One unique feature in the book is that Baiynd speaks explicitly about her failures early in her trading career and what she did to overcome these challenges. She describes in great detail with large charts her MPS and how she trades the momentum as the prices move. Her MPS applies the concepts of support and resistance levels, price channels, moving averages, Fibonacci retracements and Bollinger Bands to select the proper time to enter a trade long or sell short. Even though the book is written with the novice in mind, traders that already use these tools can take away information about their subtleties.
Overall, I think the book is good in that it shows the reader that simple strategies, executed well, is all that one needs. Trading psychology, discipline, and endurance are more important factors that contribute to successful trading than a magic methodology.
"This is a well written book for the specialist, the mathematician, andsomeone with an empirical approach to the markets. I would completelyrecommend it to the beginning systems trader, beginning black box trader, orsomeone keenly interested in trading the market with a structuredmathematical strategy."Anne-Marie Baiynd, author The Trading Book
"One of the basic principles of trading is that certain events causepredictable price reactions. In many cases, related markets react the sameway. Stefan and Richard Hollos have written an extremely clear book on howto identify and profit from these moves. Although this falls short of givingus the perfect system, it does give us tools and understanding that everyserious trader should have. It will make you look at the marketsdifferently. It's a fast read and I recommend it."Perry Kaufman, author New Trading Systems and Methods
Simple Trading Strategies That Work isn't for everyone. Hereare 5 reasons why you may decide not to buy this book:You don't believe there are patterns in the financial markets that can be used to trade profitably.You don't like thinking quantitatively, and you don't know a thing about programming (programming is useful to go beyond the simplest strategies).You want to continue to lose money like most other traders.You're happy to run with the herd and do what everyone else is doing.You think only the big banks can make money trading.
"One of the basic principles of trading is that certain events causepredictable price reactions. In many cases, related markets react thesame way. Stefan and Richard Hollos have written an extremely clearbook on how to identify and profit from these moves. Although thisfalls short of giving us the perfect system, it does give us tools andunderstanding that every serious trader should have. It will make youlook at the markets differently. It's a fast read and I recommend it."
Filled with insightful case studies, interviews, exercises, and guidelines for keeping a personal trading journal, this is more than a crash course for beginners or an industry guide for experts. This is the book on trading.
The deliberate avoidance of the expert opinions allowed me to develop a clean, clear technical trading system from my own personal observations over years of study and application that continues to perform well daily. As I continued to trade and tweet in real time on my trades (on Twitter, @annemarietrades), I began to hear from many traders asking about ideas and positions. From the line of questioning, it became apparent to me that most people trading are adrift with a poorly developed set of skills, preventing them from developing excellence independently. Most retail traders follow trades somewhat blindly, have completely unrealistic expectations, and end up with hit-and-miss performance (mostly miss) because the rationale needed to trade well is clearly absent. In the meantime, traders consistently race across the minefield of psychological pitfalls that accompany a lack of confidence, internal knowledge, trading competence, and market understanding while experiencing fears of loss and failure. Desperate for gains, they chase screaming or apparently accelerating stocks or follow other traders, resulting in a cauldron of doomed trades. They are really just gambling with their holdings, desperately wanting to be, and do, more. They hope to trade well and succeed but lack a compass to deliver true direction. This evidence of a clear absence of trading aptitude, skill, and psychological mindset in the average trader in the stream moved me to write this book. 2b1af7f3a8