Rating: 
Summary: Tools and Tactics for the Master DayTrader: Battle-Tested Te
Review: In three words....GREAT TRADING BOOK. I am a full-time proprietary day trader working at a NYC trading firm and I've read at least 20 books on the subject of trading. I wish I had read this one first instead of last. It would've advanced my success rate substantially. Velez starts off by talking about the psychological & mental aspects of successful trading and explains, in clear & simple language, how to mentally prepare for the trading process - from entering a position to exiting it. The remainder of the books goes into various technical analysis strategies, buy & sell chart setups, entry & exiting strategies, stop loss strategies, for both swing & intraday trades. In summary, this book is a great book for an entry level or seasoned trader & is well worth every nickel. I can honestly say that this is one of the top three books Ive read without a doubt. You will not be disappointed by this book, it's all meat-no fluff.Jim R.
Maywood, NJ
Rating:
Summary: Dissenting Opinion from a Full-time Trader
Review: The people who previously reviewed this new book by Oliver Velez and Greg Capra seem to have started in the middle of the book, looking only for The Holy Grail to lead them to immense profits heretofore undiscovered by anyone else. I found the real value in the first half of the book, which tries to show you why you haven't been a successful trader up to now and what to do about it. This is worth the price of the book in itself. They are teaching you how to fish, not giving you a fish, as the old saying goes. They should include a mirror with every copy, as I see myself in every page when they describe the mistakes made by beginning traders. I started trading commodities in 1989 and switched to stocks in 1998, so I have had the rare opportunity to make all the mistakes they describe and more. But the good news is...that's what makes you a success later on. Chapter 5, "The Seven Deadly Sins of Trading", doesn't just tell you the sins, but actually tells you how to eliminate them. This chapter alone is worth the price of the book to me. I became profitable in 1998 and support my family totally from trading income, using many of the tools described in this book. I have tried many of the software "black box" programs out there, been to many seminars (some great ones, some worthless ones), bought many trading books, and it has all led me to where I am now. If I had let an unfavorable review like the ones here steer me away from a fantastic book like this one, I would not be trading today and making a living working for myself half a day and hiking, biking and skiing the other half. So what if they promote their own seminars, web pages, trading room, etc. in the book. Wade Cook and many others use their books as free advertising the same way...nobody is forced to buy the other products. We all have the ability to decide whether or not we will delve further into these products, don't we? To be fair to the other reviewers, they may already be successful traders that don't need the advice in the first half of the book and were only looking for a book that would reveal a system or method to double their income in the next three months. All I can say is that I have been trading for eleven years and the book will probably double my income in the next six months even if I never read the second half. Buy it, read it and decide for yourself.
Rating:
Summary: My Actual Results of The Trading System Recommended in book
Review: I didn't read all of these reviews until I had bought and read the book. And it was quite by accident that I did read them. I was looking for other books like it. While a number of the critics said the book wasn't as good as others, oddly, one critic bashs the authors of this book then recommends Toni Turner's book for which one of these authors, Oliver Velez, wrote the introduction. Here are some actual results of their system. I checked my last five days of trading and found my results gave me a 5.2% gain on three losses and three wins! This is the 50/50 deal that is dismissed by one of the critics who said their system produces. Now I will take that sort of gain any time. If I could have that every week it would give me a 268% profit for the year! Not bad for a beginning. I give you specific trades I made to produce these results. Check them for yourself. The trades were made from January 23 to January 29,m 2004. 1-23-04- Bot ANDW @ 16.763
- Shorted SNDK @ 60.58 1-26- Sold ANDW @ 17.467 (loss .704)
- Covered SNDK @ 58.33 profit 2.25 1.27- Shorted CYBX @ 32.40
- Covered FRNT @ 10.80 profit .851
- Covered CYBX @ 31.80 profit .60 1-28- no activity
1-29- Shorted ERTS @ 46.30
- Covered ERTS @ 47.16 (loss .86)
- Shorted RYL @ 75.01
- Covered RYL @ 75.85 (loss .84) Results: (losses = 2.304), profits = 3.701; net gain 1.497 on total of 240.554 share prices of initial trades, for a net profit of 1.497, or 5.2% gain in five trading days. (Note: This does not include the holdings still in the account at the end of the period, only the trades actually made in the period. The FRNT was shorted @ 11.751 on 1-20, but was not closed until the period of these trades. The account still held RYL shorted (again) on 1-29 @ 75.76 and DHI shorted at 27.40 on 1-29. RYL was up .26 at EOD and DHI was down (.34) at end of day.) Don't overlook the fact that the market had two huge correction days during this period, January 27 and 28, when virtually all the indexes were down on heavy volume. I also would like to unravel a bit of the negative comments that have been posted here. Many of them have to do with the seminars that these authors conduct. I have nothing to say about the seminars, having never attended one, nor having any intention of doing so. The rest of the negative comments about the book seem to revolve around the fact that there is 'nothing new' in the book, that its concepts are old news. That seems more positive than negative. If they are old techniques then they are to be trusted more, for they work well enough to still be around. Yes, I too found them to be old, but I need constant reminding of the techniques. I can't recall one negative comment that didn't have a good word about the psychology that the authors propound in the first half of the book. Well, to me, technique is about fifteen percent of a good trade and psychology as well as risk management are the other eighty-five percent that make the difference between winning and losing in the market. At least, that is true of me. I have usually lost trades because of one or the other of these two being out of kilter. So, for me, these two - psychology (mine as well as the other players in the market) and risk management - are the pivotal elements in making good trades. One other observation. A number of the critics have aimed their charges at the character of the authors, and their hype of their seminars and other products. To me neither of these are relevant to the system presented in their book. Either it works or it doesn't. That is the key. I have found many of the books about the market to hype other products their authors have for sale. In fact, the one guy I follow the most, William J. O'Neil, may be the greatest hyper of them all. He owns Investors' Business Daily. He sells his books in ads on about every other page in IBD, as well as his chart service, his seminars, e-subscriptions and other books and services. Still, it is hard to beat his CANSLIM system for trading. This book has good stuff for those who are serious about trading. As one reviewer said, the material on entry and exit strategies are worth the price alone. And do not under-estimate the psychology these guys are selling. It is key!
Rating:
Summary: Required Reading for Profitable Trading
Review: What makes this one of the very best books on day trading is the clear, simple and direct language the authors use to illuminate a complex subject, and few books in the genre are as comprehensive in scope, as well organized and presented. In Tools and Tactics for the Master Day Trader, authors Oliver Velez and Greg Capra have created the essential primer for neophytes, as well as a book seasoned traders will find of lasting value for the insights and wisdom the authors only could have acquired through long experience in the trenches themselves. Their approach is technical, based on a number of reliable chart patterns that identify key short-term shifts in market psychology, those points when a change occurs in the balance between buyers and sellers. Charting techniques, market indicators and timing, and execution skills are detailed in a concise and focused way. But the book excels in discussions about trader psychology, the emotional challenges that must be overcome, and the attitude and discipline a successful trader must have in approaching the markets. For example: "The need or desire for certainty is one of those natural human traits that every aspiring trader must learn to overcome, because certainty is a myth. It does not exist in life, nor does it exist in the market. It is a phantom, a dream that is chased by far too many market players. As traders, we must be capitalists of the unknown. We can never escape the fact that we are forced to act in the face of uncertainty. Those who must know all the facts before they trade will find opportunity forever leaving them behind. Fortune waits for its captor in the shadows of uncertainty. It lies hidden on the path least traveled. The active trader will find that the greatest opportunities will be found where no one else is willing to go. The trader can never be certain that the trade just taken will work. The trader can properly assess the odds and devise an intelligent strategy in an attempt to exploit those odds. But each trade will still possess the ability to disappoint. Each attempt will carry with it the potential to fail. The aspiring trader must learn to deal with this and must learn to act before he or she knows. Because by the time the trader knows, the opportunity is long gone." The authors include chapters on "the seven deadly sins of trading"; how to identify and kill your deadliest demons, and rules the master trader lives by. This book is required reading for all who intend to trade profitably.
Rating: 
Summary: Ignore Some of these Bad Reviews
Review: Here's a heads up from someone who actually has taken the time to read the book and put money on the table to test its strategies in real-life trading situations (after I paper traded them, of course). To avoid undue negative bias, I recommend not listening to the reviewer that "heard" that the authors don't trade (what a bunch of bologna)...and also try to ignore the guy that talks about the "performance" aspect (Pristine posts a trade once a week on their website...since I've been following it --quite a few months now-- the win/loss has about 50/50) -I guess the writer of that review hasn't realized that trading is a numbers game...it's not about being right more than you're wrong, it's about cutting losses short and letting profits run (the most profitable trader in the world was only right 42 percent of the time, and that was his best year). Finally, please try not to laugh when you read the review by the guy that only "skimmed through" the book at B&N...give me a break...maybe he ought to actually READ it before he bashes it.
Anyway, I think that this book is ideal for people who may just be entering the arena of trading. It cites some basic, yet proven, high-probability price pattern formations and some simple but effective technical indicators. I've personally traded the core tactics (the Key Buy/Sell setups) on many occasions and have made lots of money doing it. Part 1 has some useful info about the mental aspects of the game...of course, controlling your psyche is what it's all about when everything's said and done. Bottom Line: Don't believe the negative hype... This book is well worth the 40 bucks.
Rating: 
Summary: OVERPRICED
Review: This book has large fonts and i feel is very overpriced for the small amount of info it has. The strategies work no better than half the time and can be found for free on many internet sites. For $12 i might recommend this book for beginners but otherwise pass on it.
Rating:
Summary: A Documentary Of The Largest Scam in The Daytrading Arena
Review: 1 Star was the lowest rating I could find, if "SCAM" was na option I would have selected it. This book will soon serve as "exhibit A" in the case against these highway thieves. Do your homework first. Look at this post before you spend anything on this book[...] Proceed with caution!
Rating:
Summary: Too expensive for a large sales brochure
Review: The price is WAAAAY too much for what is basically a large sales brochure for their other services. If you want the same information, at 1/4 the cost, buy "A Beginner's Guide to Day Trading Online", and "A Beginner's Guide to Short-Term Trading", both written by Toni Turner (who was trained by these guys). It contains basically the same material except you don't get the non-stop annoying sales pitch for their other services. And being a journalist, Toni Turner's writing style is much better and much more readable than these guys. You might also want to ask these folks for their performance, their track record. Then if you still want to buy this book, go for it, it's your money to waste. All I'm suggesting is that you do your homework, consider the alternative first.
Rating: 
Summary: Hype
Review: Best described as a new generation, cross between Farley's Master Swing Trader and Jea Yu's Undergroundtrader book. Begins with some solid psychological points, that leads into subpar chapters of rules and cliches, and then ends with even worse trading techniques and methods. These are very basic, very well known and essentially useless trading methods that any respectable trader should already have seen. Ideally targeted for beginners and filled with hype for various .com webpages and their own Pristine trading service. The only real good thing I could say is that it is quick and easy to read, despite being an very large book.
Rating:
Summary: Performance? That's up to you :)
Review: Though a careful and skeptical person, I have been a confident and diligent student of the methods taught in the book... so much so that what I have learnt lets me feel good about some of the really harsh criticisms of the book! To those who say "why tell others your good stuff" - I do agree with this philosophy - and that's why I am not telling you why I think many of the criticisms are mistaken. ;)
| 
