What's the skinny on the SL methods? Alex Hamilton 2.0 out of 5 stars Very badly written!! Reviewed in the United States on December 13, 2013 Im not saying that Mr. Person does not know what he is doing, but the book really leaves a lot to be desired. It also has only 3 setups in there, all of which do not happen frequently at all (i.e. doji at pivot point, etc.) Yeah that crap Never Works... "Trading an Engulfing Candle at Support & Resistance provides greater conviction." https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-10#post-5014575
(Smiles) Noted. Guy finished the book. 3 years ago. Haven't got into the markets, as of yet. P.s. I think Les had a similar story about a coworker reading some stuff while day dreaming about different things.
Rereading that one currently, first time since I bought it back in nineteen hundred and ninety eight and still a stonk trader. But my copy just says (including dust jacket) 2nd part "It's when you sell that counts". + + + I am also rereading another one from back in the day "Just Six Numbers" by Martin Rees - which is unrelated to the markets. Big bang and all.
I am currently enjoying "Probabilities and strategies of surviving a nuclear war". Some really good insight and great strategies in there.
. Hey Easymon, Regarding Person's book, it has a higher-than-unexpected number of mistakes in the text and the figures, but not so much that I couldn't understand his explanations. It's a long and extremely detailed book with lots of charts and I enjoyed reading it. Regarding trailing stops, two of his methods are called LCC (Last Conditional Change) and 2LCC (two period-LCC). The idea of regular LCC is pretty simple: after entering a trade long, only move the stop-loss upwards when the close of a new candle is above the high of the previous candle; when that happens, move the stop-loss so it is just under the new candle. The 2LCC method trails more slowly by requiring that one wait to move the stop-loss until two consecutive closes are above previous highs. LCC tested well with my manually traded, rules-based swing trading systems using daily charts.
Old Alex Hamilton, That reviewer on amazon be carpin' cause only three setups... carpin' cause too much fluff. That's his own fault for not knowing what he wanted from the book and 2, not knowing how to test what he Did find. Maybe he'd like this one... - How to Read a Book: The Classic Guide to Intelligent Reading
My copy was copyrighted in 1991. Don't remember when I bought it but it was from a used book dealer. The price tag is still on it. $2.00