How I trade for a living - Gary Smith

[MRC & Co]

Was just looking through some books (not sure why since I still have several I havent even begun yet), but this one popped out at me as I am currently trading for a living. Get some insights off a man who has done it for decades.

Anyone read it or know much about it and any comments?

Thanks

 

[Mike Trader]

Hi,yes I have read this book.I found it to be one of the best books on trading I've ever read.A lot of it doesn't apply to Australian markets,but i found his approach enlightening and down to earth. It really brings to the fore how much rubbish there is in other books,trading systems and trading Gurus and how many so called experts don't trade for a living,he's the only trader I know of that is prepared to show his trading statements as proof of his profitability.Although I couldnt trade how he does,hes an expert tape reader and doesnt use a computer-also seems to have a photographic memory-I found the insights he has really useful,even if you dont use his method.Well orth it. Cheers,Mike

 

[MRC & Co]

Thanks Mike.

What do you mean by "he is an expert tape reader and doesnt use a computer"?

What is his method of trading?

I might go buy it tonight, add it to my "to read" list.

 

[Mike Trader]

All he does is watch prices on cnbc tv network ,thats where he gets most of his info -he just watches the prices move, and uses time of day turn arounds and triggers -looks simple but not that simple.The book was written a few years ago, he may have gotten into a more modern approach, dont know, but still his insights alone are worth the price of the book,I think.Cheers, Mike

 

[MRC & Co]

Thanks.

 

[MRC & Co]

Great book, a few very good insights in there!

I think a lot does apply to Australian investing/trading also.

As far as the basic things he looks for. He does use a computer to read and research, but generally his tape. Photographic memory, what a gift!

Definately uses daily turnarounds and sentiment indicators to base many of his decisions. Complete contrarian.

His results and honesty are impressive!

Definately recommend it, I will add a couple of his methods to my trading style and see how they work.

 

[RobinHood]

Didn't know the chartman wrote a book! now I do. Thanks.

 

[bunyip]

Hi,yes I have read this book.I found it to be one of the best books on trading I've ever read.A lot of it doesn't apply to Australian markets,but i found his approach enlightening and down to earth. It really brings to the fore how much rubbish there is in other books,trading systems and trading Gurus and how many so called experts don't trade for a living,he's the only trader I know of that is prepared to show his trading statements as proof of his profitability.Although I couldnt trade how he does,hes an expert tape reader and doesnt use a computer-also seems to have a photographic memory-I found the insights he has really useful,even if you dont use his method.Well orth it. Cheers,Mike

Mike

Gary Smith used to have a regular column on TheStreet.com , where he was referred to as 'The Chartist'. I used to read him frequently. Last time I looked he was no longer on there.
He posted charts and analysed them with standard technical analysis. His stuff was simple and effective, and applicable to any market, since all markets have similarities in their chart patterns.
If he doesn't use a computer - well, that's news to me....he was certainly using computer charting software when I followed him.

 

[MRC & Co]

Different Gary Smith I beleive.

Trouble with having a common name.

 

[bunyip]

Different Gary Smith I beleive.

Trouble with having a common name.

Far as I know, it was the same Gary Smith who wrote 'How I Trade For A Living'.
What makes you think it was two different blokes?

 

[MRC & Co]

Far as I know, it was the same Gary Smith who wrote 'How I Trade For A Living'.
What makes you think it was two different blokes?

Because there was also a famous chartist named Gary Smith, both who used to get confused with eachother, and the Gary Smith who wrote this book hates being confused with him (as he never looks at charts, only his tape, using his photographic memory to get a feel for trends).

 

[bunyip]

Because there was also a famous chartist named Gary Smith, both who used to get confused with eachother, and the Gary Smith who wrote this book hates being confused with him (as he never looks at charts, only his tape, using his photographic memory to get a feel for trends).

OK.....He can't be the Gary Smith I'm referring to then, cos my bloke is definitely a chart man.
The charting version of Gary Smith certainly knew his stuff. If your Gary Smith is as good as him, then they're both worth following.

Blowed if I know how he can trade without charts though, just relying on his memory. He must surely keep some notes regarding the movement of stocks he's interested in.
Sounds a bit like Nick Darvas who made 2 million from stocks back in the 1950's, before the advent of charting software.

 

[MRC & Co]

I think Darvis may have been one of his idols.

I know which Gary Smith you are talking about, he was a charting expert.

This Gary Smith had a photographic memory, so he could easily remember trends. Very simple way of trading, but very innovative. Always looking for changing patterns and usefulness of methods and adjusting his techniques accordingly.

Would be real interesting to know what he does these days.......

Absolute master either way. Anybody who can build up well over $1 mil capital base, while living off trading profits and with barely a loosing month in a decade + has some serious trading insight!

 

[Mike Trader]

Mike

Gary Smith used to have a regular column on TheStreet.com , where he was referred to as 'The Chartist'. I used to read him frequently. Last time I looked he was no longer on there.
He posted charts and analysed them with standard technical analysis. His stuff was simple and effective, and applicable to any market, since all markets have similarities in their chart patterns.
If he doesn't use a computer - well, that's news to me....he was certainly using computer charting software when I followed him.

Hi ,there are 2(maybe more) Gary Smiths-2 different views,he refers to this in this book.This book was written before the year 2000