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2 of 2 people found the following review helpful:
5.0 out of 5 stars
A compelling guide to the essential building blocks:, 22 Feb 1999
By A Customer
I thought the book presents a well organized discussion of the important aspects of good trading. There are four parts, each with its own introduction and checklist style summary. Each author discusses the aspect of trading he knows best, and all together, the book offers much collected wisdom. Actually, considering the how many contributing authors there are (20 of 'em), the material is surprisingly well integrated. The chapters progress toward more advanced topics, beginning with entering and exiting strategies, then money management, performance assessment (both system and trader), and on to multi-time frame strategies, market analysis, nonlinear modeling and forecasting. I thought the tone began light because the material gets heavy soon enough. It struck me as a thoughtful approach to get both beginners as well as seasoned traders reading on the same wavelength. There is one thing in this book I've seen nowhere else. An appendix discusses how financial tick data is created, transmitted to a user's computer, and processed by the computer. During this explanation, you're given "Consumer Report" style questions for you to ask when evaluating different data feed vendors. Considering how expensive choosing the wrong data feed can be, this alone makes the book worth its price. If you're looking for a new magic technical indicator for instant riches, you'll be disappointed. There're no "secret" equations or "get rich quick" strategies here. Instead, there's lots of practical ways to improve trading systems. And there's lots of choosing to do: picking the right chart analysis, trading style, software, books, data feeds, ... as well as some optional sophisticated state-of-the-art techniques for the extra "edge". Of course, the advanced stuff take time and effort to implement. Rome wasn't built in a day, ya know. I liked it. Can you tell?
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by David R Aronson
by Carol Alexander
