I bought Farley's book along with the Pristine book The Master Daytrader. Farley's book contains 10 times the info. I found the Pristine book to be easier for a newbie to comprehend, but that's because it has more fluff. Farley piles data on top of data. I suggest reading it through, then take one of the 7 bells and focus on learning it as well as some of the fundamentals. Anyone who says there's nothing in it either hasn't read it, or couldn't stick with it long enough to comprehend it. It focuses on Swing trading so if you're a scalper you can probably find better info elsewhere. If you're looking for swing trading info I would consider it a must read.
What do you think about "stock patterns for daytrading" by Barry Rudd. I have bought this book recently and read first half of this book which covers TA. I bought this book because of book title "for daytrading". But seems 75% of setup good for swing trading, and looking at QQQ intraday charts, none of his patterns happen and can be used for sclap trading. May be i am wrong or may be i bought wrong book as a sclaper. what is your opinion on this book?
This will be a one hit wonder,unless he self publishes something , I doubt anyone would seek any further work from him. I wiil not sell mine either ,I've already absorbed the loss,and I would not be able to look someone in the eye and take their money. "you always pay for what you get,but you do not always get what you pay for " If his goal was to set himself apart from other market technical writers ,he succeeded 100 %. We all have our likes and dislikes and I just did not like it.So its just such a subjective thing,I've accepted that I'm not smart enough to understand him,and I am glad. thanks to all who post all views bubbaco
Hi, I couldn't have said better than OldTrader. Sometimes, you read a thick book about trading then you're left off with only a couple useful ideas from the book. It is like looking for a gem in a haystack. Very tedious.. You'd have to go thru a lot of garbage. But if you find the gem, it is worth it. Sometimes still useful even if there is no gem. I purchased a book that claimed to reveal a good trading system. I wrote a perl program and tested it. The performance turned not so good. I felt stupid for paying for the book. Then, I realized that a system I had developed before and abandoned, had better results. So I went back and started working on it again. I read Farley's book twice as it was too much for me to absorb everything in the first pass. The problem is that his methods are a bit subjective. Even if you're comfortable with them, it is really painful to scan the stocks for so-called 7 bells. I found that that was the biggest problem. I had subscribed to his service for a free trial. There he said that he went thru over 100 charts every night as a visual scan. Happy trading.. Umit
but you're not sure whether you want to read it?? Anyway, I had several quibbles with the book (fib #s, writing style, etc.) but overall wouldn't hesitate to recommend it. The process that Farley uses is more important than any specific methodology.
I probably have fify books on my shelf and have read many more and tons of magazines. I would put the Velez book mentioned earlier in the bottom 5% and the Farley book in the top 10 percent. Velez is book may be usefull for a new trader because it stressed basics but his website is more informative. Farley's book contained real trading information if you like t/a.
The whole book can be written in ten pages, or at least for me, that was all that was required. nitro