The Master Swing Trader Toolkit: The Market Survival Guide
$21.91
| Author(s) | |
|---|---|
| Pages |
353 |
| Format |
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| Published Date |
2010 |
The Master Swing Trader Toolkit is a powerful application-oriented handbook that shows you how to identify and grow wealth from the opportunities resulting from the steep market crash. Additionally, this full-service volume offers prescriptions for prospering in the postcrash environment and provides guidance for finding new, reduced-risk market prospects during virtually any economic scenario to come.
Introductions:
The Master Swing Trader focused on the trader’s role in managing concepts and strategies based on classic market principles. That mindset
carries through into this book without too many comprehension issues for readers unfamiliar with the first volume. However, this book isn’t a rehashing of the first one, nor does it itemize a thousand new patterns and indictors. To be truthful, I’ve headed down a simpler path in recent years, using fewer indictors and more common sense to trade the markets. The Master Swing Trader Toolkit: The Market Survival Guide covers two primary themes:
- It expands on ideas in the first book. It’s a decade later and my working strategies have grown well beyond the topics covered in that kinder, gentler era. It also presents material that was omitted or compressed the first time around, with extensive discussions on risk management, market exposure, and, most importantly, tape reading.
- It identifies defensive strategies that work specifically in the modern electronic markets. The emphasis here is on the word “defensive.” As far as I’m concerned, any strategy that fails to address the extreme risk posed by the trading bots is doomed to failure. In this regard, you’ll find a major focus on program algorithms and their huge influence on the index futures and exchangetraded funds.
Contents:
– PART ONE : Parsing the Modern Markets
- Prospering in the Postcrash Environment
- The Crooked Playing Field
– PART TWO : CYCLES, SHOCKS, and seasonality
- Revisiting the Market Clock
- Relative Strength
– PART THREE : Prediscovering Profitability
- The Nature of Winning
- Survivalist Trading Strategies
– PART FOUR : managing Opportunity
- Market Entry
- Positions, Markets, and Trading Styles
– PART FIVE : Controlling Exposure
- Position Management
- Mastering the Intraday Market
– PART SIX – Managing Risk and Reward
- The Nature of Losing
- Capital Preservation
The Master Swing Trader Toolkit By Alan Farley PDF
20 reviews for The Master Swing Trader Toolkit: The Market Survival Guide
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Margo Quinn (verified owner) –
You’ll see mixed reviews of this book — for good reason. If you view the markets in a similar way to Farley (which I do), you will find this book absolutely genius & helpful, to say the least. As a trader who has (finally) become profitable, I realize that this book contains gems that will not be found in other trading literature.
HOWEVER, if you are a relative newbie, or someone who has a different trading style, or are looking for a book that provides you with new trading setups, then this book is not for you.
Cassidy Reyes (verified owner) –
This author is known for his “trademarked” “SEVEN BELLS”, along his “pattern psycho” from his first book. It seems after 10 years he has failed to find any recurrences of any pattern cycle for his “seven bells”. But, he still stick to this words of “pattern cycle”, which I called “pattern psycho”. As I explained in my prior review of his first book, if you truely believe his “pattern cycle”, firstly you would not to be able to make it clear what he is talking about (he can never define a signle thing); secondly if you truly expect to watch his “pattern” to re-occur, you have to be able to live longer than our solar system.
The only thing this author is good at is to feed some people’s psyche cycle. Yap, he can teach you how to think ahead of the others,,,, in order to feed certain people’s psyche need, just like the “emperor” needs to believe that he is above all the other people. The emperor ended up to be naked in public. Where did all those organized “admirers” of his first book end up? Even in the end, one of them still “thanked” this author, because he taught him that he “cannot beat those big guys”, and believed only the author “cared about little guys”, as the author implied in his book. DO YOU BELIEVE THAT? (you can read those reviews for yourself”
Russell Herring (verified owner) –
Outstanding trading book with a lot of precious advises to understand the new behaviour of the market for some years now. Thank you very much Alan from this new book. And, of course, I also strongly recommend the previous Alan Farley’s book.
I think important to expirement trading before reading this book to appreciate it’s great value.
Paislee Castaneda (verified owner) –
Mr. Farley has stood the test of time through all types of markets and has proven the wherewithal of his patterns. This book is a solid, definitive and insightful tool that every trader should keep in their library. One of the handful of reputable authors worth paying attention to as markets get more tumultuous! If you want consistency with profits while avoiding nasty losses, then grab this book and don’t let go!
Eli Mann (verified owner) –
I have been trading for years. Most of the books written on this subject are of no use anymore. The markets deconstruct every trading plan there is. This book goes to great links to convince the reader how to survive long term in this business. You will not survive the trading game unless you can think for yourself. MR Farley doesn’t need to write books to make a living. His willingness to write is a gift to us all.
Branson Gomez (verified owner) –
It is excellent book for swing traders who wants the insight about the trading and not only technical analysis you can find in a hundreds other books. There is no get rich quick trading system in this book but you can find an experience guide how to stay in the market as long as possible, become a successful trader and make some money out of the market. What else you can expect from so experience trader like Mr. Farley is. There is not easy to survive in this modern market and that is why this book is definitely one of the best books out there on trading.
Corinne Maddox (verified owner) –
This is an excellent book that’s well written, insightful and sometimes downright funny. It’s an extremely worthwhile instructional guide on modern day tape reading and technical analysis. The excellent sections on tape reading, in particular, surprised me because the author is best known as a chartist, and not a ticker watcher. The twin focus summarizes what I liked most about The Master Swing Trader Toolkit, i.e. learning about direction, emotion and commitment levels in the price action and then transforming that information into workable (“survivalist”) trading strategies.
The text is divided between specific technical patterns, trader psychology and trade management. Alan switches back and forth seamlessly between his subject matter but, at times, I wished for more details and examples on a specific concept, before he moved on to another one. This is a minor criticism because, taken as a whole, the useful content here is abundant and nearly overwhelming.
I haven’t read Alan’s first book but know his work from his columns at […]. Although this is packaged as a “sequel”, I had no problems whatsoever understanding the concepts or observations, and don’t think the first book is a requirement for reading this one.
Janelle Drake (verified owner) –
Not quite a “master swing trader” by comparison with today’s leading practitioners.
One wonders how much money Farley has actually taken out of the markets and put in his bank account. He provides no proof that his philosophical views actually make money. Others in this field are able to demonstrate strategies and techniques that result in a positive ME (Mathematical Expectation) i.e. consistent profits. Farley is unable to do this. We need an end to this sort of bafflegab.
Ezekiel Barber (verified owner) –
HIGHLY recommend this book to new traders, it is packed with concise practical wisdom. For 1st year traders that know the basics, looking to develop their trading edge. Most trading books I’ve found to be rather disappointing and inapplicable, this is a very practical price-action focused guidebook toward how to look at a price chart like a trader. Easy to read but dense with wisdom. I’m on a mission to read through every trading book I can get, this one is easily in the top 3. Should not be the first book you read, as it doesn’t waste time explaining the basics, nor does it meander into personal stories or psychology. You don’t need the previous book to read this one and in fact I would read this one first. Very highly recommended for new-ish traders. Business expense. Pays for itself.
Nolan Nelson (verified owner) –
The original Master Swing Trader was the first serious book on trading that I picked up and I’m glad that I did, my only regret is not studying it more thoroughly before I ventured into the markets with real money. Alan Farley is a powerful teacher and aggressive swing trader who emphasizes patience, discipline, seasonality, intra-day timing, trade collaring techniques and personal lifestyle, among other things. The Master Swing Trader Toolkit is the perfect follow up to the original Master Swing Trader and provides both swing and day traders (it’s still a day trade until the close) with a variety of tools to deal with new challenges, such as the proliferation of program trading and gap-trapping behavior. I found it reassuring to find out, that despite today’s thinning volume and increased volatility, many of the classic principles found in the original Master Swing Trader are still relevant. In this new publication, the author refers regularly to the original book so I recommend getting both of them and either reading them at the same time or at least looking up the sections that he refers to – so that you have a complete understanding of the material.
Keep in mind like the original, this guidebook is geared for the advanced trader/student, not the newly initiated. So those expecting to find ready-made strategies or a quick lesson on how to turn $5,000.00 into a million in twelve months should look elsewhere (you won’t find it). As we are reminded, just like every other successful career, trading is very hard work. However, experienced traders will appreciate Alan’s straight-forward approach and will likely smile at his frequent anecdotes that let us know we’re getting our instruction from an actual trader.
As a full-time (non-professional) trader, I highly recommend that someone desirous of making trading a full-time career should carefully read both The Master Swing Trader and its follow-up, The Master Swing Trader Toolkit as well as explore […] for additional free practical advice and tips. Alan Farley won’t be the only expert you will listen to, but you will be hard pressed to find a more effective teacher.
Myla Farrell (verified owner) –
I thought I bought a book on Swing Trading. Not so!!
Every time he starts a subject he refers to 5 min. charts, tick charts and so on. This is a day traders book with a bunch of fluff.
Nathalie Ventura (verified owner) –
I found this book informative yet extremely difficult to follow. The writer crams so much information into each paragraph with barely enough structure to keep to the point. Yes, you will learn more about swing trading but be prepared to read it two or three times and take notes.
Rhys Galindo (verified owner) –
Well I have to say that I haven’t gotten to read this book as much as I have wanted to but in time I will delve into it.
Ensley Jarvis (verified owner) –
Excellent
Remi Portillo (verified owner) –
Lots of basics to learn and start with. Might have to read a few times to soak in the lessons.
Mylo Strong (verified owner) –
This is only the second time I have posted a 1-star review for a book. Generally, even books with significant shortcomings are readable and contain some bits of value. This book is genuinely unreadable and worthless.
To summarize, the author appears to be a washed up trader from the ’90s who is clinging to the few outdated methods he believes still have value. He basically claims that systematic trading does not work, and claims the best way to make money is eyeballing charts — aka, “reading the tape.” Even if this were somehow true (it’s not, of course), writing a book about it would not be beneficial to anyone.
But beyond the lack of useful content, it is the intolerable style of the prose that will literally make you angry. The best way to describe it is that it reads like a transcript of an 8-hour Mad Money show. Literally. I know that the author knows Jim Cramer, but the text honestly sounds like it came from Cramer’s mouth. Markets are “diabolical”; algorithmic trading is “maniacal.” The problem is that this hyperbolic drivel is the meat of this text (repeated over and over again), not the sidebar.
In closing, here are a couple examples that represent what the whole book contains:
“And to tell the truth, it’s been wonderfully liberating to free myself from all the mathematical voodoo and to focus directly on the never-ending death match between buyers and sellers.”
“Clear your head and stalk your patterns for days or weeks, if required, rather than chasing the market around like a crazed monkey…Just get up, pet the dog, and wait for the next trading opportunity to come along. It always does.”
I would return this book if I could. It is the only trading book I have ever read that is all noise, no signal.
Natalie Cook (verified owner) –
It’s advanced trading, not entry level. The book is exceptional.
Denver Sexton (verified owner) –
As a novice I found this book very helpful. I plan to get other books by Alan Farley.
Jalen Underwood (verified owner) –
Farley clearly knows what he’s talking about and his prose is professional. I think most readers would agree, however, that the book would be more valuable as a “toolkit” if it contained fewer paragraphs on philosophy and psychology, and more diagrams and tables.
Collin Booker (verified owner) –
This is a book that grabbed and dominated my attention immediately. I have had this book one week and it is already highlighted, underlined and dog-eared. While Mr. Farley’s previous book, The Master Swing Trader, was dense with the “what to do” this guide is much more generous with the “how to do it”. It is a welcome complement to the first book and guide to understanding the modern market, especially the effects of algorithm program trading, intraday and before/after market hours trading and survival strategies for dealing with them. The writing style is less frenetic than the first book (a good book, but a major challenge for a true beginner). It is at times wryly humorous and always insightful. I have three catagories of books in my trading journey: books I resell almost immediately, those I keep because they are interesting but not vital and a small stack I reread, refer to and keep close by. This one is at the top of that third catagory. The “tools” emphasize the nuances of the indicators and how to use them to survive and develop a personal edge. An added bonus is Mr. Farley’s accessability. At the very start of the guide he encourages readers to contact him (not for tips or financial advice, though). I emailed him late on a Saturday night and early the following Monday morning I had a responsive email in which he answered my questions and shared his own settings for one of the indicators he uses. This is one book I personally would not want to be without.