I read it and didn't find it very useful. Farley says that you have to constantly switch between styles as market conditions change. And not only you have to do that, it's also good to invent new strategies unknown to the crowd. Hm, what happened to the do 1 thing and do it well stuff? In the book he talks about a lot of different stuff. Indicators, Fibonacci, etc. etc. That's kind of pointing toward being jack of all trades and master of none. I found the book too abstract. I guess the most important thing I learned is that he says to fade during ranging environment and to get on breakouts in trending.
I agree that you don't need all these strategies covered in Farley's book to be successful. Nonetheless it's a good book overall, though his writing style is hard to follow--too digressive. On the other hand, Dave Landry's swing trading book is simpler, clearer and more focused in that respect. I would advise anyone new to swing trading to start with Landry's book first. Focus on just a couple of strategies and then go on from there.
Personally, I found Farley's book superb and very useful as providing a comprehensive overview of chart interpretation. I also feel that there's a false dichotomy in traderkay's post ---- EITHER you master just one strategy OR you master none. The markets are too complex, nuanced and subtle to adequately accomodate dichtotomous thinking. I trade ES exclusively and divide its action into eight segments: 1) after and pre-market; 2) opening 30 minutes; 3) major trends; 4) devolution of trend into congested range or reversal; 5) narrow trading ranges; 6) wide/directionally biased trading ranges (a combo of 3 and 5); 7) reaction to news (especially FOMC announcements and major economic 10:00 AM ET stats; 8) after the bell from 4:00-4:15 ET before big S&P close. In my view, each of these different situations does demand a distinctive trading approach suited to its character ----- which is one of Farley's major points as well. There's no reason a man can't be a master of eight trades and not just a proponent of a one-size-fits-all approach to the market!
Who is Farley ? Does he have a track record and for how long Anything else is noise. I mean anyone can write a book and again write some more about technical analysis. I mean Christ in the US any idiot can be an athor.:eek: Being a financial/trading author is the best cause the ripe readership. we love pipe dreams and "snake oil". Clearly when I see a guy browsing a trading book at Borders, do I see a winner or a guy who just had his nth lostig day ? A winner does not need his 34th book about candelsticks or some more psycho bable.<b> If you are not phichologically strong to survive trading I doubt <i>any</i> book will help let alone a year's worth of shrinks.</b> I am just sick of self appointed gurus and the stupid public lapping up the stuff....sorry. Learning is good but when will anyone learn from a bit of introspection ? How many books and how much software and how many web-sites ???
andrasnm, Did you read his book and didn't like it because of its content or do you just hate his name ? Bill
Sniper Why don't you write a book ? I may read that.. I mean why should I read all the nonsense in the Bookstores on Amazon and tradersbookshop etc ?? Do you have time for all that ? I don't ! You have not answered yet, does this guy have any credentials ? If you don't know it's ok , I am just curious it's a new name and all...
Actually he's been around for a while. Agian, check out his site at http://www.hardrightedge.com I've also heard quite a few positive reviews of his book.
andrasnm and all, Why would you state your opinion about a book a product or anything you don't have first hand experience with? Is your statement, "Who is Farley ?" credible. How about, who is andrasnm? ... and why should anyone listen to you? Do you get my point. Next, how about you stating your opinions about all the brokers which you never had an account with? Who is RML? Who is IB? Who is Cyber? Get my point. Let's take it somewhat further. You say, "Learning is good but when will anyone learn from a bit of introspection ? How many books and how much software and how many web-sites ???" Is this saying that people should not come to Elite Trader? It is a website, isn't it? What is your point? Is it, "Guys, I did all the homework and I learned nothing, so you won't learn anything either?" Hmmm, sounds very negative to me. <b>My suggestion to you is not to flame anyone or any product you don't have first hand experience with. And as to, "I am just sick of self appointed gurus and the stupid public lapping up the stuff." I am sick of people like you who call those who want to learn stupid and ignorant. Maybe some of them here have the talent to make sense out of the educational pieces that have been written out there.</b> As to Farley's credentials, I have seen his face on the board, so I guess he can answer the question himself. The issue to me was never his credentials, but the way you attack those who want to learn. You say "The stupid public" Is that all we are to you? If you think we are all so stupid, why are you wasting your time interacting with us. From another thread http://www.elitetrader.com/vb/showthread.php?threadid=1687&pagenumber=2 You say, "No wonder one guy here sounds like the other at times" Have you ever heard of - Kids fall down and scrape their knees before they learn. Let them learn! This message is not intended to be a personal attack, but an educational post alerting readers of these boards to those who think they know it all even if they have no experience what so ever with a certain product. After all, as this poster suggested, "the public is stupid and we all sound a like." Just my 0.02. Bill PS. You say, "Why don't you write a book ? I may read that." LOL. I definitely don't have the credentials or knowledge
Asking for credentials is not FLAMING. If you don't get the distinction I am sad for you. I don't profess I know all the traders who are good or make money, but sure as hell I would not base that information from a web-site or hear-say. Now as I have said this. Can someone tell me who is the guy and why I should listen to him ? You don't have to listen to me or even reply to my posts !!! I am not asking for any of you for money and be my customer. or buy my book - I am not yet writting one. Fool and his money has been published already.... You knee jerk reaction shows your mentality. If anyone ask for a person's credentials is all of a sudden a flame and bad taste ??? Come on !!!!