Book Reviews

[coyotte]

Thought it may be a idea to kick off a thread on reader's reviews on Stockmarket Books:

Kick off with Guppy's:

SHARE TRADING:
Author: Daryl Guppy
Trading.
Australian Content.
Price approx $40.
Beginners.

A "how to" -- book written in Guppy's easy going style -- simple explanation of what trading "IS" --- takes you from A-Z of Short Term (3 to 10 days) Trading -- Mainly pattern trading -- money management -- Trader's Psychology.

You will find no Elliott Wave, Gann, Fib Nos in any of Guppy's books.
Also very little reference to indicators.

Guppy is mainly a pattern/trend trader.

Although the foundation is in place, it is left to you to further develop a trading plan.

A ten star first book -- if you know little about trading and it's terminology.


Cheers

 

[tayser]

Thanks coyotte, I'm a brand spanking new member here and looking for just that!

I'm assuming Ten star = 10/10 in the old money, yeah?

Looking forward to seeing other reviews.

cheers.

 

[coyotte]

The Business of Share Trading
Author: Leon Wilson
Australian Content
Trading -- Short to Long Term
Price: around $40
Beginners to Intermediate.

If you have got your head around that the share trader is really no different from any other small trader -- from the Silk Road to the modern small retailer --- the same timeless principles apply -- Turnover, Profit on Turnover, Holding Period, Margin Markup, Overheads, etc

Then this book can be a good place to start.

Wilson's style is very dry with no fluff -- basically a Guppy trader but with quite a few ideas of his own thrown in -- you're reading Guppy from a different angle.

The two main strengths of this book are:
1: Its explanation of Indicators and their Uses
2: Three trading plans -- Trend Trading -- Break-Out --- Reversals.

All the important factors are covered -- Money Management, Trade Management, Patterns and a systematic approach to analysis.

Apart from "Trading in the Zone" you could make this book your one and only purchase -- it covers basically everything you need to know and shows you how to do it.

Seems to be a much unappreciated author --- top marks!

Cheers

 

[coyotte]

Trading in the Zone
Author: Mark Douglas
US content -- but applicable world wide
Trading -- Psychology
Price : $50 au
For All.

IMO the traders bible

Buy this book BEFORE you start to trade and put it to one side.
When you suffer your first major LOSS -- then before you race out and spend a fortune on books, seminars etc or give up totally --- NOW READ IT -- this is the time you will appreciate it and hopefully begin the journey it outlines.


An essential book for all new traders, whilst older ones would have nothing to lose in reading/reviewing its contents.


Cheers

 

[theasxgorilla]

Reminiscences Of A Stock Operator, 2006 Edition:
Author: by Edwin Lefevre
Biography, American content from pre-1900 right through until the 1929 crash and beyond.
Price approx $27.95 w/discount at the ASF bookshop
Beginner to advanced.

http://www.moneybags.com.au/default.asp?d=0&t=1&id=615&c=0&a=74

This book is my personal bible. I like it most for two reasons. Firstly, the parellels with modern day trading are uncanny and therefore strengthen the case that there are infallible principles for trading the markets. Secondly, the book is a quasi-biography. It details the development and life story of a boy trader learning to "read the tape" (analogous to technical analysis today, IMO) from bucket shops righ up to become a big name Wall Street trader accused of accentuating the 1929 crash.

IMO if you can read this book and get why it's still relevant today, regardless of the fact that the subject of the book lost a fortune many times and ended up commiting suicide, then you get trading.

 

[coyotte]

Secrets for Profiting in Bull and Bear Markets
Author: Stan Weinstein
US content
Long Term Investment/Position
Price : $US20
Beginners-- Investors -- Position Trading
Probably the top ASX 200 only

T/A doesn't come much simpler than this.
Stan has put together a simple, easy to follow trading plan designed for those who only want a simple charting package (Incredible Charts would be ideal).

Would suit long term position holders who only want to check their stocks on a weekly basis.

Actually Stan's plan though dated, is based on sound principles --- He explains how a stock goes through 4 stages, the stages to be in and out.

Stock selection is based around the Main Index, Sector Index then the Stock.

A lot of tid bits in this book about Cycles, traditional up and down days.

If you just want to look after a portfolio of midcaps without a lot of fuss this book is worth a look at.

Main weakness imo is that the final STOPS could be improved -- you would tend to leave a fair bit on the table -- but you should still be well in profit.

Cheers

 

[tayser]

Thanks coyotte, I'm a brand spanking new member here and looking for just that!

I'm assuming Ten star = 10/10 in the old money, yeah?

Looking forward to seeing other reviews.

cheers.

I went out and bought Share Trading on Wednesday. I searched for an hour and a half at various bookshops in the city (Melbourne) and finally find a copy in Reader's First on the corner of Swanston & Bourke. (A&R, Dymocks, McGills et all are all out and quote a 7 day publisher-to-shelf wait time!).

I'm about 3/4 the way through on my first pass through the book and the amount of questions it has answered for me is staggering.

I'm semi-familiar with the mechanics of trading as I worked with a small company which delivers a pro trader system, so I'm not a complete newbie.

Very good book if you're in the same situation as me IMO.

thanks for the recommendation coyotte.

 

[coyotte]

Thread appears to have served it's purpose Tayser.

Guppy's approach with S/Term may be a bit rich for most starters.
You may find Wilson's outline a bit safer -- kick off with Position Trading 1 month plus, whilst getting use to the Market, then as you begin to understand the patterns and trend lines, ease into Breakout Trading.

Take particular note of the Count Back section though -- has saved my ar*e many a time.
Also from memory Guppy may not mention it in "Share Trading" is that Guppy's Pattern Trading does NOT follow the orthodox USA methods -- if you start applying US methods to Guppy's methods you will only bugger it up.

Trend Trading
Author : Guppy
Content : Aust
Cost : $40
Beginners

Guppy gives a complete "Trading Plan" in this book based on GMMA -- although the original setup is no longer in place, it is replaced with other readily available material.

Good book to start Trading with, as your Trades only last around a month -- giving you time to start to understand the patterns etc, developing whilst you follow the TRADE.
You could just stay with this Trading Plan or develop it further.


Cheers

 

[itchy]

Buffettology

A great book looking at the intrinsic value of a company, predictability of future earnings and growth investing. Highly recommended, helped me overcome my jitters when some of my stocks would fall suddenly over a few days! I started to look at the bigger picture, not just trying to earn a quick buck!

 

[clowboy]

Has anyone read this month's book of the month?

The way of the turtle.

I seen this book at the bookstore the other day and it looks rather interesting. At $45 a pop though I was, there interesting and theres helpful.

Any comments would be apreciated. Seemed a bit more like a biography than anything.

 

[surfingman]

Trading in the Zone
Author: Mark Douglas
US content -- but applicable world wide
Trading -- Psychology
Price : $50 au
For All.

IMO the traders bible

Buy this book BEFORE you start to trade and put it to one side.
When you suffer your first major LOSS -- then before you race out and spend a fortune on books, seminars etc or give up totally --- NOW READ IT -- this is the time you will appreciate it and hopefully begin the journey it outlines.


An essential book for all new traders, whilst older ones would have nothing to lose in reading/reviewing its contents.


Cheers

I bought this book from Money Bags this week 4 days from buy to delivery i am impressed Joe thanks, some holiday reading I haven't had a major loss as yet and hope i don't have one by next weekend.

Thanks for the review coyotte...

 

[Peakey]

Trading in the Zone
Author: Mark Douglas
US content -- but applicable world wide
Trading -- Psychology
Price : $50 au
For All.

IMO the traders bible

Buy this book BEFORE you start to trade and put it to one side.
When you suffer your first major LOSS -- then before you race out and spend a fortune on books, seminars etc or give up totally --- NOW READ IT -- this is the time you will appreciate it and hopefully begin the journey it outlines.


An essential book for all new traders, whilst older ones would have nothing to lose in reading/reviewing its contents.


Cheers

Thanks for the review coyotte. Went out and purchased the book yesterday, I'm only upto the 2nd chapter, already some good info. Look forward to sinking my teeth into the rest of it.

Cheers
Peakey

 

[tech/a]

Coyotte

I like the way Wilson thinks.
Have both Breakthrough Trading and
The next step to Share Trading success.

 

[jempol]

How to Trade in Stocks by Richard Smitten.

This book talks about the most legendary speculator on earth Jesse Livermore(my idol)

I think $13 US in Amazon

A quote that I never forget:

THEY SAY THERE ARE TWO SIDES TO EVERYTHING. BUT THERE IS ONLY ONE SIDE TO STOCK MARKET; AND IT IS NOT THE BULL SIDE OR THE BEAR SIDE, BUT THE RIGHT SIDE