short, and manage risk.

O'Neil is in his core a trend follower. He suggests cutting losses at 7-8% or less. Once he latches onto a big trend, he sits tight with the trend until the trend runs its full course (e.g., his trades in Chrysler, Syntex, Pic `N Save, Amgen, Charles Schwab, AOL, Sun Microsystems, EBAY, and more recently in AAPL). O'Neil also manages risk of his trades by rigorous stock selection, broad market timing, and position sizing.

How good is O'Neil? According to some accounts, O'Neil has an average annul return of over 40% for nearly half a century (1962 - present). That's better than anyone else with such a long-term track record. His numbers are better than those of Warren Buffet's, Peter Lynch's, and even George Soros'. Some have argued that given O'Neil's great rate of return over such a long period, why then isn't he as rich as Buffet or Soros? The answers are: 1. Although O'Neil is indeed very rich (2 Billion plus according to some accounts), O'Neil doesn't put all his capital in the market. 2. O'Neil doesn't trade other people's money, thus he doesn't have the leverage that Buffet and Soros have had. 3.
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74 of 77 people found the following review helpful By Phoenixtrader on January 9, 2011
Format: Hardcover Verified Purchase
I am an intermediate level trader who has avoided most rookie mistakes in my investing career. I , like most, however realize that the list of rookie mistakes is unending. I never buy an investment book in a hurry as I have more interest in learning rather than wasting time reading fake authors. This is my first book review.
Gil and Chris have been honest to write their true experiences as well as their 'tricks of trade'. They have also sensationalized the title and their best trades (which happened in dot-com era and unlikely to repeat till post FaceBook IPO?).

The book is seriously over-priced. This is unfortunately a tell tale sign of opportunism. Understand what this means- from your own life experiences.

The 18,000% (11,000% of Gil) return may be much lower if you remove the 1 year with crazy leveraged risk and super return which statistically is very rare. So you may not be able to replicate this.

This book is a system book. It is trend oriented. It is trading (not long term investment) oriented. The authors have a GROWTH stock investment niche. The authors acknowledge IBD. My guess is so should you. The 5-star rating probably belongs there.

IBD may be better - O'Neil's "How to make money in stocks- 4th edition". The number of 5 star reviews here infact goes to show that many people think they have found the new holy grail. Investing is not easy. Some reviewers unfortunately have tried this book for few weeks and given it 5 stars, based on that, in a momentum market (see dates of reviews).

This book is NOT about value investing, day-trading, distressed investing, option investing, etc.
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62 of 67 people found the following review helpful By Amazon Customer on August 30, 2010
Format: Hardcover Verified Purchase
In a year around 40 to 50 books on trading are published, I read most of them, there are very few which have actionable trading ideas and can help you enhance your trading skills. Trade Like an O'Neil Disciple: How We Made 18,000% in the Stock Market is one of the best books I have read in recent years. I am already reading it second time and taking extensive notes.
If you are growth/ IBD/ momentum/ CANSLIM kind investor you will find practical ideas and some new ways of entering and exiting trades. You will also learn how explosive returns are possible under right circumstances using those methods.
The book also goes in to details of short selling and has couple of good short selling strategies.
The book is not for beginners and those looking for simple methods without much effort, you need to have some foundation about growth and momentum investing before appreciating and understanding it.
A must buy for growth/momentum investor who want explosive returns..
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33 of 38 people found the following review helpful By Big Data Paramedic VINE VOICE on August 27, 2010
Format: Hardcover Verified Purchase
Hats off for a great job by the authors. The authors have 18000% certified returns, so better everyone listen to what they have to say.

I am assuming the The authors wrote the book for common man like me , someone who is juggling between a stressful job, dropping and picking kids, lacking time in general, cannot spend more than few hours a week on stock analysis. This book ,I assume is by and large for Individual investors ( for Fulltime traders, they should have all sorts of tools,training,seminars,managers,guides and mentors)

One inherent, in fact fatal flaw in the book is that it makes believe someone that investing is easy. The book has examples of several mistakes done by the authors and their peers but I don't think it insists enough on the risks of investing . One of the 1000% returns was buying calls - that will draw beginners like cat to fried fish,and get fried. While 1000% gain in calls in not a crime,but not properly explaining the dangers of Options which is almost certain to be a loss maker.

Another trade was Verisign/Oracle where he explains to get on the wave and ride as long as possible.. For beginners getting on a wave is nothing but impulse buying... Words on Page 65 like "In My View,if I can do it, anyone can" are dangerous motivational theme requesting someone to swim in Ocean because he was good in swimming in a swimming pool.

For a beginner, Verisign /Oracle trade might be a mousetrap, because they are not going to follow the rules. But that is only one part of the story. If you have the basics in order, Look at the one example trade of Verisign. It has all the plot of a Hyena hunting a deer.
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