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Showing 1-10 of 26 reviews(Verified Purchases). See all 33 reviews
on October 18, 2012
This is an email I sent to Dr Carr.
His book is as the title of my review states, Good Honest Advice.
If you are learning to trade or have been trading and want to increase your knowledge, I recommend you read Micro-Trend Trading For Daily Income. Dr Carr explains his strategies gives you the indicators and their set-ups the rules for entering, exiting, and stops. He shares charts that show his entry and exit points. As a result you have complete information with which you can duplicate his results.
What more can you ask?

Hi Dr. Carr,
>
> I am visiting your site for the first time today. My trading partner
> Jeff and I backed into day trading last January when we bought
> subscriptions to a programmable trading platform. The software
> was supposed to be a set it and forget it product. It did not work out
> that way. And so our journey began.
> Having spent many years as a mechanic with a bent towards
> engineering, A broken____, is a personal challenge to be answered.
> This was no different.
>
> Over the months that followed we had success and failures. Our
> efforts to understand the inner workings of the program taught us the
> basics of day trading.
>
> We found the platform's technical indicators erratic. This was a
> major problem and the reason for the wildly divergent results from day to day.
> We then disabled automatic trading and used the stops (1X ATR) , and profit
> protect (set to 2X ATR), while entering and exiting the trades manually.We Used
TD Ameritrade's Think or Swim platform for charts and indicators.
>
> We have been faithfully trading daily since April most of it simulating.
The simulation results, however are no different than actual results.
The reports generated leave no room for ambiguity. Over that time we observed
> many of the behaviors of the market and gained valuable insights. Had
> we not had this experience your book would have been Greek to us.
> Fortunately I found it just at the right point in our evolution as traders.
>
> While on Amazon one day I came across your Micro-Trend book and
> realized that, that description fit the kind of trading we were
> focusing on through our own trail and error.
>
> I started at the beginning and read through to the Bread and Butter
> strategy. As I read through the first chapters your advice rang true.
> It read like a diary of the previous months. We made most if not all the
> mistakes you caution your readers of.
>
> We set up our Think or Swim charts as per your Bred and Butter
> system, and memorized the rules. We had just recently been focusing on
> candle theory and the importance of trading into the trend. B+B was
> the tipping point for us.
>
> We are now averaging $300 - $600 a day consistently, instead of wild
> swings of profit and loss. Thankfully J.B. and I have been able to see
> the wisdom early on of simulating our strategies, refining, observing,
> learning and simulating, repeat until consistent.
>
> Long story short, I wanted to express my thanks to you for, so
> generously, sharing your insights and the specifics of your system.
> You have enabled us to take quantum leaps in our understanding, and
> for helping us replace emotional stress with confidence.
>
> Thanks
RR
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on February 4, 2012
Carr's book has been one I have been carrying around and digesting for weeks- one must read and re-read all of it more than once, or review certain sections. I like the type of religious experience the author had reading Exodus (one of first four books of the Old testament in the Bible used by Christians)he had indicating he should narrow down to short-term time frames.It is a powerful book that will improve anybody's life who is attempting to either time the markets or pick a stock (when research shows very few professionals can even do it successfully over time).

I only use a few of the techniques described so far, but the order management/trade management information and content about recognizing and preventing trading addiction and "getting out of hand" with the entire activity is useful for every trader to read before placing any trades. I like spousal involvement and/or accountability partners to check/monitor progress as a preventive measure.

Specifically, some of the content is older or reflects standard things many already know, but the bollinger band snapback method is good, although I find I need tighter, more stringent criteria, and it does o.k. when certain patterns are present with it on 1-5-minute charts (Think or Swim has a BollingerBand% study that fits Carr's settings in under 12 clicks), although the author warns about tinkering with his system to improve it. Many of the methods can be applied using a freestockcharts chart from any of many sites. Last week, CVS met most of the author's criteria for the overnight-trade method with a daily hammer candlestick plus some other criteria, and tonight I noticed it went up about a dollar in the $42.00 range- but please do not think a hammer candlestick never precedes a price collapse. Another book, "Index Funds: A 12-Step Program for Active Investors" by Mark Hebner addresses stock picking, time picking, style drifts of some funds, manager picking, and other aspects of active trading but makes a convincing argument for trading indices (indexes) versus picking a single stock or even use it to contrast Hebner's buy-and-hold forever case to Carr's short-term trading (overnight and turn-of-the month). Could you find yourself resonating with both books' messages? By the way, Carr's turn-of-the-month method would have done well this month, except Monday of this month, a day later than I believe he suggests, looked to be a better entry on an hourly chart than buying on a calendar date as suggested by the author; either following the author's plan or timing it using an hourly or 4-hour chart would've been successful for this week's current monthly turn. Future performance can't be predicted based on analyzing this one, isolated month's turn that I did not even trade. Seek a professional and do your own research/charting.

I like how he highlights a range of trading instruments of various risk levels such as the SPY ETF or SSO, its leveraged relative, and even BGU a 3X triple bullish ETF before mentioning the big leveraged S&P futures contract.

Overall, it is an extremely-useful book for someone starting out, polishing existing skills, learning more about themselves, wrestling with greed or selfishness versus selflessness and altruism or appreciating religious overtones and ideas related to money, its management, perspective, and thinking about/doing for others along the way of your life's journey, which, hopefully, is bigger and more meaningful and full than merely seeking more money.
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on November 23, 2011
If I could recommend one stock trading book to read, this would be it! Dr. Carr expands on his earlier introductory book, Trend Trading for a Living, by giving detailed strategies and telling how to execute them, backtest results, etc. He spends a lot of time specifically explaining HOW he backtested these strategies. I know of several different ways of backtesting, and Carr's method is easy, reliable, and do-able! Most books just recommend that you backtest without bothering to explain how, if they mention backtesting much at all--I tried following some general trading recommendations of Ken Fisher, Jim Cramer, Raghee Horner, and others with no success and just became more and more confused and bewildered with their utter lack of clarity and specifics!

As a relatively new trader, I have found others' trading explanations very frustrating, but Carr cuts through the bothersome vagueness with tons of details, but explains in a way that won't have you floundering for months before you actually trade! Finally! I also appreciate Carr's chapter on his Christian views and thought it greatly added to the book, as well as his suggestions on being accountable to a partner and not becoming a trading addict (with warning signs of addictive behavior). Hey, if hedonists and secularists can go on and on and on in their books talking about "trading by their new pool," or what kind of sports car they own or how many EX-spouses they have to support, why can't Thomas Carr, Dave Ramsey, Rabbi Daniel Lapin, Zig Ziglar, Tony Dungee, Tim Tebow and others talk about their faith? If you don't want to read the spiritual chapter of the book, skip it (but I bet you might learn a lot more hearing about faith issues than another non-fiction book I'm reading where the author has several chapters devoted ad-nauseum to his skanky ex-girlfriends! Blech!!)

Anyway, I also highly recommend Carr's first book and Wendy Kirkland's Option Trading in Your Spare Time. All three of these are easy for neophytes, yet offer solid technical analysis and strategies that long-term traders will appreciate and can start using immediately. I'm testing his strategies in my virtual account right now and will write back in a few months after I've done some actual trades to give my results. And a special thanks to the reviewer who divulged results from using Carr's strategies!

Carr's plans are spelled out well, and he even goes into great detail discussing losing trades or times when these systems aren't applicable. Almost no other authors bother to do that unless it's just generally saying, "Not every trade will be a winner" (not helpful to the reader at all!) Carr is a real person and a real trader who's experienced his share of ups and downs, not just someone trying to sell books. I don't think he's even pushing his book sales much (note: he didn't self-publish though he could have and made a lot more money than letting McGraw-Hill have the big chunk of revenue, and he could have been hawking some $4000 software or trading course or some other scheme and using his book as a long-winded commercial, but he didn't)--he doesn't have to; he's successful at trading and is happy to share his insights with the rest of us. I wish other successful traders were as generous with their systems and strategies as Thomas Carr.

And I'm willing to bet that some of the negative reviewers didn't bother to read the book or perhaps just skimmed it or they were simply aghast that an author might mention his faith in a book instead of his house size. That's okay--while they're busy writing negative reviews of Christian authors, the rest of us who've decided to follow Carr's eight strategies will be making great money trading and giving back to our communities! Hah! Happy trading, Carr fans!
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VINE VOICEon March 3, 2011
The books title really surprised me.

When the volatility in 2008 got really wild and the Dow Jones Industrial Average was swinging hundreds of points each day along with big cap banks trading like they were penny stocks I became a day trader. I went from thinking day trading was ridiculous to believing in it. I traded the daily trend of the volatility to make back the $10,000 I had lost in my brokerage account at the beginning of 2008. I had quite a bit of success with this and even started day trading triple leveraged ETFs when they were introduced.

I was doing so well I even thought I would quit my day job and trade full time. I could write a book called "Micro-Trend Trading" I thought, because that's what I was doing and winning consistently. I took the principles of Trend Trading and Nicolas Darvas and put them on the level of a day's time frame with much success in the volatile markets of 2008-2009.

So I was shocked when I saw the title of this book.I thought I had made that name up. I was also surprised to see he suggested using some of the same triple leveraged ETFs that I had used. Unfortunately much of the volatility left the market and my systems quit working except sporadically.

However the author proposes eight micro-trend trading systems that he has back tested by hand and also traded that out perform the market.

The One-Day Systems:

The bread and butter system: Using the 20 and 50 SMA, stochastic, and a bullish candle.

The five-minute trend trade system

The VIX reversal system

The lunchtime scalp system

The afternoon reversal system

Multiday micro trend systems:

The overnight trading system

The Snap back BBand system

The Turn of the month system

All these systems are interesting in their principles but I define many of them as micro-counter trend not micro-trend systems. The snap back is buying at the bottom or shorting at the top of a Bollinger band that is like the reverse of a breakout and is not a trend trade in my definition of following a trend.

The Overnight system sounds excellent because you are just following a trend into the morning and taking profits as it hopefully gaps and before it reverses.

The Turn of the month system is historically proven due to capital inflows into the market from mutual fund managers. I had heard about this before from the Stock Traders Almanac but was the first time I saw a dollar amount of wins attached to it.

The systems do have a lot of merit and could even inspire you to tweak them for your own trading philosophy.

I like that the author recommends Dave Ramsey to traders to get their finances in order so they are not stretching in their trading to pay for excessive bills or debt.

He also uses some of my favorite risk adjusted equities, in the SSO/SDS and BGU/BGZ pair you get 2X and 3X leverage but they have slow steady moving underlying indexes. Trading them is like the best of both worlds.

I really thought the last chapter on examining the dangers of traders becoming like gamblers was really needed in this industry. You have to treat it like a business not like a casino, many people are not built to deal with the losses or equity draw downs and these people should not be trading.

Overall I really liked the book and think it would add value to any trader's library.
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on February 10, 2011
In the first part of the book, Thomas Carr gives some general advices about trading; the second part contains 8 short-time trade systems developed by him. From what I've heard, developing profitable short-time systems is not an easy task. The book confirms this.

But back to the first part. Thomas Carr begins with the explanation that he took his trade ideas from the Bible. While this sounds a little strange, the Bible seems not so bad as a trade advisor, as the first part of the book is indeed a good read with good advices for beginners to day trading. He's aware however that 90% of his readers bought his book because of the trade systems, so he gives stern warnings that they will suffer losses when they skip the first part.

Unfortunately, they'll probably suffer anyway. Thomas Carr is honest enough to admit that he is not familiar with technical analysis programming and backtesting. Still, he has (sort of) back tested his systems by "eyeballing" - looking through years of the charts and manually adding the profits that the system was supposed to make. He also claims that he traded his systems with real money, but here I have my doubts. Or he had a lot of luck.

I ignored his repeated warnings that backtests are no good, and tested two of his systems. His "Bread and Butter" system generated an impressive loss of $8,367 per 100 shares with the S&P500 in 2008-2009, although the book claims a $8,754 win for the same time by "eyeball" testing. Admittedly, Carr was vague in the setup description - "go long when the signal candle is bullish, i.e. hammer, doji, piercing, etc." - so the "etc." might account for the difference between losing and winning.

The second system I backtested was extremely simple - "enter one trade in the morning, go long when the SMA(20) is above the SMA(50), go short otherwise". I wonder why all traders aren't rich yet when trading is this simple. At least this system was very easy to backtest, and fared better than the first one insofar as it generated only a loss of $1543 with the S&P 500. I did not backtest the other 6 systems.

- Update: I had meanwhile the occasion to test the other systems, and found that one was indeed profitable, but that one was taken from a book by Perry Kaufman. 7 of the 8 systems are not profitable in the long run. Details in the comments. -

Carr has proven the success of his systems with selected example days in 2010, with many winning trades. The examples are indeed correct, the back test mostly confirmed the trades. Unfortunately he forgot to mention all the losses on the other days in 2010.

As a conclusion, this book is not totally bad - the first part gives a good trading introduction with some interesting war stories, and Carr's writing is easy to read. I especially like his suggestion to have your trading controlled by a buddy, who stops you in time before you've lost all your money. This is certainly a good advice when you try to trade one of Carr's 8 systems. But if you're looking for short term trade systems that really work, better wait for another book.
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on March 13, 2014
The author has a good mathematical base, and a good grasp of intra-day trading and has done some good work to come up with some simple trading systems.
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on February 27, 2012
I really liked that the book gives real strategies and was not vague at all. I wasn't a fan of some of the strategies but they all gave me something to think about. So far I've traded the "Bread and Butter" and the "Snap Back". I didn't do well on the bread and butter, broke even after many trades (maybe 100 trades), although looking back, it looks like my stops were way to close. I've done better on the snap back, although I've added the CCI indicator as a sell signal. I've been using the Snap Back for a few weeks now, we'll see how it does in a downturn. The Snap Back backtests very well (about a 2.1% gross profit/trade), you can't really back test the Bread and Butter though.
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I agree with the idea of Micro-Trend Trading but I would have liked to see better ways to recognize the beginning and the end of a micro-trend. The system needs to clarify the possible development of a microtrend and scope of it based on technical factors and when this possibility is not likely to happen.
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on August 24, 2014
Great book with a right to the point style. Perfect for someone with no business background.
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on April 15, 2015
informative
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