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matinthehat

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Hi Why,

 

certainly no criticism meant of Taylor. The original post was quite clear in what his objectives where (a lot further than many ever get with there trading). I could not see (and still can't tbh) how Taylor wil help him a) Learn more about futures b) Learn MP or c) Run a business.

 

Kind of like recommending a book on Obstetrics for someone wanting to learn about Cardiovascular surgery. Again no criticism of Taylor.

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  WHY? said:
. I have lots of trading books. If I were forced to give them all up but one..well you know the one I would keep. :did I say that?:

 

There are 2 or 3 threads here at TL about Taylor. I would suggest anyone interested in Taylor look at the threads. I have shared quite a few posts in those threads also. There have been many adaptations of Taylor methods. I guess"whatever adaptations floats ones' boat" and makes money is fine.

 

Have read some of your posts on the Taylor thread, very informative, wonder if you would attempt to keep it alive, am sure many would appreciate your input.

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  Bearbull said:
Have read some of your posts on the Taylor thread, very informative, wonder if you would attempt to keep it alive, am sure many would appreciate your input.
I might. Not sure yet. Really all a person has to do to learn Taylor is read the book about 50 times. He is hard to understand. His writing style is certainly not the best. My comments are mostly just stuff that can be found in the book. I dont really think keeping a "book"the way Taylor did is appropiate in this day and time with computers available to us. So I would suggest to anyone; study Taylor, "stick to what he says", and then devise a software program to make the calculations. I have my own software I devised and had a programmer program up for me.

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  BlowFish said:
Hi Why,

 

certainly no criticism meant of Taylor. The original post was quite clear in what his objectives where (a lot further than many ever get with there trading). I could not see (and still can't tbh) how Taylor wil help him a) Learn more about futures b) Learn MP or c) Run a business.

 

Kind of like recommending a book on Obstetrics for someone wanting to learn about Cardiovascular surgery. Again no criticism of Taylor.

 

Hello Blowfish,

 

You mean no criticism of Taylor just criticism of the book I recommended or criticism of me for recomending such a book as Taylor eh??? Perhaps I was wrong in mentioning Taylor. I looked at post 1 again and perhaps he is not really interested in trading but just learning about "trading information". However, he does mention career. If he just wants to learn about trading well there are lots of books. Some good. Some bad. Some strange. If he wants to learn "how" to trade then Taylor can teach him that. Of course, stuff about futures and stocks such as placing orders..etc..contracts...i.e. the mechanics of the process would have to be learned form other sources if he has no idea how to place an order or, for instance, how to place different types of orders..etc.But, if he wants to learn "how" to trade and make money in futures or stocks, and will take the time to study Taylor....well he can learn "how"to trade without ever cracking open any other book. If ones follows Taylor rules, discipline is built into it. Preserving capital is built into it. The business part will take care of itself. Naturally, capitalization..reward/risk is things he might want to learn about from other sources but as a rule of thumb one can start with very little capital on stocks using Taylors concepts.

 

Everyone has to do whatever they have to do to learn trading. I paid my dues and read my share of books...then when I found Taylor and finally understood what he is talking about I really see very little need for all my other high priced books on trading, be it stocks, or future, or systems..etc. Seldom do I look at any of them any more. However, Taylor I continue to read and reread. Full of Gems. Rem of a stock operator doesnt really give a complete system for trading but makes for interesting reading and is probally one of my favorite books for reading (full of gems too) but Jesse Livermore seemed to have a hard time following his own trading rules. That in the end finished him. But he was a great trader and certainly an interesting person and a gifted person. Too bad his life ended in such a tragic way.

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No. Just to be clear no critisism of you, Taylor, or his book. I woud urge you to read what I wrote carefully, note the smileys, no offence was meant. A screwdriver is not the best tool to bang in nails, Taylors work is not the best to learn market profile (or money management/trade management, how to run a business, psychology of trading etc.) That does not mean screwdrivers have no merit!

 

Now, whether nails or screws are better fixings, or which is more appropriate in a give situation, is a different debate all together.

 

Certainly not 'wrong' to mention Taylor just as it would not be wrong to mention Wycoff, VSA, Gann, Fibonacii, Elliot etc. etc. One of the big issues facing traders (particularly starting traders) is picking a method and sticking to it. Focus is really important.

 

Anyway just to repeat, I certainly did not mean to be critical of you or Taylor or of either of your work.

 

 

EDIT: P.S. You have probablly inspired me to take a look at Taylors work. His book is one of the few I dont have on my shelf.

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  BlowFish said:
No. Just to be clear no critisism of you, Taylor, or his book. I woud urge you to read what I wrote carefully, note the smileys, no offence was meant. A screwdriver is not the best tool to bang in nails, Taylors work is not the best to learn market profile (or money management/trade management, how to run a business, psychology of trading etc.) That does not mean screwdrivers have no merit!

 

Now, whether nails or screws are better fixings, or which is more appropriate in a give situation, is a different debate all together.

 

Certainly not 'wrong' to mention Taylor just as it would not be wrong to mention Wycoff, VSA, Gann, Fibonacii, Elliot etc. etc. One of the big issues facing traders (particularly starting traders) is picking a method and sticking to it. Focus is really important.

 

Anyway just to repeat, I certainly did not mean to be critical of you or Taylor or of either of your work.

 

 

EDIT: P.S. You have probablly inspired me to take a look at Taylors work. His book is one of the few I dont have on my shelf.

Understood Blowfish. Nevertheless, I might just say this; if he is interested in learning about trading, there are, as you know, tons of books. It can, and will get confusing sorting thru them all. However, if he wants to make money and can follow a system then Taylor can help him do that. For me the markets are about making money. If I were him I would want to find (or devise) a good system that works and if it works (makes money) then that is what I would use. I have taught Taylor to third world semi literate people who knew basically nothing or very little about trading stocks and had them making money right out of the gates.

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Hey,

 

I just finished reading Reminiscence of a Stock Operator. It was a really good book and opened up my mind to a lot of aspects of speculation. The next book i will be reading is The Futures game, although i will be reading Reminiscence of a Stock Operator a lot more times. After The Futures game i think i will look into Understanding E-minis and then dive into Mind Over Markets, SOM, and Markets in Profile.

 

Oh and by the way, thanks for all the recommendations and advice. :missy:

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After or before you read the "The Futures Game", you should read "Trading and Exchange: Market Microstructure for Practioners (2002)" by Larry Harris. Sorry for not mentioning it earlier. It does not tell you how to trade and does not give you a methodology, strategy or indicator to trade, but instead gives you a good understand how the market works and who is doing what in general terms. Anyway, make sure to read it before all the other books that focus on strategies, indicators, etc.

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  AgeKay said:
After or before you read the "The Futures Game", you should read "Trading and Exchange: Market Microstructure for Practioners (2002)" by Larry Harris. Sorry for not mentioning it earlier. It does not tell you how to trade and does not give you a methodology, strategy or indicator to trade, but instead gives you a good understand how the market works and who is doing what in general terms. Anyway, make sure to read it before all the other books that focus on strategies, indicators, etc.

 

This has become a firm favourite of mine. If I was putting together a University course on markets, traders and trading this would be a cornerstone! Having said that it is somewhat 'difficult', mainly because of the sheer volume of information it contains. I was hesitant to recommend it as it is not necessary to become a successful retail trader. You can download a draft of the first few chapters from Harris' web site. I think its a really fine book and a great one to have on your night stand, just to read a section when you feel up to it.

 

Glad you enjoyed reminiscences, it is one of those books that works on several levels and you will likely keep getting stuff out of it on re-reads for a while yet - not bad for $12 or however much it costs.

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  vairtekuntam said:
You'll have a better understanding of whats going on, and have much greater control over your trading no matter where your journey later takes you.

 

I see a journey abroad with a tall dark stranger. Be careful on Monday when Jupiter is in Uranus.

 

Have things gone completely sureal around here or is the forum mixing up threads? Noticed several identical fairly strange 1 line posts in what appears o be random dead threads. Weird, still be careful monday :D

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18. Hence the saying: If you know the enemy

and know yourself, you need not fear the result of a

hundred battles. If you know yourself but not the enemy,

for every victory gained you will also suffer a defeat.

If you know neither the enemy nor yourself, you will

succumb in every battle.

 

"Trading and Exchange: Market Microstructure for Practioners (2002)" by Larry Harris. will help w/ the "know your enemy" part.

I'm attaching:

SUN TZU ON THE ART OF WAR

THE OLDEST MILITARY TREATISE IN THE WORLD

 

Translated from the Chinese

By LIONEL GILES, M.A. (1910)

Cause it will help you start the "know yourself" journey of discovery.

Good Trading to you....

  AgeKay said:
After or before you read the "The Futures Game", you should read "Trading and Exchange: Market Microstructure for Practioners (2002)" by Larry Harris. Sorry for not mentioning it earlier. It does not tell you how to trade and does not give you a methodology, strategy or indicator to trade, but instead gives you a good understand how the market works and who is doing what in general terms. Anyway, make sure to read it before all the other books that focus on strategies, indicators, etc.

SUN TZU ON THE ART OF WAR.docFetching info...

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Hi Jessechan,

 

Can you please provide a little information about Vadym Graifer's "Techniques of Tape Reading" book? Is it useful for daytrading and in what way? Thanks.

 

  jessechan said:
How about adding the following:

 

a. Vadym Graifer: Techniques of Tape Reading

 

b. Suri Duddella: Trade Chart Patterns Like the Pros

 

c. Pascal Willain:Value in Time: Better Trading through Effective Volume (I just ordered this book, to the best of knowledge, the author tries to unmask the selling/buying patterns of the big boys using his proprietary Effective Volume)

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hi, nycdweller,

 

a very good review of Graifer's Book can be found in amazon.com, especially those comments made by dbphoenix and james lee (both are invaluable contributors to this forum)

 

as usual, there's not so good comments about the Book as well, you've to make judgment on your own

 

yes, it applies to daytrading as well

 

link: http://www.amazon.com/Techniques-Tape-Reading-Vadym-Graifer/dp/0071414908/ref=pd_bbs_sr_2?ie=UTF8&s=books&qid=1230189905&sr=8-2

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I have strayed away from reading any system books or anything that will give me advice on how to open/close any trades. I need to figure this out for myself. Right now i have a few books on the go: Trading and Exchanges, New Market Wizards, and Tape reading and Market Tactics. Research has taught me that the only information to rely on is price information.

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You're definitely pointed in the right direction if discretionary trading is what suits you best.

Most people, including myself, waste years chasing systems and system devolpment before realizing this. Some succeed, most don't. While systems traders can be successful, I honestly believe that the truly exceptional traders primarily trade price action. I would recommend:

 

Studies in Tape Reading: Richard Wyckoff (although the examples are outdated, the principles are a great place to start)

The two books by Dalton that you mentioned in your first book are very good.

Hank Pruden may be the foremost expert on Wyckoff alive, but I found his latest book difficult to follow.

Reminiscences of a Stock Operator.

Also, market wizard/goddess Linda Raschke largely uses price action, Wyckoff & The Taylor Trading Method.

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