Customer Reviews

Day Trading Systems and Methods

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

 

 

The description of the books contents looked like a primer for anyone interested in day trading. Not so.

The first chapter about day trading and its overwhelming negative odds has a disclaimer that the authors very seldom day trade and have very little first hand experience with the methods they are presenting. This certainly begs the question of why they are writing the book.

The methods presented presume a broad knowledge of technical anyalysis particularly charting. For example the first method described refers to a ".025 envelope"this might be a well recognized term for a professional but without a glossary or other explanation it is impossible for a novice to follow the exmple.

The demo disk included "to enable you to quickly apply all the methods and techniques" is a free demo from a quote/chart service and nothing specifically related to the methods in the book. The software can be downloaded free from the internet.

The book was supposedly 1999 dated but the book itself has a 1992 copyright- Is this a rehash of an old pamphlet..

Maybe someone with expertise in the field would give the book 5 stars, but a person just starting out like myself would find it worthless.

My suggestion to the authors is that they identify on the book description to whom the book is directed and especially emphasize that its comprehension requires a certain level of expertise.

Starts with a very negative opinion of Day Trading. It's roughly 80 pages of large type with a 1 or 2 page blurb on a "system" like gaps, RSI, divergence, etc. The back is full of ad's for other recommended material. Hard to find a worse book.

I know Charles Lebeau because I meet him at Dr. Tharp's seminars about building a winning trading system that fits you. He is honest in that saying daytrading isn't for everyone. It increases the opportunity and the cost. If your like most traders and make classic mistakes the increased cost and # of transactions will deplete your account. If you understand the rules the ideas in here may help increase your profits. I would reccomend buying the orginal Market Wizard's book by Dr. Tharp called Trade Your Way to Financial Freedom and then you might have something to work with by reading this book.

Not even sure that I can recommend this to a beginner, as these methods are very simple, very vague and often have no money management. The only positive is that it's a quick read and cheap.

The book starts out with a word of caution, which is almost a refreshing break from the hype that has risen up around day trading. For those of us who have been trading for years, these words ring true. If you want the "holy grail" watch an informercial, if you want some ideas for trading, buy this book.