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Rating: Summary: Get this one if you can. Outstanding concept and theory. Review: A very excellent book on trading the futures markets. The author shares his personal experiences in the futures markets and shows how to use them in your trading. If you are looking for a solid foundation to invest in futures, this is it.
Rating: Summary: Must read Review: I checked this book out of the library, read it and then went and ordered a copy to own. This book reads similarly to ROSO and Marty Schwartz's Pit Bull, except it makes an attempt to show you some of his methods through charts and thought process. Basically, align with the major trend, fade the counter trend at 50% retracements, scale in and scale out. Most of all, be patient, trust your trade and know when you are wrong. Whether or not he chose choice successful examples to write in this book is irrelevant. One gripe I did have though, was not seeing how he would come up with his price objectives, perhaps calculated off a 150% extension. I suspect this is in one of his other books. I have read around 100 trading related books, this one was a sleeper book that was not expected to be great and so, caught me off guard. This book will certainly stay in my top 10 list and I will be sure to pick up the rest of Stanley Kroll's books.
Rating: Summary: Must read Review: I checked this book out of the library, read it and then went and ordered a copy to own. This book reads similarly to ROSO and Marty Schwartz's Pit Bull, except it makes an attempt to show you some of his methods through charts and thought process. Basically, align with the major trend, fade the counter trend at 50% retracements, scale in and scale out. Most of all, be patient, trust your trade and know when you are wrong. Whether or not he chose choice successful examples to write in this book is irrelevant. One gripe I did have though, was not seeing how he would come up with his price objectives, perhaps calculated off a 150% extension. I suspect this is in one of his other books. I have read around 100 trading related books, this one was a sleeper book that was not expected to be great and so, caught me off guard. This book will certainly stay in my top 10 list and I will be sure to pick up the rest of Stanley Kroll's books.
Rating: Summary: A Good Summary of Trading Experience Review: In this fantastic book Stanley Kroll discloses his secret of successful commodity trading. As a trader, I find that the book is very useful. The central theme is to follow the trend, than get in during secondary reaction or rally, and then set a rigid cut loss point. After retired from active trading, Stanley Kroll finally returned to the exciting scene of trading. But when he came back, he found that his theory is no longer applicable to the market. This teaches that each one has to be flexible and adapted to the market. He should also develop a new system to reflect the change in the market. Those who are interested in this field could also find the only book by Jesse Livermore, "How to Trade in Stocks" and read it. He could dig a lot of useful information from them.
Rating: Summary: Superb! Best for the veteran traders Review: You seldom find in the universe of trading books that a trader will use more passages to cover stories about his failure than success. This is just a rare breed. Perhaps Kroll was confident enough to do so with the backup of his outstanding trading record, and his determination to write a superb trading book. To me, this is a modern day Reminiscences Of a Stock Operator ROSO. Of course, Kroll and his book are not as "great" as Livermore and ROSO. However, the tone/style of the books are not so distant, and so are their values. In fact, Kroll had voiced out his admiration for Livermore. In short, cut loss short, keep profit run, plan your game well, focus on the major trend and buy on its minor retracement, keep absolutely calm and relaxed, see lights across the board and not just of what you trade, trade opposite to the news on mass media, mind the single/double day reversal, the sardine story (some commodities are for trading and not for eating), not to be worried about the beginning of a big trend coz it always lasts longer than most people expect, go along with the technical when it clearly shows something at variance with the psychology of the market, and much more wise words are present in this book. As a value added service, I would like to quote one passage here for your reference. "There's a great tendency to get carried away by the prevailing market psychology at that time and not doing any liquidating. But you've got to resist that tendency. When the market attains that major price objective, where you had projected closing out, say, half the position, do it. If you dont, you will probably regret it later." In a word, a must read. p.s. The only bad thing of this book is the exceptionally poor front cover design.
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