Warrior Trading
Warrior Trading attempts to take the reader inside the mind of an ?lite trader. The book begins with why the majority of economic theories and fundamental analysis are flawed and how the Warrior Trader can take advantage of such flaws. Clifford encourages people to think independently and find real-world economists who treat their field of observation as more art than science, accepting the limitations of their theoretical models.
Clifford believes a correct combination of fundamental analysis with technical analysis will help a trader succeed. He believes all major trends are fundamental price shifts evolving within a broad band of price action, the details and following sub-movements of which can only be understood and traded profitably using technical analysis.
For technical analysis, Clifford prefers to keep it simple. He believes markets trend within Elliott’s five-wave structure. However, Clifford does not believe the market should adhere to the strict rules of the theory since Elliott Wave, like economics, is not a perfect science. The author encourages the reader to keep technical analysis simple and look to complement the analysis with continuation patterns and support and resistance levels, particularly failed levels that flip-flop into new resistance and support levels.
Looking at how investment banks create and distribute their consensus market views, Clifford builds a good case for why it pays to be a contrarian. Using previous market calls on the AUD and the Euro, Clifford demonstrates that although it can be hard at times to go initially against the majority’s view, it is rewarding to do so in the longer term.
The book finishes with a section that aims to help readers decide what type of trader they are. Clifford continues his warfare analogy, describing swing traders as “Swordsmen” and trend traders as “Archers”. He then discusses the eight battle steps a “Swordsman” or “Archer” can follow to take them to total victory.
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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