Street Smarts: High Probability Short-Term Trading Strategies

GREAT Book for Trading Strategies

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.

I use her macd as my primary indicator. The other stuff I go back and reference from time to time.

This book met my expectations.

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.

Great book, gets right into tactics with no fluff

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.

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.

Very practical. I would not buy it new though–seems way overpriced new. What book is worth that?

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!