Techniques of Tape Reading
Author: Vadym Graifer, Christopher Schumacher
List Price: $49.95
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ISBN: 0071414908
Publisher: McGraw-Hill Trade (19 August, 2003)
Sales Rank: 32,830
Average Customer Rating: 3.88 out of 5
Customer Reviews
Rating: 4 out of 5
You Can Find a Few Gems
I follow Chris on Realmoney.com through his daily trading track. I don't really trade the same way he does, but his accuracy at predicting and trading off NDX levels was always interesting to me. I figured there must be something to it in his Tape Reading skills. This book seems to describe his partner more, rather than how to really trade off NDX levels, so I was somewhat disappointed in that. However, there are a few gems regarding the progress of a trader, mental preparations and overcoming trading problems that will probably help me. As for the Tape Reading part, the principles were easy to read and understand. One of my hardest problems in trading is knowing how to differentiate accumulation and trend signals. This book helped me to do that as well. I would recommend this to anyone as a solid read and addition to their trading library.
Rating: 4 out of 5
Will be on my Top 20 Shelf
The progression of Vadym from his worst levels to his best levels shows a good trading psychology. The tape principles were informative and usable. The examples (although only Nasdaq and I agree with other reviews that I wish there were listed examples also) were very illustrative of the principles and overall general psychology of the book. Rarely do books have it all. Psych, principles and a system/examples to follow. This is a book I'm sure I'll go back to every once in a while if I am having trouble.Unlike a few reviews, I don't feel this book is solely to push products. And to the individual that said Vadym came to America to live the good life, evidentally this person didn't even read the book. He "fled" to Canada, not America, lost a big part of his capital on a few dumb trades, before finally making it as a trader. That is far from the good life. Clearly just a bush league tactic to put some other advisory service in a review. Who's pushing products now?
Anyway, I can recommend this book as one in my top 20 on my trading shelf.
Rating: 5 out of 5
Destined to become a classic
I have read a great many trading books and this has got to be in the top 5, I think it could well become a classic. The book is divided into three parts. The first part is mainly concerned with the development and psychology of a new trader. Now although there are other books which are entirely devoted to trader psychology, "Trading In The Zone" by Mark Douglas springs to mind. The authors have covered this very important topic in a very easy to understand manner.
The second part delves into the art of tape reading, numerous set ups are explained, and stops and exit strategies are presented.
The final section describes in detail 33 different trades, each with the appropriate chart. These trades help to reinforce the material presented in part 2 of the book.
I think this book is not really suitable for the absolute beginner, but once one has got some basic TA down, then this would be an excellent next choice.
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