Rule the Freakin' Markets: How to Profit in Any Market, Bull or Bear
Author: Michael Parness
List Price: $24.95
Our Price: Click to see the latest and low price
ISBN: 0312282567
Publisher: St. Martin's Press (21 March, 2002)
Sales Rank: 5,123
Average Customer Rating: 3.92 out of 5
Customer Reviews
Rating: 3 out of 5
some good insights amongst the chaff
Waxie (Parnell's nickname) claims to know how to rule the markets. A tall order, and he doesn't quite make it. It's basically a book on day-trading.Pros: He does us all a service in pounding into your head that buy and hold is dead. (Or at least comatose...) The writing is very accessible. Hey, he's a New Yorker and it shows. A lot of the book is on investor psychology, which is becoming a must-study field for serious traders. And I just love his frequent use of the phrase "your inner knucklehead" -- the things in your personality that prevent you from trading as successfully as you might.
Cons: There's a good deal of repetition. Maybe a good idea for people who need to be told more than once, but you can always just read it again... Also, as noted in other reviews, he doesn't give any proof of actual trades he has done, so you have to be a bit gullible to really take it in. And, again, he's a New Yorker -- if those kind of people turn you off (LIKE PEOPLE WHO WRITE SENTENCES ALL IN CAPS), then you'll get distracted from his message.
The biggest problem with the book is the timeframe. Although the book was published in 2002, it primarily reflects strategies that work in raging bull markets. Not terribly helpful today (mid 2003).
The book isn't worthless, but it shouldn't be anywhere near the top of your reading list, unless you're an "itchy-finger, gotta-be-in-the-action" kind of trader.
Rating: 4 out of 5
Just picked this book up and found it very...
...entertaining. I have traded for several years now and have seen my share of ups and downs and enjoyed reading about similar experiences from Parness' book. If you have traded for awhile, you will appreciate some of the things he talks about in this book. Despite the flip tone, he hits on what I consider to be the key, basic element of becoming a successful trader - limit loss through stops. Without this principle behind you, you can take highly successful strategies like the one found in The 1 day Breakout Method, which is tested out to be about 70% correct (in other words, finds a winner 7 out of 10 trades), and still lose gobs of money. New traders should heed this advice. New traders: If you are still not convinced about the power of this principle of risk control, trade (lose) a few more months, then read Mark Douglas' book, Trading In The Zone. After a few more months of losses you'll appreciate it more and gain a deeper understanding of what Parness is trying to tell you here.
Rating: 5 out of 5
I recently met Mr.Parness at a seminar in Orlando, FL
He wasn't going to come because he was ill. Some of the attendees thought he was just blowing us off and didn't care. Michael, or Waxie as we know him from his chat room, flew in and gave us one of the best lessons in life, and trading one could imagine. People were blown away. And, they were even more blown away that he flew in despite the fact that he was very ill. After his class he couldn't talk at all. He looked like hell, but he showed up because he cared. EVERYONE in that room of 200 traders respected him even more and I for one am a lifelong fan of his now. This book teaches you the most important aspects of being sucessful as a trader. What are those? The psychology behind the trade, and the person. I've always been good at numbers, but eventually my attitude caught me and turned whatever profits I made because of being smart, into losses. While the book doesn't deal with some of the more advanced aspects of level 2 trading and such, it isn't supposed to! It's a book that teaches you the basics better than any I've seen. If you're reading it to gain entry into MIT, don't bother, but if you want some true and much needed insights into what makes a trader sucessful, then this is the book for you! And, anyone who thinks that Michael - Waxie can't make money for himself or his clients in this - TODAY - market or ANY market is a fool. He traded in front of us and sure did OK. And, so did I and 200 or so others! Similar Products
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