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(More customer reviews)Don't read this book if you are looking for esoteric set-ups and tricks that you can use in today's market. Do read it if you want to sit with a successful trader and get a hint of what it's like to live by trading.
Mr. Oz impressively made 32% on his account during the crash of April 2000 when the NASDAQ dove by 30%. He did it without shorting and by trading only the hard hit tech sector. The strategy he used was basically the "buy on the dip" technique that worked so well during the historic run-up. However, this feat is not the "take-away" from this book.
The real lesson is risk management. First, Tony is ruthless about leaving bad trades without afterthought or regret. Even when the stock bounds up shortly after he sells, he affirms that he did the right thing by exiting when he did. He always enters a stop loss as soon as he enters the trade, and raises it as soon as feasible. Those of us who have learned this lesson the hard way can only admire his intestinal fortitude. Second, Tony almost never hits his target for a trade. He almost always exits sooner, but he preserves his profits. Mastering these two seemingly simple lessons is what separates the real money-makers from those who finance them.
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The Stock Trader: How I Make a Living Trading Stocks"Put your money where your mouth is," came the challenge. So he did.Best selling author, Tony Oz, was challenged by Tim Bourquin and Jim Sugarman, founders of the International Online Trading Expo, to prove that his stock trading strategies work, that he could consistently take higher-than-average returns out of the market.To meet the challenge, Tony kept a trading diary for four weeks, documenting each and every trade he made. The simple story that unfolded turned out to be of much greater consequence than anyone could have foreseen, as Tony chronicled a first-hand description of one of the worst stock market crashes in recent memory.Tony was already into his four-week trading challenge at the peak of the Nasdaq market, just before the Crash of April 2000. Having no idea at the time that he was in the middle of a "correction" that would wipe out over two trillion dollars of stockholder's equity, Tony managed to earn respectable profits each week, and had only a few losing days. What is truly extraordinary is that all trades were on the Long side – not one trade was selling Short in a rapidly declining bear market.The results of the challenge are detailed in this exciting new book.Inside, Tony tells how he chose a broker, set up an account, and then drew a handsome income from the stock market each week, earning a 56% return on his capital in one month – more than most investors earn in a year. Over 100 round trip trades are recorded, charted and explained in a daily trading journal. Tony reveals what he was thinking and feeling, and he explains each trade's strategy, and his profits and losses - all the while walking the reader through his simple methodology and simple rules. At the end of each week, he ordered a check from his broker to "sweep" his account, and prevent compounding of profits. "After all," Tony explains in the book, "Friday is payday."
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