Strategic Stock Trading: Master Personal Finance Using Wallstreetwindow Stock Investing Strategies With Stock Market Technical Analysis
Many say few know more about stock trading than Michael Swanson, who ran a top ranked hedge fund for four years and has built up a huge audience of readers on his website WallStreetWindow.com thanks to the accuracy of his market calls and investment acumen, including making over 50% in 2008 in one of the worst years for the stock market ever. His book Strategic Stock Trading demystifies the stock market by explaining what truly makes the stock market and individual stocks move the way they do an
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Trading Brilliant Ideas,
While reading Strategic Stock Trading, I was able to use some of the techniques from the book to “read” stock charts better and to make some better trades that resulted in profits. I was also able to close some positions which would have resulted in losses if I had held them any longer. I have been trading options since 2003. I quadrupled my trading account, then watched like a deer caught in the headlights, while my account had a 50% draw down from late 2007 thru early 2009. In the last six months I have inched my way up to about 75% of my top rung. Through self discipline, I have learned to shorten the holding time that I am in a position and have learned to liquidate positions which are starting to look like they want to take a vacation in the sun (head south).
While reading Strategic Stock Trading, I realized that by looking at stock charts with a different perspective, like Michael Swanson shows you how to do, trading can be so much easier. Michael shows how to step back and look at the overall life cycle of a sector of the stock market and the life cycle of an individual stock, to see which of the four stages of the life cycle they are in. Strategic Stock Trading shows how to see the trend that a stock is in, even though it may be oscillating up and down and not giving a clear trend in the short term. This oscillating within a range may happen just before the stock breaks out, up or down, depending on which part of the life cycle the stock is at.
With thousands of stocks to chose from to trade, how does a person know what to trade to make a profit? The media is full of brilliant ideas and suggestions. When you understand how to look at the life cycle of a stock and use some basic charting techniques, it is easy to see whether or not to take a position on a brilliant idea or suggestion, or whether to be in cash, ready to take advantage of the next direction a stock is going to take. It’s not about being able to read Candlesticks, Fibonacci Retracements, Elliot Waves, Head and Shoulder and other patterns. It’s being able to understand the psychology of other traders (including professional traders). This is what Michael Swanson is getting at in his book Strategic Stock Trading. Yes, it is a short book and it can be read in one sitting, if you like, but the basic concepts may take you by surprise. It may adjust your thinking a bit and you may become profitably happy from that adjustment. It happened to me and I am looking forward to a happy trading future – regardless of which way the market trends.
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|From a financial planning standpoint.,
I’ve been in the financial field of 40 years. I was educated in business with post graduate degrees in accounting and finance before beginning my career. I have proudly held the CFP designation for over 20 years.
Mike Swanson’s book has more street-wise, practical information and conceptual thinking in it than 99 out of 100 other books that attempt to bring a novice into the field. I would also exclude any book that markets a “system” proven to be a winner. What Mike does that they don’t is show how an intelligent individual can become a savvy, less emotional trader in a world where failure is the norm. The primer that he offers with Stan Weinstein’s book grounds his techniques with sense. His introduction into technical analysis is candid, concise, readable, and practical.
Buy it, read it, and keep it next to your terminal. If you do, you’ll look back, after rereading it several times, and thank yourself for making it an investment in your future.
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|Simple and concise,
Having earned bachelors and masters degrees in finance, I was taught that technical analysis does not work. The author debunks that idea with a basic explanation of what drives investor behavior and the resulting chart patterns that are repeated in stock after stock. The book keeps things simple and avoids the crippling complexities that derail so many traders. I’ve begun trading using the ideas presented here with some success. It is a quick read that allows the reader to incorporate its principals quickly and get on with the business of trading. Anyone looking for a Ph.D. dissertation should look elsewhere. But for a practical, get started guide, I recommend this book.
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