Tuesday, December 21, 2010

Almost Every Trader Should Read This Book

If you are a stock trader who makes money consistently, every day, every week, then you probably don't need to read this. However, if you are thinking of getting into day trading or short term trading, or have just started day trading or short term trading, or maybe you currently day trade or short term trade but you have big swings up and down in your account, then you need to read Trade the Trader: Know Your Competition and Find Your Edge for Profitable Trading by Quint Tatro.

Tatro has the experience and the track record to write this book and has become extremely successful as a trader. The book features many real life trading examples along with all the related charts. He talks about the three different methodologies for trading: anticipatory, reactionary, and delayed reactionary, and how to determine which is the best strategy for you (you can make money with any of the three strategies). Included is a chapter on how and where to set stop orders, and most important, another chapter on when to take profits. Lots of information is provided on technical trading and trend lines. Of course, to complete the book, a couple of chapters on the psychology of trading.

I have already put a couple of his trading techniques to work, very successfully I might add. I very highly recommend Trade the Trader.

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