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Trade Like a Stock Market Wizard: How to Achieve Super Performance in Stocks in Any Market Hardcover – April 11, 2013
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About the Author
MARK MINERVINI, one of America's most successful stock traders, has been a veteran of Wall Street for nearly 30 years. He founded Minervini Private Access, an online members-only platform that provides real-time access to his SEPA stock trades. He also conducts a live Master Trader Program where attendees experience hands-on education about his methodology.
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Top Customer Reviews
I've followed Minervini very closely for about 3 years on Twitter and his blog. I've read virtually everything that has been ever published about him. I analyzed his trades and market calls that he published on Twitter and in interviews. And I can assure you that he did not share "everything" with us in his book.
I won't discuss book contents into details as many other reviewers have done so. The most important part that is missing are the exact buy and sell points. Minervini spend a lot of time discussing how to find a stock to buy, fundamentally and technically. All credits to Mark for that. These chapters are as complete as they can be. But every trader that has been around for some time knows very well that the difficult part is not how to find a stock. After a year or two of studying markets we all become a pretty good stock pickers. The difficult part is how to enter a trade at exactly the right time and when exactly to sell it, not to let profits evaporate and at the same time not to sell to soon. There is not a single one intraday chart in the whole book. I strongly doubt that Mark buys off daily charts as you would probably conclude. Selling techniques described are scarce. Besides, I'd like to read much more about specific money management techinques that he uses. Also, Mark is known to emphasize the importance of determining market direction. Way, way, way too little said about that in the book.
In short, I think this book is more of a marketing attempt to promote himself and his paid service. That's why it is so cheap. I expected a price at least ten times higher, but now I see why he made it accessible for anyone. Novices will probably get excited (they buy stock picking services), but experienced traders will know that some major parts are missing. Book is full of stories, anecdotes and metaphores and very fun to read, but please don't expect that you will make any money by using exactly the method described in the book. Or rather try and you will soon realize that the real secrets to Mark's success were still kept secretes.
And one final note. We should probably disregard Mark's 1995 to 2000 performance. I think it is completely irrelevant for current market conditions. I would very much like to see his performance after internet bubble. The same applies for all other market wizards like Gil Morales, Chris Cacher, Dan Zanger and others who got rich (and famous) during the internet bubble era.
Seriously a great book and so much to learn.
Mr. Minervini's canslim variety worked in 1999. After that, the market changed significantly. Sure, 2003 bull market and 2007 bull market worked with his methodology, if you caught those true market leaders, but it is far far far from effective like it used to be.
O'Neil boys, like david Ryan, Mark Minervini, and later ones like Gil Morales have performed much less stellar now than their 1999 period. Those returns are just some past glory. For one, Gil Morales had 18000% compounding returns in the raging bull market of 1995-99, but in raging bull market of 2009 had a 72% draw down. The answer? the market has changed.
If you are REALLY honest and you REALLY want to figure out what is going on, read the original Market Wizard interview of Minervini, and you will find out that during that interview, Minervini DID NOT want to tell any details about his methodology, and he tried hard to HIDE the way how he trade, and he even forced the author to turn off the tape recorder before he explained his methodology. Read it, his behavior during the interview was clearly documented.
You do not need to be a genius to know that the one who knows how to make money will NEVER tell his methodology to invite competition. That is exactly what Minervini did at that time. But now, don't to think it is funny and strange that Minervini suddenly become so "generous" and wants to share his methodology to "help" you make money?
Another thing that so many people failed to mention in their glowing review of this book, is trend following and canslim methodology require you to have a type of psychology that "knows" how to sit, and how to avoid shakeout, and if you get shakeout how to buy back... Minvervini failed to mention those things on how to handle a true market winner in his book (he did talked a little about buyback after initial shakeout, but not how to handle violent shakeout during stock's upward zoom), but those are the key things to make big money.
Believe me, how to handling a winning stock right is far more critical than how to buy the stock. That is exactly how Minervini made his money, but how come such a generous person rarely mention those things in his book?
Trading methodology is never the key to trading success. Your tradng psychology and portfolio management are far more important. Even if the trading methodology is great, you have to know if the methodology match your personal psychology make up. Unfortunately, Minervini seldom mention those things in his book, either.
so much about this "must have" and "must read" book in your trading library!
I welcome Mr. minervini response to my comments, especially now the market is in correction, 4/16/2013.
Most Recent Customer Reviews
i baught this book after reading the ultra popular market wizards , and multiple books on william oneil's "CANSLIM" strategy