The Index Trading Course Workbook: Step-by-Step Exercises and Tests to Help You Master The Index Trading Course (Wiley Trading) Review

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(More customer reviews)This book has some great information on how to trade Indexes. It is broken out into sections, so if you are new to options it will walk you through the basics of what an option is and the different option strategies that are used for markets that are trending either up, down, or sideways (no movement). Unlike playing stock, If you are a savy options player you can make money no matter what the market does.
If you are a more advanced options trader you can skip past the basic chapters to read about the different indexes that are available to trade and how you can leverage indexes where the underlying is based on Gold, Treasury Bills or Foreign Markets.
This is one of the best Options Books I have ever purchased and if you are a serious options investor it is a must have for your library. I had to write the review becuase, if I kept this gem to myself it would do disservice to the Authors and I want to encourage them to release future editions of this book.

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An indispensable, hands-on companion to The Index Trading Course
In The Index Trading Course, financial experts George Fontanills and Tom Gentile provide an in-depth look at the tools and techniques used to trade in this profitable market.
Now, in The Index Trading Course Workbook, Fontanills and Gentile offer a wealth of practical exercises that will help further your understanding of index trading, as well as test and apply what you've learned before you take one step into the real markets-where time and money are luxuries you can't afford to lose. The media assignments found in each chapter are especially useful. They'll help you put the material you've read into action by prompting you to access some of the extensive media tools currently available to all traders-including financial papers, magazines, the Internet, and television.
This hands-on companion to The Index Trading Course also includes a complete answer key for every multiple-choice question and covers a wide range of issues related to this discipline such as:
Core stock market indexes along with the sector offerings from a variety of financial entities
Actively traded index products, including exchange traded funds (ETFs), index options, and ETF options
Options strategies used for different trends and volatility situations
Indicators and systems
Trade adjustments
The art of risk management

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Applying Elliott Wave Theory Profitably Review

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(More customer reviews)I recently completed the CMT (Chartered Market Technician) exam process- this is a professional exam for technical analysis, consists of three levels. The third level has a substantial section on Elliott Wave. I have read other books on Elliott, but this book was in my opinion the best written. Mr. Poser made a difficult subject much easier to digest. The real strength here is in discussing what NOT to do when using Elliott Wave- by keeping these tips in mind you will find you can readily apply the techniques to charts from various financial markets.
I highly recommend this book to anyone taking the CMT exam, especially those who don't use Elliott Wave in their trading and/or analysis.


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Learn how to forecast the market with Elliott Wave TheoryIn Applying Elliott Wave Theory Profitably author Steven Poser shows readers how to trade using Elliott Wave Theory-a powerful technical analysis tool used to forecast the stock market-through easy-to-follow trading strategies, while offering clear explanations on how to interpret this method's numerous patterns. Step-by-step guidance breaks down the Elliott Wave Theory and provides strategies that a trader can put into action along with a complete explanation of how and why the Elliott Wave Theory works. Applying Elliott Wave Theory Profitably shows readers where to look for external clues, and how to use these to improve their trading performance.Steven W. Poser (Upper Saddle River, NJ) is President and founder of Poser Global Market Strategies Inc., an international stock, bond, and currency markets trading advisory firm. Mr. Poser publishes a daily newsletter that covers these markets from a technical and fundamental perspective. He holds a post-MBA degree in finance, as well as an MBA in economics and a BA in mathematics and computer science.

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Sentiment in the Forex Market: Indicators and Strategies To Profit from Crowd Behavior and Market Extremes (Wiley Trading) Review

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(More customer reviews)There are less then 80 pages about sentiment indicators in this book. Fundamental Analysis, Technical Analysis, Elliott and Fibo make the rest. In 80 pages, the author talks about 4 sentiment indicators: Magazine Covers, Headline News, COT Report, and the FXCM SSI.
I have paid over 50 USD (with shipping) for information that I can find on the internet for free.

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Day Trade Part-Time Review

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(More customer reviews)When John and I started trading, we found such a confusing mess of information that we had a very difficult time getting started. And it was an expensive time because we had no clear direction or path to take. We wrote this book to serve as a mentor to people who want to give day trading a try, but don't want to "quit their day job" or lose their life's savings to do it.
Day trading is not, and should never be, gambling. In times of extreme market volatility, it can be your most conservative investment style. Understanding and using the principles of day trading can be a safe alternative to a "buy and hold" strategy when the markets are in a zig-zag pattern up and down. With the technology stocks going up 10 points one day and down 10 the next, a careful day trader can capture a piece of that variability each day, whereas a "buy and holder" would be net flat and probably developing a considerable ulcer. Everyone interested in stocks should know enough about day trading to understand good intraday entry points, even if they are primarily investors.
This book is meant to act as your guide - helping you take each step in the learning process toward becoming a successful part-time day trader. We show you how to find a broker, what software you need, what books to read, what web sites to look at, what training course you need, and give you guidance on how to put it all together.
Most important, we tell you everything that can go wrong! And we show you how to practise without risking any of your hard earned money. This is not a get-rich quick scheme. It is an approach that will enable you to capture the daily variations in the market.
John and I were not hedge fund managers. We were not stock brokers. We were just regular people like most of you that wanted to find a way to make a little extra money. We know what regular people "don't" know - we don't assume you have Wall Street Knowledge. We talk to you like we wish someone had talked to us. And we give you examples of the things we went through so you can learn from our experiences and not have to repeat our mistakes.
We wish you much success. Jeanette

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Leo Melamed: Escape to the Futures Review

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(More customer reviews)Commodity Futures have been called "The Last Great Frontier of Capitalism". A characteristic of frontiers is that they produce interesting people. But while we know a good deal about the interesting people in other industries - Bill Gates in software, for example, or Peter Drucker in management consulting - until recently the public has heard little of the human side of the futures business.
A few years ago a remarkable book was published by the options trader Jack Ritchie called God in the Pits - Confessions of a Commodities Trader. The book had much to say about author's spiritual journey and little about the financial markets in Chicago, but he described his motivation for writing the book as follows: "...the common stereotype is that integrity and commodities trading go together like Al Capone and Mother Teresa. While they are seldom accurate, neither are common sterotypes completely erroneous".
Escape to the Futures goes a long way towards dispelling that stereotype, and therefore is a most overdue book. It is the memoirs of Leo Melamed, a former Chairman of the Chicago Mercantile Exchange (known in the commodities world as simply "the Merc") and one of the more important figures in the Chicago financial markets. As well as being better known than Ritchie, Melamed has more to say about his industry. One comes away from the book with an impression of the heroic qualities of the markets as well as an appreciation for the pioneering men who made this new frontier possible. The book's title refers to Melamed's origins. Like that other well known investment figure, George Soros, Melamed is of European Jewish extraction - he was born in Poland. His family managed to escape the Holocaust by fleeing, first to Lithuania, then, barely escaping the Nazi occupation of that country, emigrating to the United States via Japan (pre Pearl Harbour) after a long train ride across the Soviet Union. The twists and turns of this exciting story hints at the origins of Melamed's succ! ess. As Soros has said, describing his experience in the Budapest of 1944: "I learned the art of survival...that has had a certain relevance to my investment career"
Like many careers prior to the arrival of post-industrial society, Melamed's began by accident - he answered an advertisement for a "runner" for what he presumed was a law firm but was in fact a member firm of the Merc. He quickly fell in love with the market: " I was enthralled with the open outcry system of buying and selling contracts, with the speed at which things happened, with the colorful players in this arena of capitalistic hope and sweat." (p.88). This appreciation of what Keynes called the "animal spirits" of capitalism seems to be decidedly lacking these days. In the 1990s, if one want's to be a "player" in the financial markets, the correct route seems to be via a bachelor's degree in business followed by some high-priced graduate study, an MBA or something. Contrast this with the advice the young Jimmy Rogers got in the 1960s: "Go short some beans and you'll learn more in just one trade than you would in two years at `B-School.' "
Now, reading Escape to the Futures will not give you many trading "tips". Great traders are not going to give away their secrets like that. What it will give you an insight into is how an industry gets built. Melamend himself illustrates the phenomenal growth of the futures business in his preface to the book: "In 1971...14.6 million contracts traded on US futures exchanges. Twenty years later, in 1991, the total transactions of futures and options on US futures exchanges was 325 million contracts." How did it happen? Your average B-School guy would attribute the growth to the US dollar de-valuations of 1971 and 1973, to the commodity price booms of the 1970s, and the financial de-regulations of the 1980s. What he is missing is the role played by men like Melamed who had a vision about what they wanted to achieve with thei! r organisations. Reading his book one is struck by how his working days were more those of a politician rather than a trader.
But I use the word politician to mean "statesman", or "leader". One characteristic of such men is vision. Look, for example, at the Merc's International Monetary Market, the futures market for currencies: "Of one thing I was certain by the mid-1970s: agriculture was never going to be the future. But finance was. If the Chicago Mercentile Exchange had any future, it was on the back of the International Monetary Market. But that was something I couldn't prove in 1975 because the currencies and financial futures still had a long way to go. One had to believe" (p. 242).
One of the downsides of financial statesmanship is that you don't get to concentrate as much on making money yourself. For instance, Melamed would show delegations of visitors to the Merc how a trade was executed, but the trade lose money! It is no surprise to learn, at the end of the book, that Melamed is now concentrating more of his efforts these days on building up his own firm, Sakura Dellsher.
In Melamed we get a picture of a man who allied vision with an ability to persuade people of the virtue of his ideas, who knew how to cultivate relationships with people, and who knew how to effectively use his time and resources to achieve his organisation's goals. I commend this book to everyone interested in capitalism as people and not as abstract concepts as taught in the textbooks. Like another great book written by a trader but not about trading - Bernard Baruch's My Own Story - you will get an idea of how one man made things happen..

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Intermarket Technical Analysis: Trading Strategies for the Global Stock, Bond, Commodity, and Currency Markets (Wiley Finance) Review

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(More customer reviews)There is very little information out there on Intermarket analysis (see Martin Pring's "All Season Investor" and Murray Ruggiero "Cybernetic Trading Strategies" among the few to offer info in this niche). Turns out the Intermarket form of technical analysis is among the most important in analyzing the economy and the various links between financial sectors. It's a key to deciphering the intermediate and longer term trends (& with Ruggiero, possibly short term trends). Amazingly, nearly all high paid economists and many financial market analysts get it wrong, but the markets collectively don't by definition. (You can't trade an economist, there is no "economic futures index", and the economists generally aren't traders since they don't know how.) Once you have the basics of technical analysis under your belt, this book is a pivotal and necessary step forward in an education towards deciphering the increasingly interrelated worldwide financial markets. A must read, but only for the serious investor. Too complicated and difficult to use for the dilettante. I wish John would do a "year 2000" update just to freshen up the charts, but the basic relationships haven't changed much and the lessons are still totally valid.

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Trying to trade stock, bond, commodity and currency markets without intermarket awareness is like trying to drive a car without looking out the side and rear windows--very dangerous. In this guide to intermarket analysis, the author uses years of experience in technical analysis plus extensive charts to clearly demonstrate the interrelationshps that exist among the various market sectors and their importance. You'll learn how to use activity in surrounding markets in the same way that most people employ traditional technical indicators for directional clues. Shows the analyst how to focus outward, rather than inward, to provide a more rational understanding of technical forces at work in the marketplace.

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The Markets Never Sleep: Global Insights for More Consistent Trading (Wiley Trading) Review

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(More customer reviews)The author makes some valid points about the globalisation and interdependence of markets. But there is a lot of repetition and the treatment is fairly elementary. Could be useful for beginners.

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The Trading Athlete: Winning the Mental Game of Online Trading Review

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(More customer reviews)For both new and experienced traders, The Trading Athlete is a welcome addition to the subject of understanding the importance of trading psychology. Trading is a very difficult profession if you are not mentally prepared. By using sports analogies and comparing the athlete to the trader, the authors provide an easy-to-understand approach to the subject matter. Having traded equities and futures for the past eight years, I've concluded that conquering trading psychology is 90% of the battle to becoming a consistent and profitable trader. Trading psychology is such a critical aspect of trading that I included two chapters on the subject in my book Day Trading on the Edge: A Look Before You Leap Guide to Extreme Investing.
The authors, a sports psychologist and online trader (with prior trading experience at the CME and CBOT, and currently a trading coach) have produced a clearly written, easy-to-read book that supplements books by Dr. Alexander Elder, Ari Kiev, and Mark Douglas among the best books on trading psychology.
The major subjects covered in this book include:
- Mental keys
-Confidence building and dealing with failure
-How to handle losses
-Replacing negative thinking with productivity
-Handling pressure
-Why trading for revenge is a disaster
-How to overcome fear and prevent panic
-How to concentrate
-Enjoying your success
Each chapter is sprinkled with appropriate quotes that bring home the key points.
The Trading Athlete provides a self-evaluation form covering: goal setting, confidence, positive trading attitude, energizing, anger management, pressure, concentration, and flow. It also provides actual relaxation strategies to reduce stress
Also included in an appendix is a summary of the key points (4-10 or more) of each chapter. There are also very useful worksheets that can be used to record your own mission statement including your strengths, weaknesses, and goals. Additional worksheets are provided for recording your trading rules, goals for the week, month and year with checklists to determine if you are meeting them. Another worksheet covers a weekly performance log for recording each trade, its outcome and your comments about it.
In summary, the Trading Athlete, if read carefully and if you use the worksheets provided, will provide you with a solid foundation for understanding yourself and conquering your trading fears and inadequacies. Ultimately your trading should improve for the better. This book is an excellent resource for all traders. I highly recommend this book.

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Practical Speculation Review

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(More customer reviews)This is literally the cost of the wisdom in this book.
Mr.Niederhoffer is back after his fund with $120 million under management,rated the best for 12 consecutive years,lost big and was forced to close in 97.
He`s back explaining what went wrong and how to avoid the mistakes he himself committed before learning (the expensive way)what not to do.
It`s hard for a small fish like myself who lost his small stake (relatively speaking) few times in his years of ignorance to recommend this book since,I consider it a hidden treasure no one has the right to benefit from in this cut throat business without paying at least the tuition fee I and my fellow traders paid switching from one losing system to the next.
This said,Do you accept the gift?
This book is the closest thing to a free lunch on wall street.
The best investment ideas are found in the most unlikely places.
Isn`t Practical speculation,a book written by a hedge fund manager who lost everything and mortgaged his house, an unlikely place to find great investment ideas? Well,think again.
Victor Niederhoffer is imho the world`s best trader.
Now,here`s the man`s REAL TIME track record that you can verify for yourself:
In March 2003,Niederhoffer was THE ONLY bullish trader I know of.
He published his opinion in a very insightful column on MSN -why the market should go up 19%? - while the Prechters,Abelsons and the other trend followers of the world were talking about a 10 year bear mkt and a crash that only Mr.Prechter can help us conquer.
Mr.Niederhoffer`s prediction was not contingent on any break of a trendline or a moving average crossover or a resistance level breakout like most technicians tell you to save face in case their prediction goes astray as it usually does.
No sir,his prediction was a straightforward 19% no strings attached.
At the date of this review,16th of july,the market is up more than 15% from the date the article was published.Now my friend,this is a real time prediction not a retrospective one (I told you so type).
In his short term swing trading using the VIC (a variation from the volatility index)and the stock/bond ration,he caught 960 dow points out of 1050 on 12 trades.
Experienced traders know that predicting reversals in the long term let alone the short term is the hardest task for a trader and that the probabilty of achieving such endeavour by chance variation alone is nil.
In fact,most of the successful hedge fund managers were at one point or another either his students or his employees.
If you already missed the 15%+ return in 3 months or the 900+ dow points, cut your losses short like good traders do and BUY THIS BOOK.
There are two things that experienced traders and squash players of this world do not want: a)being on the other side of Niederhoffer`s trades like the abelsons of 2003.
b)having to return a Niederhoffer`s backhand like the khans of the 70s.
While I was never locked in a squash court with Niedrhoffer,I found myself unknowingly on the other side of one of his IBM trades last year at the expense of my trading account.
Last word of advice,do not let Niederhoffer`s humility fool you.He`s not crawling back slowly up the stairs as he likes to say,he is taking monster steps that neither you or I are capable of taking yet.
Like all the greats,he only talks about his losses and hardly mentions his wins.
If you followed his writings,predictions and recommendations as closely as I did you would quickly realize that the misses don`t amount to more than a very small percentage of the hits.
Laurel Kenner on the other hand is the most shortchanged writer in history.Co-authoring a book with a giant like Niederhoffer is not an easy task.To her credit,her writings prior to joining Niederhoffer at MSN showed a great understanding of the financial mkts and contrarian views on different aspects of speculation (a trait you can`t do without as a trader).
My only minor disappointment was the lack of mention of Livermore.In my years of ignorance I traded using Livermore`s methods and was wiped out few times before realizing that I was feeding the system with my hard earned money by placing mkt orders and only buying on up days and new highs a la Livermore.
Mr.Livermore in my opinion disseminated more ill founded wisdom than Graham since his words became cliches in all brokerage ofices.
On a final note,whether you buy this book or not won`t affect my wealth in anyway SO,IGNORE THIS REVIEW AND THE BOOK AT YOUR OWN EXPENSE

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A Complete Guide to Technical Trading Tactics: How to Profit Using Pivot Points, Candlesticks & Other Indicators (Wiley Trading) Review

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(More customer reviews)I agree with a couple of posts that say this is a very basic book, and that most of the information could be found for free on the internet. I would go as far as to say that some information would be better if read on the internet.
The examples about pivots (the key part of the book), one chart after another were not easy to follow. The section on TA was woefully lacking. The author has a section on Gann theory, and more or less advises to go buy the book that Gann wrote. As it turns out, there is some pretty rich information about Gann on the web.
My biggest pet peeve about this book were the continual subliminal references (advertisements) to the author's subscription based website. Besides that, I did not like the blatent plugging of the people who praised his book on the back cover. It's okay for an author to put their website on the back of the book. If the information stands on it's own then I can go to the website to learn more. What's not cool is to give vauge trading strategies, then give some glowing account of how your subscription newsletter called the shots.
I did give the book two stars, which means I wasn't totally disapointed. He does stress a couple of good points regarding pivots, but it's all pretty basic beginner stuff.

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A thorough trading guide from a professional traderThe Complete Guide to Technical Trading Tactics can help the new individual investor understand the mechanics of the markets. Filled with in-depth insights and practical advice, this book details what it takes to trade and shows readers how they can broaden their horizons by investing in the futures and options markets. The Complete Guide to Technical Trading Tactics outlines a variety of proven methodologies-pivot points, candlesticks, and other top indicators-so readers may use those that work best for them as well as make their own trading decisions without a second thought. Author John Person also shares his insights on a variety of trading technologies that will allow readers to gain a competitive edge in the market.John L. Person (Palm Beach, FL) publishes The Bottom-Line Financial and Futures Newsletter, a weekly commodity publication that incorporates fundamental new developments as well as technical analysis using his trading system.

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Trading in the Zone : Maximizing Performance with Focus and Discipline Review

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(More customer reviews)I had read Douglas's Trading in the Zone before. I had a very high expectation on this one. However, I was very disappointed.
The author emphasized throughout the book the importance of entering the zone, a state of mind that you can neglect fear, greed, P/L, and just trade according to your feeling of the market, though he supplemented that with the need of analysis, hardwork, focus blah blah blah, and that different people have different means to enter the zone, illustrated with examples anonymous. Those might be true stories. However, the author just did not tell the readers how they could do it themselves without the assistance of a coach like the author's good self.
A reviewer of this book wrote that this should be read together with Douglas's Trading in the Zone and Mc Call's The Way of the Warrior Trader. One should read those two excellent books only, but definitely not this.


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SFO Personal Investor Series: Psychology of Trading Review

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(More customer reviews)This is a great book because of the many different/diverse perspectives it gives due to contributions from many/multiple authors! Most of the authors are known and well established and respected in their field and have created great articles that are very, very helpful to all types of traders. While this won't be the only book you'll need on the subject, this is a great starter and will help you hone in on a particular author or technique you like allowing you to do further research when you're ready! Great read too!

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At some point, every trader every trader encounters a mental block, makes a trade he or she regrets, orfaces an emotional challenge related to an investment. All the technical expertise in the world won't help you succeed if you don't have the right mindset. This collection of the top psychology-related articles from SFO, The Official Journal for Personal Investing, will help you assess what kind of trading is right for you and how to manage your personal mind games. This book explores managing mind games and controlling emotions, as well as behavioral economics and how the act of trading affects the internal workings of the brain. Learning about the hard science behind economic decision making and how brain function contributes to trading decisions can help give you the edge you re seeking.

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Trading Rules II: More Strategies for Success Review

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(More customer reviews)The original Trading Rules gave me a bible of rules to use when looking at markets. This one goes one step further by offering even more insight into market strategies employed by the market insiders. Eng's explanation of stock splits as a form of revisionist history shows how the big boys really use stock splits to rewrite their original costs ... and screw the public ... is an insightful chapter. Eng's use of arbitrage clearly explains how I can use it outside of the markets! Other chapters are just as valuable to making money. In fact, no other book has portrayed the game played against the public as this one book by Eng. Eng's twenty years of market experience certainly shows up here. This is for today what Reminiscences of a Stock Operator was to investors and traders of the 1920s

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The Secret Science of Price and Volume: Techniques for Spotting Market Trends, Hot Sectors, and the Best Stocks (Wiley Trading) Review

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(More customer reviews)I have purchased numerous books on Stock Trading and for the first time felt compelled to write a book review because this book is simply that good. I first read about Tim Ord in Fari Hamzei's highly acclaimed book "Master Traders." Tim Ord is nationally rated as a top Market Timer and to be one of the Traders featured in " Master Traders" tells you something about his credentials.
Tim Ord's book, "The Secret Science of Price and Volume," analyzes what really drives equity prices, which is Supply and Demand. His unique methodology of Price and Volume analysis: " Ord Volume", evaluates what is moving equity prices at all junctures of their Price Swings, Legs and Price Points. He also uses these methods to evaluate Tops and Bottoms of Price structure and applies them to the major indices as well. Price and volume relationships have been in existence for over a hundred years and will continue to do so. The author presents disciplined trading and investing strategies based on time tested principles that will continue to work because fear, greed and human behavior will always be present in the marketplace.
Trading legends such as Richard Wyckoff, Jesse Livermore, Nicolas Darvas and William O'Neil to name a few all have utilized Price and Volume techniques to help amass their fortunes. Livermore's and O'Neil's "Price pivots points," Wyckoff's "Jumping the Creek," and "Falling through Ice" methodologies are Price and Volume based. William O'Neil's, "Follow Through Day," in the General Market Averages which show when Institutions are coming in to buy stock at long term or intermediate term lows is also related to these principles. The author explains the physics of this science and will teach you exactly how to interpret price and volume action in a manner which nobody else has shown before. In fact Ord Volume will help reveal when Institutions are either piling into stock or whether they are gradually accumulating it as well as when they are dumping or slowly supplying stock to the general public. Knowing this information is invaluable to both trader and investor.
These methods by no means are limited only to the technically oriented investor or trader. Fundamental and Value investors will also benefit by interpreting whether or not the forces of supply and demand are working in or out of favor with the particular group of stocks they follow.
The author also brilliantly covers topics such as Stock selection, Market Timing, Sector Analysis, Sector Rotation, Breadth analysis, Market Sentiment and much more. An informative chapter on the Gold sector is also included. This book is a Treasure chest. Whether you are a Long Term Investor, Intermediate-term Trader, Swing Trader or have a preference to sell stock short, "The Secret Science of Price and Volume," will provide you with a road map to profitability.

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In The Secret Science of Price and Volume, leading market timer Tim Ord outlines a top-down approach to trading—identifying the trend, picking the strongest sectors, and focusing on the best stocks within those sectors—that will allow you to excel in a variety of markets. With this book as your guide, you'll quickly become familiar with Ord's proven method and discover how it can be used to make more profitable trading decisions.

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The Practical Guide to Wall Street: Equities and Derivatives (Wiley Finance) Review

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(More customer reviews)Having worked on Wall Street for 7 years, this is the book I wish I had when I started. It gives exactly the right level of depth in each of the product areas you will encounter on the Equity side of Sales & Trading.
If you are an experienced trader on a particular desk the explanations will seem elementary. But as a basis for understanding all the various desks on the trading floor this is perfect.
There are also very useful sections on how to read company balance sheets and announcements and macro economic announcements. Crucially these sections concentrate on what you need to know as a salesperson or a trader and not what you need to be an accountant or an economist. Consequently a lot of unnecessary complication and depth is stripped away to make these concepts much easier to follow.
This book should not just be considered by traders and sales people - it is very relevant to anyone working in middle office or IT/Operations functions too.
Read this book cover to cover and you will finally understand in detail why it is the traders ask you to make available functions that show the future basis calculation or ask you to create or redeem an ETF.
One point to note is this book is limited to products found on an Equity trading floor. There is no coverage of Fixed Income products (Bonds, Foreign Exchange, Commodities). A similar book for those areas would be most welcome.

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The Practical Guide to Wall Street is an indispensable resource for anyone who aspires to a front-office sales or trading position on Wall Street and an essential desk reference for market practitioners and those who interact with this exciting but widely misunderstood industry. Written by an experienced trader in a clear, conversational style and assuming no previous background in finance, The Practical Guide to Wall Street provides a thorough schooling in the core curriculum of the equity and equity derivatives sales and trading business - exactly what you would learn from sitting beside the traders at a tier-one Wall Street investment bank (except that in practice, traders rarely have time to provide such detailed explanations!) Topics covered include:
Clear, detailed and intuitive explanations of all major products, their function, pricing and risks (several of which are unavailable anywhere else despite producing billions of dollars in annual revenue for Wall St.)
The layout of the trading floor, the roles and responsibilities of the different sales and trading groups and how they interact to service the client business
An overview of the structure of the macro-economy and the trader's perspective on the significance of economic data releases and their impact on the financial markets
A review of those concepts from fundamental valuation and financial statement analysis of greatest relevance on the trading floor (as opposed to abstract valuation models)
Practical details of the structure and functioning of the equity and derivative markets including translations of trader jargon, Bloomberg tips, market conventions, liquidity and risk considerations and much more…

This book provides the first comprehensive explanation of all aspects of the functioning of the equities division, with information, details and insights previously only available to those who already worked on a trading floor. The availability of this material in a format accessible to non-professionals fundamentally changes the level of industry knowledge employers in the financial services industry can expect of new hires.

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Value in Time: Better Trading through Effective Volume (Wiley Trading) Review

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(More customer reviews)The author uses inexpensive off-the-shelf software to slice each trading day of a stock into one-minute segments. He finds the average one-minute volume for the day and separates the minutes into those with above or below average volume. In each group, he adds up the volume of minutes with rising prices and subtracts the volume of minutes with falling prices. This gives him two cumulative volume lines: one for the minutes with above average and the other for below average volume. He named them Large and Small Effective Volume.
The minutes with above average volume reflect the impact of the big money and often have predictive value. When you find a condition in which the big money starts pushing up a stock, while the small money remains negative or neutral, an upside reversal is in the cards. When the big money starts pushing the stock down while the small money is flat or buying, a downside reversal is more likely.
The author introduces another key concept which he calls Active Boundaries. When the returns from a stock over a period of time reach their upper boundary, the expectations for a further rise diminish and a downside reversal is more likely. When a stock declines and hits its lower Active Boundary, bullish expectations become high and the stock has a greater probability of an upside reversal. Numerous charts show how to catch reversals using these concepts.
In addition to Effective Volume and Active Boundaries the author describes several other concepts. He has a very rare ability to stand apart of the crowd, to question accepted concepts, and to come up with new ideas.
In the interest of full disclosure: I met Pascal a couple of years ago while working on my book Entries & Exits (John Wiley & Sons, 2005), which includes a chapter on his approach.
During the past year I have been receiving Pascal's analytic emails in which he shares his research into current markets. After you read this book, I suggest you write to Pascal and ask to be added to his mailing list!
I expect the concepts of Effective Volume, Active Boundaries, and others in this book to become accepted by many serious traders. As always, the early adopters will reap the greatest rewards.

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The "decimalization" of financial markets, has killed market visibility and, some believe, encouraged price manipulation. The only way investors and traders can now avoid becoming victims of insiders and manipulators is to use techniques that detect their moves. In Value in Time, Pascal Willain provides breakthrough new technical analysis tools that show you how to see through market manipulations and become a better, smarter trader. This unique guide contains insights that will take your trading to the next level.

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Market Basics Set: An Introduction to Trading in the Financial Markets: Market Basics Review

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(More customer reviews)Although I've been in the Financial Industry for many years, I've known that there are gaps in my knowledge, and this book helped to fill them.
I was looking for a step-by-step description of the Trading Process, and this book had what I was looking for (although I'll be waiting for the subsequent books in the set to provide more detail). I can now explain the difference between clearing and settlement.
I also liked the fact that it had clear definitions for terms such as 'Prime Broker' and 'Wholesalers' and had good diagrams that showed the relationship between the different components that make up the industry on both the buy and sell side.
I'd highly recommend this book as a good overview of the Financial Industry. My only minor complaint is that sometimes I felt that the diagrams tended to overwhelm the text.
-Stuart.

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How do financial markets operate on a daily basis? This first of four volumes introduces the structures, instruments, business functions, technology, regulations, and issues that commonlyfoundin financial markets. Placing each of these elements into context, Tee Williams describes what people do to make the markets run. His descriptions apply to all financial markets, and he includescountry-specific features, stories, historical facts, glossaries, and brief technical explanations that reveal individual variations and nuances. Reinforcing his insights are visual cues that guide readers through the material. While this book won't turn you into an expert broker, it will explain where brokers fit into front office, middle office, and back office operations. And that knowledge is valuable indeed.

* Provides easy-to-understand descriptions of all major elements of financial markets

*Filled with graphs and definitions that help readers learnquickly

* Offers an integrated context based on the author's 30 years' experience

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