Stock Patterns For Day Trading

Posted By: runje

Barry Rudd, «Stock Patterns for Day Trading»
Traders Press | ISBN 0934380414 | 2000 Year | PDF | 48 Mb | 196 Pages | OCR

I've spent in the neighborhood of $500 on daytrading books in the past 12 months. If I could only purchase one daytrading book this would be the one. Over the past year of daytrading I've learned the three best tools for timing trades are 1 - real-time charts 2 - level II quotes & 3 - time & volume of sales. This book has more examples of charts than the other 10 daytrading books I own combined (that doesn't include Barry's second charting book which I also highly recommend). This book is all about keeping things simple. Forget about stochastics, MACD, & all the other things recommended in the Compleat Daytraders I & II books. Barry believes in the KISS method. Keep it simple stupid (thats my paraphrase of what he recommends).
Part of my enthusiasm for Barry's book has to do with my trading results before & after reading his book. Because his book was more expensive than others available I purchased some of the less expensive, introductory, daytrading books. I started trading & over about 7 months lost approximately $7,000. In the past 5 months (since purchasing Barry's book) I have become more patient waiting for the correct chart formations & have become a profitable, part-time daytrader. The $7,000 loss I had 5 months ago has turned around and become a $53,000 gain.
Some of this turnaround is naturally a result of my maturation as a trader. Everyone writes about having to pay one's dues, so to speak, to get an education in daytrading. I certainly did. However, if I could pinpoint THE major turnaround in my trading activities, it would have to do with reading Barry's book.