Trading Secrets – 2nd Edition
This is the second edition of Louise Bedford’s book, originally published in 2001. Readers of the original text should not dismiss this edition as a re-badged version. Although Louise has kept the short tutorial summaries throughout the book, it has also been updated with the latest tools to assist traders (such as CFDs), and has been totally restructured to reflect the way Louise believes traders should approach the markets to succeed.
The book begins with how people should approach trading as a business and be prepared to invest in good data, charting software and education. Part Two provides encouragement to anyone who is considering trading; pointing out that the market does not distinguish between traders and treats everyone equally. Regardless of who, what or where you are, the markets have never been so accessible. Sound advice about such things as why men and women are different and how that can have an impact on your trading is scattered throughout Part Two. And, by the way, you’ll learn that women, statistically, are three per cent smarter than men are! Part Two finishes with a practical examination of the psychological hurdles traders will need to manage if they are to succeed.
Part Three is devoted to trading tools. The reader is given an introduction to the visual display of market price, beginning with charts, particularly candlesticks. Following the candlestick discussion, Louise takes the reader through the generally accepted indicators for measuring trend, momentum and divergence.
Part Four takes the reader into the nuts and bolts of trading, where everyone gets their hands dirty. Skip Part Four and you’ll be taking a shortcut to the poor house. Here the reader is introduced to various stop techniques, both initial and trailing. Part Five discusses bear markets and how traders can take advantage of CFDs and options, not only to survive but also to prosper. The book finishes with some final words of wisdom that help bring everything together.
Louise’s book is not only well written but also entertaining, as Louise’s engaging personality shines through. It is a book I would recommend to those new to trading and those veterans who need to be reminded to keep it simple.
This article was originally published in the Sep/Oct 07 issue of YourTradingEdge magazine (www.YTEmagazine.com). All rights reserved. © Copyright 2009, MarketSource International Pty Ltd.
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