Average Reviews:
(More customer reviews)I do not recommend this book. I went ahead and bought the book and read it. He claims it's the "trader's bible". He does provide ENTRY strategies as well as stops for these entries. He however, spends very little time saying anything useful about money management which is a very important aspect of any trading system. If this was not bad enough and you are smart enough to make your own money management scheme using his entries, you really can not do it, because he DOES NOT provide exit strategies! That is correct, he says it himself that his exits are completely discretionary (page 137). In any event, I went ahead and programmed all but two of this entry strategies (2 of them could not be done since they would require tick data and secondaries info to test them which I did not have - nor was I about to invest getting this data to test his strategies after seeing the bad results I got with the other entry strategies). Since he did not provide exit strategies, I tested several variations with each: exiting the next day at the open, exiting 2, 3, 4, 5 days after the signal. I also tested exiting randomly within the next 1 to 10 days. I did this testing to see if his entry strategies had any merit by themselves. I will not get into describing in detail the results for each. However I will say that NON of his entry strategies are worth investing in, because they make very little money if any at all. Those that did make some money made it when traded over MANY MANY trades (tested over 1500 stocks and averaged 4 trades a day). However, the statistical advantage was so little for winners that by the time you put some commission charge and some slippage (all his entries are stop based) you will definitively reduce the value of your account. Most likely you will just be feeding your brokerage house in the best case. In summary, the entry strategies I tested have no real trading benefit, he provides no money management scheme nor trade exit scheme - so it is not a trading system or strategy. He is really only selling useless entry signals. ... Using a absolute point value seems very "beginner" to me. If this guy is a professional trader and makes money, he is not using these entry signals unless his discretionary exit criteria makes up for his useless entries. I find that his entries are as useful as just entering randomly into the market place. Maybe his business is selling this expensive book to patsies such as myself. I hope you do not become the next one.
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Written by professional equities trader, Jeff Cooper, this best-selling manual teaches traders how to day-trade and short-term trade the best moving stocks. Jeff's strategies identify daily the ideal stocks to trade and point out the exact entry and protective exit point. Most trades risk 1 point or less and last from a few hours to a few days. Among the strategies taught are: * Stepping In Front Of Size -- You will be taught how to identify when a large institution is desperately attempting to buy or sell a large block of stock. You will then be taught how to step in front of this institution before the stock explodes or implodes. This strategy leads to gains from 1/4 point to 4 points within minutes. * 1-2-3-4s -- Rapidly moving stocks tend to pause for a few days before they explode again. You will be taught the three day set-up that consistently triggers 4-15 point gains within days! * Expansion Breakouts --Most breakouts are false! You will learn the one breakout pattern that consistently leads to further gains. This pattern alone is worth the price of the manual! * Creating The Daily Hit List -- You cannot make money in stocks that are not moving! You will learn the powerful method that identifies which stocks to trade on a daily basis. You will be taught how to recognize which stocks are rapidly moving and which set-ups to use to trade them. This knowledge assures you of being in the correct stocks everyday. * Also, you will learn how to trade market explosions (Boomers), how to trade secondary offerings, how to trade Slingshots, and you will learn a number of other profitable strategies that will make you a superior trader.
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