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INVESTING BOOKS

Posted in Investing (Tuesday, December 2, 2008)

Written by Michael W. Covel. By FT Press. The regular list price is $19.99. Sells new for $12.15. There are some available for $11.15.
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5 comments about Trend Following: How Great Traders Make Millions in Up or Down Markets, New Expanded Edition, (Paperback).
  1. I bought both of this author's books on the recommendation of Amazon. The first book, the Complete TurtleTrader was the one that I read first. I wish I would have read them in reverse. Trend Following built up the story. After reading Trend Following I went back and read the Complete TurtleTrader again.

    What made the book great? Well like most reading these types of books, I am a person who wants the most out of my money. I want my money to perform. The little girl in side of me still says that I can make serious money like the boys do. This book inspired me to make the most of what I can use.

    Read it - but take my advice, read Trend Following first, Complete TurtleTrader second.


  2. This book covers in detail the philosophy and merits of trend following to establish reliable systems for trading profitably in the markets. It is an excellent tool to gain an insight into the core of a good trading system, and probably meant more to me as the successful traders I know are using these techniques.

    One of the essential reads for technical traders.


  3. This author repeats generalisms interspersed with many quotations (presumably to add authenticity) but rarely not get specific about 'how to's'.

    For example in the section 'How Much of a Market do you Buy or Sell at Any Time', the author tells us numerous trite stories (e.g., money mgmt is like sex) but never lays out a specific money management strategy nor compares different approaches. Unfortunately, this pattern is repeated for about 246 pages.

    Also, way too much time is spent describing and then defending Trend Following - I got the point after the first few pages and decided to jump ahead after torcherous repetition.

    Good story book but not a practical guide to trading.


  4. I think the title says it all. This is a great book not because of any single sentence or in some great secret formula explained within. Instead it's a great book because after reading it, and absorbing it all, it changed me as a trader. I now ride the market long as it trends up, ride the market short while it trends down, and quietly sit on the sidelines if the market is not trending.

    There are some sample programs as an appendix that have actual how-to info on developing mechanical trading systems based on these ideas. I found them to be invaluable in understanding and as further insight into perhaps how the highly successful trend traders profiled in the book actually trade.

    If you are willing to leave the 95% of unsuccessful retail traders who sadly spend all of their energy trying to predict the market, and instead want to become part of the 5% that consistently beat the market then perhaps this book is for you. Happy trading.


  5. The book contains about 420 pages, where about 410 could be removed without losing much of the content.

    Just skip this book, and rather buy "The way of the Turtle" or other books that will actually contribute something new.


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Posted in Investing (Tuesday, December 2, 2008)

Written by Barbara Rockefeller. By For Dummies. The regular list price is $24.99. Sells new for $13.87. There are some available for $13.81.
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5 comments about Technical Analysis for Dummies.
  1. I have read more than a dozen books on forex, some good and some bad. I'm afraid this book is somewhere at the bottom. The author kept babbling about self-proclaimed experts in technical analysis all throughout the book it became pathetic. Discussions on most technical indicators was blurry, not the english, but the material simply was not good enough. Very flimsy in many cases and as a result gives you a feeling the author is far from being an authority on the subject. The only reason I gave a generous 2 stars is the discussion on momentum indicators where there was a little bit of substance. Example charts also were poorly selected. After reading the book I felt I really did not pick up anything new.


  2. I found this book to be not too heavy, not too light in dealing with technical analysis. I wanted something that would expand upon the various indicators, etc. a bit more than I would find with a wiki search, and the book hits the target. I'm pleased and I think that others who are looking for something that's more than an "entry-level" book will be pleased as well.


  3. This book is a nice synopsis of technical indicators and is written in common understandable English. There are big tomes written on this subject but this is all you will need to get a good grasp of the subject. It is not a recipe book that will tell you how to make a bundle of money in the stock market, but you are unlikely to make a bundle without mastering the analytic techniques discussed in this book. You will develop your own favorite indicators and combination of indicators to help you invest, but without understanding the basics of the technical analysis, you will be lost. And this book is a good source of learning just that.


  4. I want to be honest for this book. I'm a daily trader and want to learn more about technical analysis. After I read this book I notice that this book does not have any examples to make it understandable for readers. It just has explanations that make it boring to read. In my opinion find a book that has examples about real situation during trading stocks. YOU CAN NOT LEARN ONLY WITH EXPLENATIN. My suggestion is read other technical analysis books reviews to find out which one have both explanations follow by examples. Good luck


  5. At no other time have I ever bought a book that paid for itself. Having utilized the techniques discussed in Technical Analysis for Dummies, I actually earned well over the $20.00 needed to pay for the book. This is a great book for beginners because it discusses MACD and Stochastics, as well as combining criteria in order to create stock screeners. I have also read Mutual Funds for Dummies and Stock Investing for Dummies. This one is the best written and by far the most useful so. I highly recommend this book if you are new to the world of stock investing.


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Posted in Investing (Tuesday, December 2, 2008)

Written by Phil Town. By Three Rivers Press. The regular list price is $14.95. Sells new for $8.84. There are some available for $7.38.
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5 comments about Rule #1: The Simple Strategy for Successful Investing in Only 15 Minutes a Week!.
  1. I just finished reading this book.
    Everybody who does not have time to read and understand Warren Buffet's methodly for investing should read this once.
    I would call this as 101 in investing.
    I have several years of experience in trading.
    When I started reading this I marked the interesting lines/para.
    Finally I found out I had marked almost the whole book.
    He could have been a very good teacher.
    I am thinking of buying several books to give as gift to some of my friends and relatives.

    One little criticism in general:
    Either this book or random walk on wall street finally conclude saying trade. That is what most of us are doing. The biggest differnce is that; This book says that pick a fundamentaly great stock then trade it until .... you find out.

    How to pick a great stock? Buy and read it you will be happy you did it.

    Very good value per dollar.

    Thanks Phil Town.
    Rasappa Palaniappan.


  2. I don't recommend this book at all. I have read many books on investing recently, and they all agreed on one point - don't invest in a company just because you like the product. Town's advice is the opposite - make a list of things you like, and choose companies that are involved in those things. He also is against Dollar-Cost-Averaging, which every other book I have read tells you of the value of that.

    He tells you that he took $1000 and turned that into $1,000,000 in only 5 years. But he doesn't explain how. That raises a red flag for me. He also promises you that you will do better than the best fund managers out there, and promises that you will beat the market. Statistically, only a very small amount of professionals beat the market. It is a absurd to presume that you would be able to out perform all the people who do this for a living (and most of the other books I've read specifically warn against such promises).

    He offers calculators on his website to figure out the value of a company. Personally I found them difficult to use (poor design).

    There seems to be a lot of overlap between this book and Pat Dorsey's The Five Rules for Successful Stock Investing. I would recommend that you read that book instead. Dorsey explains the concepts so much better than Town does, and you can easily import the calculations into excel for ease of use later.

    All in all, there's some good advice in the book, but he's put in a lot of lofty assumptions and exaggerations to advertise his book. Even the title is misleading. The title comes from one page in the book where he tells you that once you've done your initial research (hours and hours), then you might be able to get by on spending a quick 15 minutes a week keeping up on your stocks. But the title comes off as in the book is going to teach you how to invest by spending only 15 minutes a week.


  3. The best book I have read on investing. I was able to develop a stock screener in MSN Money. If you have an online brokerage account and have access to Reuter's you quickly access 10 year growth rates (as prescribed in his book) without doing any calculation. A formual for picking the soundest investments.


  4. I watched Phil Town speak at a motivational seminar several years ago. His rags to riches story is what compelled me to start investing. Though I didn't follow his advice at first... I rolled my old 401k over to a self directed IRA.. I made and lost money doing my own thing.

    I just recently bought his book and it's changed my view, and my account balance for the better. This book has a "investing for dummies" sense about it. It holds your hand thru the process. It's very straight forward and easy to understand and so far effective.

    I honestly believe if you follow these tried and true methods for valuing companies, and if you are disciplined enough to play within the rules, you can and will beat the market. This is not a get rich quick scheme and requires patience, but if you can keep a disciplined approach and do your homework you will eventually be rich. It may not be fast or edgy like day trading, but remember the story of the tortoise and the hare? How many "Hare"(Day Traders) are on the forbes richest people list? Warren Buffet and Phil Town share this same kind of tortoise approach.

    So in the words of Phil "Now go play".


  5. In today's chaotic times, the only person you can rely on is yourself to create the life and the future you desire. Phil Town follows the fundamental and value analysis that have made Warren Buffet, Peter Lynch, and Benjamin Graham legendary investors. He breaks down technical details into simple methods anyone can learn and apply.
    The basics of Rule #1 investing are:

    1. Find a wonderful business
    2. Know what it's worth as a business
    3. Buy it at 50 percent off
    4. Repeat until very rich

    Albert Einstein said the power of compound interest was one of the greatest miracle known to man. Through it, anyone can become wealthy. If you begin with a $50,000 account that returns 15% a year, and you constantly save an additional $300 a month to add to that investment fund, you would have over $1,450,000 in just 20 years. This means you can live off the 15% interest of $215,000 a year, without ever touching the principal of $1,450,000 that sits in the bank and continues to grow for you (27).


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Posted in Investing (Tuesday, December 2, 2008)

Written by Robert T. Kiyosaki. By Business Plus. The regular list price is $16.99. Sells new for $8.99. There are some available for $9.00.
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5 comments about Rich Dad's Increase Your Financial IQ: Get Smarter with Your Money (Rich Dad's).
  1. This was an excellent book. The book has taught me a lot about the true state of the Union. Robert tells you what the main stream media and the government will not admit. Both the Democrates and the Republican party have really messed things up for you and I, in this beloved country of ours. From reading Robert's book you would get the idea that the "Central Banks" both foreign and domestic are running our puppet government. The average citizen has been sold out by the rich and the greedy. God bless and protect us from the storms both now and yet to come!


  2. Another solid book. I read all his books and they are all motivational. You learn 50% new stuff, and 50% is just relaying the foundation. But it helps to stay submerged in his stuff to motivate yourself into taking action!


  3. I have to say, I've listened to quite a few audio books and read a few books by Robert Kiyosaki. I have to say I was very impressed with this one. I really think this one does a really good job at getting you to see things a different way. I especially like how he talks about expanding your means (as he has in the past) but this time he actually goes in and shows you how he would budget for a surplus and you get to actually see exactly what he means. He has more specific examples, rather than just the concepts and ideas by themeseleves.
    He explains why and how he's both a capitalist and a socialist, and he clearly explains why you can't simply blame one side of the political spectrum, and gives examples of things that both republican and democratic presidents have done which ends up hurting those who save.
    I think that if you were to read one Robert Kiyosaki book, this would be the one, it seems like he really put everything he's ever taught together in a way that really makes a lot of sense. Why savers lose, the increase of the money supply, the need for financial education, why most politicians don't know how to handle money, why most businessmen do the very wrong thing and cut spending on advertising during a reccession, when they should be looking to expand their means, all about your brain and how you learn best, and what to do about it and a whole lot more.

    It was also interesting to see him forcast before this book was completely released in March, that we most likely have just reached the edge of the storm, and things could get a lot worse. October clearly may have been a significant part. Kiyosaki has been right on about a lot of things.

    Going into debt isn't bad, in fact, it can be very good if you know completely what you are doing. However, as they say "a litle knowledge is dangerous" Don't stop at just this book, but make a plan, simulate the real thing and then start small and take the right managable calculated risks, and you can build wealth and get rich.

    I believe that this book will dramatically shorten the learning process, and may save you a lot of valuable time and money that you would have paid through learning from the mistakes that you would otherwize made.


  4. I became very excited after reading Increase Your Financial IQ on an eight hour plane trip. We were closing on a 229 unit apartment at the time of the reading. I purchased 22 books, one for each of my investors. Robert explains in an easy-to-read and understandable style the importance of hedging your portfolio in to real estate and the concept of leverage. Two thumbs up. I give this book my highest recommendation.


  5. I read his first book, then this one the next week. It's a lot of the same concepts written in a different context. If you have read one of his books, I'd suggest getting one from another author.


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Posted in Investing (Tuesday, December 2, 2008)

Written by Alan Northcott. By Atlantic Publishing Company (FL). The regular list price is $24.95. Sells new for $13.80. There are some available for $12.47.
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5 comments about The Complete Guide to Investing in Short Term Trading: How to Earn High Rates of Returns Safely.
  1. For the serious investor, all the information you need to know and do before you make a trade is in this book. It becomes clear that Northcott wants you to become comfortable with the idea of trading and identifies the many challenges that new traders face. He doesn't send the unrealistic approach that you can win every time, but instead explains that you can trade without risking everything if you follow the guidelines in his book. You begin to discover what category you fit into with the different type of traders that are presented in the book and what might work for you using a variety of trading topics and interviews from those who work in the business everyday. Each chapter ends with a summary and a list of important terms filled with tips to become a natural in investing.

    Even if you don't invest, you can understand how investing affects everyone and what it takes to become a part-time or full-time trader. Northcott warns the reader to watch out for greed and fear and lets you know what to expect in the industry. Most of what you need to know about brokers, placing your orders, and how to establish a business plan to make your dreams into realistic goals are in this book. Precise information on the different markets and stock exchanges allows the reader to understand more on market makers and market pricing. The chapter on how to view charts is very helpful in deciding on future investments or to understand current investments and analyze stock trends.

    Northcott says there needs to be a balance between being safe and taking risks. I'm a frugal person and not one to take a chance, but I might give it a try now. Although some of the information in this book can be presented clearer at times, this book is easier to understand than other investing books. It gives you the tools to make the decisions you will need to make in this profession that will help you to succeed and recognize an opportunity over a downfall.


  2. When people first think of trading as a profession, they typically focus on two key elements - self employment and lots of money, and probably not in that order. But The Complete Guide to Investing in Short Term Trading sheds light on the reality of trading - that it's hard work and, if managed the right way, can be quite rewording.

    The book opens with a review of the many emotions involved in trading and how there needs to be a balance to have a successful career in trading. It also offers a detailed look at various types of markets (Broad, Stock, Bond, Futures, Options, Forex and Commodity), the types of traders associated with each (Day, Swing and Position), and an overview of order placements.

    In detailed description, the book educates readers considering a career in trading about the ins and outs of the trading profession. With its step-by-step instruction, this book is a terrific business tool for anyone with a desire to participate in the world of trading. It offers fundamental information including a glossary for novices and more advanced information for traders already working in the field.

    This is one comprehensive book for anyone considering a career as a trader.


  3. This is an excellent choice for anyone that is looking for a book to start out with and learn the basics of trading. The author does an excellent job touching on every topic you will need in trading, some of these are: how greed and fear factor into the markets, how the markets operate, the differences between swing traders, position traders and day traders, the different kinds of orders that can be placed, market or limit, stop order or limit stop order, trading using fundamental analysis vs. technical analysis, and the importance of money management in trading, along with the importance of building a trading system that fits your personality and gives you an edge over the markets.
    While experienced traders will get very little out of this book, it is a nice refresher on the psychology of trading and the importance of following your own stock trading system and following your own rules. I rank this book as 5 stars and a must have for traders just starting out, it is a great stepping stone to more advanced books from Alexander Elder and William O'Neal.


  4. You never know anything about the markets, Dow jones and that an uptrend means the trend goes up? than the book is the right choice for you. The book is an general beginner guide to investing/trading. About short term trading you will not learn anything at all. Consise informations about what to trade, markets you can trade, that you need a computer, an online broker, different orders... that kind of information what you get in internet, even much more detailed, for free. Printed in big letters with the main points again in the end of every chapter can acctually reduce the book to a small bochure. On page 132 we come to technical analysis. Very basic graphics explain line,bar, candlesticks and some chart formations. That is all about charts. Short introduction to RSI, Stochastic,ADX with no graphics at all complete this disappointing book. You can give it to your small kids when they start to ask you about the markets. A real bargain to understand short term trading is, Toni Turner, beginners guide to short term trading, 2nd edition. Full packed with information, charts and tips. Than I recommend the classics from Alexander Elder,van Tharp and Murphy , kirkpatrick for technical analysis or Bulkowsky special for Chart patterns. Check Steenbarger for the psychology of trading. When your are not totaly dull dont buy this book from Northcott.


  5. Some have already touched on why this is not so complete. I am an investor interested in how to trade short term. There is maybe 20 pages worth reading in this book. The text and spacing is more suited for a children's book. The book could have been compressed by half. There is a section on how to exercise and stay fit, do you really need that information? Also goes over your spiritual life. I learned from this book that I need to get another book to study. This book is filled with alot of interviews with successful traders and their books. But the interviews provide no useful information. They are asked about their computer setup, their emotions, how they started, etc.
    The book reminds me of the commercials late at night on how to make money in realestate or whatever. Some guy, interviewing people who were successful, how much they made, and you too can do it. But the commercial doesn't reveal anything, and neither does this book. Just plugs for websites and friends books if you ask me. A better book if you are interested in trading either short term or long term is Be Smart, Act Fast, Get Rich, by Charles V. Payne. I found this book at the library so I would check there first before you buy either. Hope all your trades are good ones.


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Posted in Investing (Tuesday, December 2, 2008)

Written by Ric Edelman. By Free Press. The regular list price is $16.00. Sells new for $9.95. There are some available for $9.78.
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5 comments about The Lies About Money: Why You Need to Own the Portfolio of the Future.
  1. OK, after getting to about page 40 I realized that this was an advertisement of his company. Basically, he says to buy every possible stock and go long-term. About 4x10^2 times, he was saying that "his" company was doing just that. Didn't find anything useful, except that you spend more when you retire (never knew that one!). The book's name is really great - it captures attention.


  2. This book led me to a major change in my retirement investment strategy.

    I had already rolled my various 401(k) plans into IRAs. I had a mix of index mutual funds and individual stocks. But reading this book crystallized for me what the problems were with that.

    Although it is true he makes a big pitch for institutional mutual funds, which you can only get from a company like his, he does say you can "do it yourself" with ETFs.

    For me it was not a big deal to go to his website for a more tailored asset allocation -- which was free by the way. Then I did some research to map those asset classes to specific ETFs.

    The biggest benefit is that I no longer have to agonize about if I am in the right stock or if I should get out of a stock and what should I replace it with. With the market down so much lately, I am able to keep on track and not sell based on fear. All I have to do is apply a constant ratio approach to re-balancing and that's it.

    I have done this for the last 3 1/2 months and I am barely down (< 1%) compared to the S&P 500 down 10%. So far so good. Using his approach, you can see the rotation in and out of different asset classes and not worry -- you are in all of them!

    As for the sales pitch, I could imagine someone not having the time and inclination to do their own investments and they would benefit from his company's services.


  3. This book is largely self-serving. The author shows how hard it is for ordinary people to invest wisely, so that they need investment advisors like him.

    His advice to have a wide diversity of investments is contrary to Warren Buffet's technique: own a small amount of investments and study them carefully.


  4. Though maybe a tad longer than it could have been, Ric Edelman does a good job of discussing the perils of mutual funds and what to look out for when investing. He makes occasional arguments for hiring financial advisers, but always states that he is not trying to make a case for hiring him. His sections are short, simple, easy to read and provide a relatively straightforward explanation of the topics. There's a whole theory section on assessing risk that was probably unnecessary, but he warns readers that they are free to skip it. There's an enormous section that is simply a day-by-day timeline of mutual fund scandals that is incredibly tedious and makes its point three pages in (so the other 20 or so are just a waste of paper). Pick it up and read it on a plane, you'll finish quickly and have learned a thing or two.


  5. I am writing this review because, the review I wrote preceding this one (The Little Book of Bull Moves in Bear Markets - Peter Schiff) was overwhelmingly bleak in context.
    Mr. Edelman offers hope to us all. Start big or small, but start. Invest for the long-run. Don't jump in and out of the market (timing doesn't work). And [Spoiler Alert!] the big secret to pile up good returns over time is to: 1) minimize portfolio costs, i.e. management fees, and 2) utilize ETFs rather than mutual funds.
    A fun segment of the book includes the mutual fund scandal timeline where you get a thumbnail sketch of those shenanigans.


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Posted in Investing (Tuesday, December 2, 2008)

Written by Thomas Lucier. By Wiley. The regular list price is $24.95. Sells new for $13.60. There are some available for $10.32.
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5 comments about The Pre-Foreclosure Property Investor's Kit: How to Make Money Buying Distressed Real Estate -- Before the Public Auction.
  1. The information included in this book has made my job much easier and has expanded my knowledge base and expertise. The organization I have derived from it is most valuable.


  2. This is an excellent book by Thomas as he thoroughly takes you through the process of purchasing an investment property. He provides a wealth of resources on nearly every aspect of investing by listing websites and addresses.

    His forms are great for providing you with an idea for approaching home owners. However, the tone of the letters are some what dismissive--but that's just my opinion.

    The only area that needs enhancing is providing one with an idea as to estimate value in the property. He does not provide as much detail as others (i.e., Steve Berges "The Complete Guide to Real Estate Finance for Investment Properties"). With that said, it is an excellent resource and I highly recommend it.


  3. Excellent book. Very detailed. Absolutely convincded me that I wanted nothing to with this business. The author demonstrates that it is difficult and tricky business,potentially very lucrative, but not a get rich quick scheme. Since I would like to get rich without this much work, I'll pass on this method. And I truly thank this book for steering me right. I take off one star only for the author's occasional right wing rants. But I guess he's entitled. He worked very hard to get rich, and he shares his secrets openly in an inexpensive book, rather than trying to hoodwink you out of thousands by means of an infomercial. If he's got a few screwball political ideas, God bless him.


  4. I bought this book and then went to some training in Tennessee and was impressed with all the detail given on how to do a succesfull short sale. I have then applied these techniques in my real estate business to give me one more tool in my arsenal to make money.
    Sandy


  5. I think this is a great purchase... Just got it and I like the way the lessons are so far


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Posted in Investing (Tuesday, December 2, 2008)

Written by Ken Fisher. By Wiley. The regular list price is $16.95. Sells new for $9.89. There are some available for $8.99.
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5 comments about The Only Three Questions That Count: Investing by Knowing What Others Don't (Fisher Investments Press).
  1. The book has a repetitive writing style that simply doesn't get to the point. It would be a good read if it was about 25% as long.


  2. What a valuable read. This is not like any other investing book I've read. The chapter on oil is worth the price of the book alone, particularly now that everyone's so worried about oil. This was just one eye-opening shocker after another.

    If you want real advice on how to beat markets, get this book. If you want another fad diet book on some magic formula that doesn't really work, this isn't it.

    Also, its pretty darn funny in parts! That was another nice surprise. I found this to be a good read, not too technical, but with enough real, front-line-of-the-war advice.


  3. Ken Fisher is an interesting guy. But don't let me tell you about him - let him talk about himself. He does that a lot in this book.

    The book itself feels like a sort of wandering conversation in which Ken takes you through his mindset to approaching stocks, how he questions market myths that the unwashed common masses take as gospel truth. To avoid following the herd, he asks three questions to make sure his mind is focused on uncovering 'real' truths of market movement. Stuff like 'deficit spending is good for the economy', and 'high p/e ratios do not necessarily signal over-priced stocks'.

    Ken Fisher is a smart guy; having a conversation with him that lasts this long is a lot of fun, and it will make you all the wiser in your general approach to investing. I enjoyed his random rants on politics, and his general advice on finding your own causations and correlations in an increasingly complex world.

    Where I fault this book is in its organization and its mild contradictions. Ken flat out denies for example that he's a contrarian by defining what he thinks is a contrarian and then describing why he isn't like that definition. He's also quite contradictory in his effusing of the efficient market hypothesis while bragging about his discovery of the p/s ratio to find undervalued stocks.

    Finally, Ken has a lot of pent-up anger toward the financial industry, and he writes like he feels he's never received the respect he deserves. Kind of put a sour taste in my mouth when taking in the advice.

    I recommend this book all the same. Like I said - Ken is an interesting guy; see through the faults, and you'll realize a wealth of interesting advice from a guy who knows what he's talking about.


  4. I haven't gotten all the way through the book yet. But so far so good. Questioning what we all "know" makes sense. And I am a believer in most data is already built into the stock price. So you have to determine what is true that everyone else does not know. Good so far.


  5. Ken Fisher brings a fresh outlook to investing. This is not the typical buy low, sell hign manuscript. It delves into the psychology of reading the market. A must read for the investor.

    WLH


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Posted in Investing (Tuesday, December 2, 2008)

Written by Alexander Elder. By Wiley. The regular list price is $75.00. Sells new for $41.01. There are some available for $33.29.
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5 comments about Trading for a Living: Psychology, Trading Tactics, Money Management.
  1. The first audience that will find this book useful consists of those new to trading. Elder provides a good overview of technical analysis, with chapters on charting, trendlines, patterns, and some well-known indicators such as MACD, momentum, Stochastics, RSI, etc. He doesn't overwhelm the reader with information and he also provides trading rules.
    The second audience, people who have been trading a while and who have survived long enough to know they need to find out some more about psychology, probably won't find those chapters as interesting. But his chapters on psychology, both individual and mass psychology, are very helpful. He identifies what makes a winning versus losing trader and his chapter on risk management is outstanding. He discusses emotion and probabilities, money management, and how the professional trader must look for quality before money. One thing he stresses is that you must learn from your trades--the trade isn't over when the position is closed out. This constant study is what will help you change and improve. He also writes in an easy to understand manner. The only reason I gave this four stars and not five is that this information is that the book is very expensive for what it contains.


  2. The book has 3 parts, psychologie, technical analyses and moneymanagement. This is a great book for beginners with technical analyses, but an even better book for the parts on psychologie and money management witch are the basics for every trader. No matter how good youre system is, if youre mind and money management are not in balance you will loose anyway. A must reed for every trader imho.


  3. I found this book very interesting. Author is a psychologist and analyses the market crowd's behavior from a psychological point of view. I read only 65 pages yet, but already have many interesting advices to use in my trading.


  4. Want to know what's going on when you turn on your television and you hear them talking about the markets and all that stuff. Well look no further, I've personally made it my duty to learn about the financial world and everything that's involved in it. Trading for a living as provided me with such an insight that now I am confident i can take part in trading. This book is also for beginners who wants to make or lose money. Take it seriously and look at what it says with an open mind.


  5. This book covers technical analysis and money management for novice traders. If you are a novice you might want to buy this book. Alternatively you might want to buy a couple of books with more focused content. Books that take you to a higher level of understanding. I provide a list of such books in some other reviews. Click through to my other reviews if you're interested. If you are not a novice this books won't give you much.

    I have written several short reviews on trading books. The best way is to compare the score on the books I've read. Many reviews on amazon.com are just glorious 5 star reviews. I use all five categories; sorry but everything isn't "great". Books rated 1 or 2 I would not recommend buying. Books rated 4 are good solid books. Books rated 5 are very good. Naturally all in my humble opinion.


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Posted in Investing (Tuesday, December 2, 2008)

Written by James Altucher. By Portfolio Hardcover. The regular list price is $27.95. Sells new for $15.00. There are some available for $15.35.
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The Pre-Foreclosure Property Investor's Kit: How to Make Money Buying Distressed Real Estate -- Before the Public Auction
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Trading for a Living: Psychology, Trading Tactics, Money Management
The Forever Portfolio: How to Pick Stocks That You Can Hold for the Long Run

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Last updated: Tue Dec 2 08:17:38 EST 2008