Average Reviews:
(More customer reviews)This book has some excellent information in it, and I would not hesitate to recommend it for intermediate-level traders. With one caveat: It ultimately encourages you to trade everything that moves.
The channels soon turn into webs, and as we know, the nature of a web is that everything ends up connected to everything else. If you connect every high and every low in sight, price is sure to bounce off something. Unfortunately, you won't know what, where, or when until after the fact. If you try to prognosticate, you'll end up over-trading, and best case, nibbled to death by commissions or spreads, and tight stops.
I've been trading full-time for 6 years now. I've tried a lot of strategies. The best all-time performer by far is to trade with an obvious trend until it reverses enough to break the pattern or starts drifting sideways. I use trend lines, support and resistance, and simple channels. With the addition of money management, that's it and that's all.
It's been my experience that when you try to get too fancy, you shoot yourself in the foot.
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