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5.0 out of 5 stars Very useful specific and conceptual trading techniques
I found this a book very useful, as it covered specific trading techniques, supplemented with examples of their use. Many of the techniques were refinements of existing ones. In some cases, these refinements significantly improved performance (based upon my own testing).
Like any other techninal trading book, each of the techniques needs to be tested against...
Published on Oct. 22 1999

versus
4 of 4 people found the following review helpful
1.0 out of 5 stars A professional trader writes 25 books?
Trading especially short term trading need great concentration and a full-time commitment. Professional traders write few or no book.
Mr. Bernstein's books and articles are everywhere. Sometimes I came across his publications, I scanned through a few pages to see what he had to say about trading. Mr. Bernstein makes statements which are generally safe and easy to...
Published on Oct. 8 2000 by Ed Huang


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4 of 4 people found the following review helpful
1.0 out of 5 stars A professional trader writes 25 books?, Oct. 8 2000
This review is from: The Compleat Day Trader (Hardcover)
Trading especially short term trading need great concentration and a full-time commitment. Professional traders write few or no book.
Mr. Bernstein's books and articles are everywhere. Sometimes I came across his publications, I scanned through a few pages to see what he had to say about trading. Mr. Bernstein makes statements which are generally safe and easy to say. For example, I read his article the other day. He tells the readers "Do your homework.", "The trend is your friend." etc. Of course, these are the common rules for traders. But what are the concrete steps to implement these rules in the real-life situation? Well, I could hardly find any. On the other hand, he stated in that article: "...I maintain that a good trader can make any system works." I found this statement unprofessional and phony. The reasons:
1. Many systems on the market are just trash and can not be used at all.
2. Good traders wouldn't pick up any system and risk their money with it. Good traders are very selective and only trade a few systems that have proven record and are suitable for their individual styles.
I found similar problems in other works by Mr. Bernstein. Should I bother to buy this book? No, thanks.
I have read books from many different writers and have more than 10 year active trading experience. So I know something.
A few tips(IMO) for choosing good books on trading:
1. Only a small percentage of books on the market are good or great.
2. Popular books are not necessary good books. If you automatically think so, you've probably fallen into "Herd mentality" thinking.
3. Trading is a bottom line business. Find books written by traders who had proven long-term(5 year or more) successful trading records. They are the ones "know how".
4. Be wary of the authors who write many trading books.
Good luck.
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4.0 out of 5 stars For hardcore day traders, and straight to the point, Oct. 7 2000
By 
+++ (OR, United States) - See all my reviews
This review is from: The Compleat Day Trader (Hardcover)
Most books for "day traders" are so general that their techniques and advice can be successfully used by swing-traders (those who keep stocks for several days), and even by longer-term investors. This one is different. The author, Jake Bernstein, strongly advocates real day trading, when no securities ever kept overnight. Therefore, his techniques are usable for very short term trading only.
The advantage of this book is that it has very little general rhetoric and comes straight to the point, that is to the techniques which the author finds profitable. Basically, 90% of the book is about the use of technical indicators (such as various moving averages and oscillators) to determine potentially profitable entry and exit points. The topics discussed in particular detailed manner are the use of moving averages, stochastic indicator, moving average channel (MAC), relative strength index (RSI), momentum, and techniques for trading of opening gaps. The author also suggests several oscillators of his own. However, despite the simplicity of these indicators, one has to own software such as Omega Research Trade Station to calculate and plot these home-made oscillators in real time, or write a program yourself. There are also several chapters applicable to futures only (actually, the whole book is about trading in the futures market, but 95% of techniques are equally applicable to stocks).
The great advantage of the book is that it is very specific, clearly illustrated, and gives plenty of detailed technical advice and a number of potentially profitable trading techniques. Be advised, however, that those who are interested in trading but do not have enough capital to take profits from half-a-tick changes (and I, too, belong to this group) cannot really take advantage of this book. No trend and no trade longer than a few hours is discussed there! Therefore, this book is for the serious day traders, and only for them. If you are a day trader, this book is a must; if you are not, do not bother buying it but rather consider other options, e.g., the excellent book "How to get started in electronic day trading" by D.S.Nassar which is good for traders on any time frame.
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2.0 out of 5 stars A few decent ideas, hardly "complete" though, Aug. 29 2000
This review is from: The Compleat Day Trader (Hardcover)
I picked up this book with hesitation, aware of the reputation Bernstein has as a hypester right up there with Larry Williams, Ken Roberts etc. However I can say I was pleasantly surprised. He approaches the subject honestly and with little hype.
One problem I had with this book (and with a number of books like it) is that the authors present their methods as THE way to go without encouraging experiment. The difference between giving a man a fish and teaching him how to fish etc. I suppose you can't really blame the authors though when a majority of readers are looking for secrets and shortcuts rather than building blocks they can use to develop their own styles and tools and think for themselves.
I think Bernstein wrote off moving average based signals a little quickly, without looking into more advanced techniques of using them. His recommendation of the 3 and 24 MA's also did not look so hot on any of the charts I looked at (5 and 20 seems much better to me), nor did the moving average channels based on highs and lows seem that applicable on intraday charts.
I was also less than pleased with his countertrend interpretation of how to play gaps, though he at least went back and semi-rectified himself a little later in the book by pointing out that gaps can be indicators of an accelerating trend too- duh.
I did like his use of slow stochastics, and have found oscillators to be a fairly useful intraday tool IF applied correctly. His explanation of how to interpret oscillators in general will be useful to new traders and/or anyone who doesn't really know how to use oscillators.
I would say that if you are still looking for a methodology, there is some stuff in here that could appeal to you- IF you experiment with it rather than just taking Bernstein's methods by rote. This book is aimed at fairly new traders who have been around the block once or twice, but are still a little wet behind the ears and searching for their styles.
Last but not least, I don't see how this book could be deemed complete without a more thorough discussion of risk management, profit expectancy and reward to risk ratios.
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1.0 out of 5 stars For traders with "indicator" obsession!, April 7 2000
This review is from: The Compleat Day Trader (Hardcover)
I picked up both the books in one day and was looking forward to finding out new information for trading. Essentially this book is filled with "indicator" information. This means he covers in great detail points in the chart such as Moving Averages, RSI, MACD, OBV, ROC, etc. Mr. Bernstein also believes that if one puts all the indicator info into a software, it can direct us when to buy and sell!
It depends what kind of philosophy one has on trading. If one believes that trading can be automated then this book can be analyzed and programmed, otherwise if one thinks tomorrow's prices will be influenced by asian markets last night, then no point. The book suggests to track an intra day 3-minutes(!) Moving Average of a stock's price for optimal results. Personally I vote against this type of trading.
I did not move onto the second book and returned both.
Thank You, Steve.
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2.0 out of 5 stars Offers nothing new, offers useless new things, Feb. 23 2000
This review is from: The Compleat Day Trader (Hardcover)
Well I don't recommend this book, it added nothing to me except a general knowledge of the intraday moves with no explanations. It is usefull only on the matter of gaps and again it offers nothing new at it
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1.0 out of 5 stars I read the book once & never picked it up again, Feb. 4 2000
By A Customer
This review is from: The Compleat Day Trader (Hardcover)
I like graphs & trying to interpret what they mean. At first glance this book seems to make sense with regard to helping time trades. There are many different styles of daytrading. For my style (both momentum trades & scalps) real time price graphs coupled with Level II quotes & time & sale data is more than enough. This books trys to make what should be simple into something more difficult. It recommends using mathmatical formulas (actually graphs that are a summary of mathmatical formulas) to enhance the timing of your buys & sells.
I found the book worthless. I read it once & never bothered picking it up again. (Thats my definition of worthless).
The books I refer back to time & again are the two charting books written by Barry Rudd. They seem to supply me with more than enough trading ideas.
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1.0 out of 5 stars A Compleat Waste of Your Time, Nov. 18 1999
By A Customer
This review is from: The Compleat Day Trader (Hardcover)
After reading this book I was charged. I was excited about using these techniques in my daytrading. To my dismay I lost money - a lot of money. I could not believe that such truly logical,well-thought-out techniques did not actually work! Trash this book! Use it as kindling. One would get more use out of it in this manner. Only wish I could return it!
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1.0 out of 5 stars worthless, Nov. 18 1999
By A Customer
This review is from: The Compleat Day Trader (Hardcover)
he's fond of selling worthless articles and ideas
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5.0 out of 5 stars Very useful specific and conceptual trading techniques, Oct. 22 1999
By A Customer
This review is from: The Compleat Day Trader (Hardcover)
I found this a book very useful, as it covered specific trading techniques, supplemented with examples of their use. Many of the techniques were refinements of existing ones. In some cases, these refinements significantly improved performance (based upon my own testing).
Like any other techninal trading book, each of the techniques needs to be tested against your your own specific needs and requirements. This book provided a lot of good material to work with.
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5.0 out of 5 stars Excelllent Book, Sept. 17 1999
By A Customer
This review is from: The Compleat Day Trader (Hardcover)
As a day trader I am always looking for information that will make me a better trader. Jake's book does just that. It is very well written and easy for anyone to understand. If you are considering Day Trading this book is a must.
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The Compleat Day Trader
The Compleat Day Trader by Jacob Bernstein (Hardcover - Jan. 1995)
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