Discussion in 'Educational Resources' started by fortuna, Feb 2, 2003.
Street Smart from Connors
Did so read this book ?
Is it worth buying it ?
It was awesome when it first came out because the concepts were well defined and not widely available. It changed the way I thought about things. Now, most of the concepts have been sort of appropriated by other traders and you see people sort of using the same thing, so you might pay the money and not think it is earth shattering if you are well read. So it was definitely worth the money when it came out. It probably is still, but you will have to adapt the concepts to current market conditions. In other words some of the setups may no longer work as well as they did. However the market approach is still valid.
For instance if you read Trading Markets alot you have probably seen many of the concepts slightly repackaged. I know this for a fact because I was a business partner with one of the writers and I know where he got the 20 period moving average thing from and I know where I got it from.
My favorite trading book. As Jem says, theres nothing revolutionary there now but if you havent read a lot of trading books, it is the best summary of short term trading around in my opinion.
it maybe worth to buy it from amazon.com, copy it and send it back. useless. i stop reading it somewhere on middle. money management chapter- is something... at end, you will find bunch of tables where some dude from Syracuse university after long research will show you, that all patterns have 50/50% probability. you can do it on tradestation in half minute.)))))))))))hehehehe....
here is example from chapter four:
1. today must make a new 20 day low,-the lower is better.
2. previous 20 day low must be at least 4 bars away.
3. after stock falls below prior day low, place entry buy 5-10 ticks above previous 20 day low.
4. after you geet filled-place stop one tick below today low. But! hey! how you going to know-where is low is going to be? you buy a falling knife, and no one know, where is it stop fall.
then, there is no single word in whole book, how to manage profitable position. where is trailing stops will be? how and when you must tight your stop?
it just questions from first brief look..
you maybe can use this book, as general idea, but there is no clean advise, when to buy and when to sell. all examples in book are profitable trades. no clean explanation, how to deal with losses.
i actually find this book more helpful(and cheap)
and that what i can recommend for reading.
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