Street Smarts: High Probability Short-Term Trading Strategies
$41.83
In Street Smarts: High Probability Short-Term Trading Strategies, you will learn some of the best short-term set-up patterns available. Larry and Linda will also teach you how they combine these patterns with other strategies to identify explosive moves.
Introrduction:
Traders talk amongst themselves, not necessarily to discuss bullish or bearish market opinions, but rather to share insights into the nature and quirkiness of this business. The mental toll trading exacts definitely forms bonds. When we open up it is always surprising to discover the similarity of lessons learned, experiences shared, and how we all independently arrive at the same conclusions. Often in talking with each other we’re really looking for clues into our own heads, hoping to understand ourselves a little better.
Despite our constant pursuit of knowledge, the market itself assures there is no shortcut to obtaining our final degree. In the end, it is experience which is our ultimate teacher and there is no substitute. We can only choose the attitude with which we approach this process of learning to trade. We can accept the inevitable setbacks and learn from them, or we can yield to our natural human stubbornness and be forced to repeat the same lessons over and over again.
This book has been written by two people who have come to enjoy the process. We’ve both discovered we are not the only ones to have made certain mistakes and we’ve also discovered the same secrets to success … which we hope to share with you. The single most important secret is this: learn to listen to the markets and do not impose your own will upon them.
Every successful trader we have known has also discovered the necessity for consistency. It is the key to everything-you must trade with a coherent methodology. You must follow a specific trading strategy. Although this book presents multiple strategies, each and every one has the same essential starting point: minimizing risk first, looking to maximize gains only after risk has been defined and controlled.
Between us we have 34 years of experience as floor traders, exchange members, traders on institutional desks, hedge fund managers, and commodity trading advisors-trading for our own accounts the entire time. We hit it off well because our number one guiding belief is that you must, above all, find setups and entries which minimize exposure. The profits come on their own terms.
Finally, even though we present many different patterns, you only need ONE strategy to be prosperous. Some of the best traders are successful because they trade only one strategy. Hopefully, all of the patterns in the manual will increase your awareness of certain market idiosyncrasies and will serve as a confirmation of your own market observations.
Contents:
- SWING TRADING
- MONEY MANAGEMENT
- TURTLE SOUP
- TURTLE SOUP PLUS ONE TM 80-20’s
- MOMENTUM PINBALL TM
- 2-PERIOD ROC
- THE “ANTI”
- THE HOLY GRAIL
- ADX GAPPER
- WHIPLASH
- THREE-DAY UNFILLED CAP REVERSALS
- A PICTURE’S WORTH A THOUSAND WORDS
- WOLFE WAVES
- NEWS
- MORNING NEWS REVERSALS
- BIG PICTURE NEWS REVERSALS
- RANGE CONTRACTION
- HISTORICAL VOLATILITY MEETS TOBY CRABEL
- SMART MONEY INDICATORS
- MORE WORDS ON TRADE MANAGEMENT
- BE PREPARED!
- FINAL THOUGHTS
- THE SECRETS OF SUCCESSFUL TRADING
Street Smarts: High Probability Short-Term Trading Strategies By Laurence A. Connors, Linda Bradford Raschke pdf
| Author(s) | |
|---|---|
| Format | |
| Pages | 224 |
| Publication Year | 1996 |
19 reviews for Street Smarts: High Probability Short-Term Trading Strategies
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Jeffery Liu (verified owner) –
GREAT Book for Trading Strategies
Aileen Huang (verified owner) –
I bot this book after seeing it referenced favorably in a number of other books I have read. Have also heard about Linda Raschke’s reputation. This is a technical book on short term trading strategies, at least, in the part that I have read so far. I am about 1/3 through it, and I am working each strategy out on paper to make certain I understand it. I have applied one strategy and had immediate success in 3 trades which paid for the book multiple times over. The book is not cheap. I bought it used for $123. I can read about one or two strategies at a time and then I have to put it down. This is not a book that one will sit down and read with fascination from cover to cover. This is an instruction manual. I hope some of the other strategies will be as good as the one I tried. I recommend the book.
Kate Morris (verified owner) –
First of all let me state that you must already have a certain concept of trading and trading terminology to benefit from this book. You must also understand and believe the importance of chart reading as a trader to fully understand what the authors are saying. I believe some of the negativity written about this books is because the readers didnt understand trading concepts as applied to chart reading or disregard chart reading altogether as a valid tool to trading. With this said, I have to say that the book was beneficial for me as a short term trader. It helped me find patterns that I would’ve otherwise overlooked before reading this book. Let me also add that the turtle soup and turtle soup plus one does not really apply 100%, per say, to the fast momentum stocks I screen for. However, reading those strategies helped fine tune my entry and exit strategies when I enter a trade. It did so by helping me look for intraday swings and the probabilities of possible price action for next day trading based on what happened to the price at the close. If anything, the book helped me alot because it opened my mind to other trading possibilities and thus form ideas for myself. Like another reader said, the authors are not mechanical traders. Thus these patterns and strategies should not be taken mechanically. Instead one should trade cautiously using discretionary stops. The book will only teach you about patterns in the market that have a high probable outcome. It’s up to the individual to trade the patterns and use protective stops in the case the anticipated move goes wrong.
Ailani Perkins (verified owner) –
This book has tradable information. It is written for traders who want to know how to do it.
Martha Dennis (verified owner) –
I use her macd as my primary indicator. The other stuff I go back and reference from time to time.
Kyro Mills (verified owner) –
A bit expensive for the average trader but excellent educational offerings that show the chart pictures that tend to be more worthwhile for the shorter term trader.
Henley Whitney (verified owner) –
This book met my expectations.
June Burton (verified owner) –
Straight forward strategies that really work. Simple to understand and easy to spot on a chart.
Kylee Sweeney (verified owner) –
A no-nonsense book with 17 highly profitable trading strategies, including backtests on many, so precisely described that you can program them into a computer. Both Larry Connors and Linda Raschke are legendary. Every book from Larry Connors is a winner.
Cruz Norton (verified owner) –
I am a full time currency trader that was looking to add a few more tools to my trade. I had been familiar with Linda’s trading style and market philosophy (a trader’s trader, so to speak), so picking up this book was a no-brainer. The book looks simplistic, almost threadbare in it’s layout. There is little discussion regarding the particular methods described, but that does not detract from the methods themselves. In this case, less really is more. The authors do not waste time on frivolous topics or other nonsense that most books are overly laden with. They get to the point. If you are like me, you don’t have time to sift through 300 pages of miscellany to get to the meat of a strategy. That said, it requires a certain amount of confidence from the individual trader to trade the methods as they are presented. But again, I was very familiar with the author’s history, so it was not too great a leap of faith. I have been trading three of the methods from the text, wolfe waves, turtle soup+1, and holy grail for three months now, and each has proved profitable on a net basis, and have paid for the book 10 times over. I wanted to write this review for actual traders that have experience in the market. These methods require undivided attention, and most will not have the time nor the inclination to monitor their trades, or flip through charts throughout the day to find enough setups to make it worth your effort. You will more than likely do more harm than good to your account if you “dabble” in the methods presented herein. If you are an active trader, however, you will find this book more than worth the price paid. Best of luck to you. *There is an omission made by the authors pertaining to the Wolfe Wave rules, and is a pretty significant one. The 1-3 and 2-4 lines must meet (this pattern is so successful because it contains the highly predictive “wedge” pattern; without the intersection of the 1-3, 2-4 lines, you do not have a “wedge”, and thus the pattern loses it’s predictive characteristics). Do a little research, and you will see that originator, Bill Wolfe (the Wolfe in Wolfe Waves), states that this is one of the requirements of true Wolfe Wave setups.
Willa Fitzpatrick (verified owner) –
Great book, gets right into tactics with no fluff
Emanuel Pratt (verified owner) –
There are good trading strategies in here. Some of them are for intermediate time frames but some are for intraday also. All of them come with examples. One or two I won’t use because they require too many computations off-line, and I don’t want to spend that much time on my trades. But for the most part, I would give this 4 stars out of 5.
Amari Benjamin (verified owner) –
This has helped my trading immeasurably. It is for swing traders. It is very specific about setups, lots of examples, and lots of setups with explanations and wisdom worth studying. I have probably 50 or 60 books on trading. They all have something to them, but this is one of the top books in my libary and I am using it all the time.
Blakely Brewer (verified owner) –
Several great techniques for day trading and position trades. statistical study at end of book validates that money management seperates the winners from the losers
Zander Duran (verified owner) –
Linda talks about trading and approaches to many important facets of trading which has made her money year in-year out. Nicely written, and a good read for anyone serious about their trading.
Ayaan Leach (verified owner) –
Been following Linda Bradford Raschke and her works for a long time. + Real Life Market Psychology and stories with Laurence Connors
Blaze Valenzuela (verified owner) –
Very practical. I would not buy it new though–seems way overpriced new. What book is worth that?
Christian Dixon (verified owner) –
Great book. Great charts/examples (fact that charts are plain old bar charts without glitter is irrelevant …. a chart is a chart!). Great setups with predefined risk and specific conditions to get one’s ideas’ generator going. Absolutely recommend it. Among the best trading books I’ve read together with the Market Wizards series (undisputed kings of trading books), Nison’s Japanese Candlesticks book, and Grime’s Art and Science of Technical Analysis. Price is ridiculously high, some things poorly explained, and the text sometimes poorly written (even found typos). Overall, book’s presentation is certainly quite poor. Hence only giving the book four stars. But presentation is not what matters here. Seriously, no trader should go about trading without learning about many of the setups on this book. Ignore all those 1 star reviews. Those reviewers clearly have no clue. Mind this is not for new traders.
Nixon Ponce (verified owner) –
I read the book and basically confirmed some of the patterns that I’ve been trading for years. Everyone has it’s own name for the setups, but regardless of the name, the patterns describe in the book, do work! Everyone has their own twist to these patterns. I notice one reviewer had mentioned that he profited on the exact opposite strategy that the book had described. Selling new lows and buying new highs. Personally I think this is more dangerous than the strategy in the book(Buying new lows and Selling new highs). That is what swing trading is about. I do the same exact strategy as they mention in the book, and make money from it frequently. But I am also aware of the fact, that new lows/highs are set for strong fundamental reasons, so instead of using regular stops, I use Stop and Reversal(SAR)type orders. These order give me the best of both worlds. If my estimate is correct, I get an early fill as the market decelerates in one direction and accelerates in the opposite. If the trend continues, my SAR order gets me out, and fills me in the direction of the momentum. Price, Momentum, Time and Volatiliy and how you react to them, is the key to swing trading. It’s not set in stone that these patterns work everytime, but as the title mentions, it’s the probabilities of the markets reaction when these patterns form. Like any other method in trading, nothing works everytime, but as years go by, you find out what works best for your trading style and what doesn’t. This book didn’t teach me anything that I already have found out through experience, but for traders interested in swing trading, it’s a fantastic starter book and worth the investment if purchased. It excerises the mind’s of traders on how to anticipate the market, thereby always thinking one step ahead of it. And when your anticipation is wrong, get out! One other important factor. Rashke was a former successful floor trader and Connors was a hedge fund manager. These people know how to trade professionally. They know how other floor traders trade on the floor, and how institutional giants such as ADM,Refco and Rosenthal Collins play their cards and make money. In other words, their livelyhood depended on their attention to detail in the area of trading. They aren’t like most us that trade, that have a job to fall back on. This is their job and main source of income! My point is, don’t just learn their techniques,setups and strategies, but more importantly, learn their mindset, and what they do when the market moves in favor or against them. Determine how they react to such conditions and take notes! Through time and experience, you’ll soon notice that you will be able to react with percision and timing as these professionals do, without doubt but with full confidence!