A recent review of my second book seen:
A interesting book to read, the author obviously did a nice job of collecting all the info. In term of the trading methology [sic], I am not too impress with it. It is laughable that someone will trade the market without paying attention to current market condition and fundamental at all. May be that’s why Dennis would often loss 30% or more in one month and he often lost 9 trades out of 10. Sounds to me he got into the sucker rally all the time because he did not know and did not care what’s underneath. I bet if he spend more time studying the general market fundamental, he will do better than that. On the upside, there’s indeed one thing that interested me in this book, and that’s the profolio risk management. Although Dennis is a lazy dude that would not spend time studying the fundamental, but due to his skillful risk management, he managed to make money eventhough he’s wrong 90% of the time, and that’s what I try to learn from this book.
I don’t post this review and critique it because I don’t like critiism. Far from it. What I hate is mindless criticism while pretending to be smart. Reviews like the one above do more good than bad as they show that some people, even when staring at the black and white, the words in print, don’t get it. His 3rd sentence is a classic perfect for framing!
August 27th, 2008 at 3:36 pm
It’s laughable that someone believes there is a “market condition.” That’s totally subjective. And a “sucker rally” is only known after the fact which is where this reviewer most likely exists, in a world of after the fact reviews.
Keep up the good work, Michael.
Vincent
August 27th, 2008 at 6:01 pm
Michael,
You give this guy wayyyyyyyyyyyy too much credit. Using the word “smart” and this guy in the same sentence is just plain wrong. Your book is right up there with both Market Wizards books. Great job. People like this guy just dont get it. They cherry pick one part of Dennis’ career and attempt to rip him. Weak.
Ed
August 28th, 2008 at 9:12 am
As laughable as the readers comments are, paradoxically trend followers rely on guys like this in the market to take the opposite end of the trades. We need nonbelievers!
August 28th, 2008 at 9:43 am
Even smart people use spell checking but that aside it is a well written book but lots of good information. All tradng boils down to trend following otherwise it is called gambling (people winning ta gambling are also following trends!). I hope that this book will help all the “less successful” day traders to look more into risk/money management.
August 28th, 2008 at 9:44 am
To call that guy stupid wouldn’t be fair to stupid people.
August 28th, 2008 at 10:10 am
I think that this person who wrote this passage above is typical. Many people do not feel comfortable just using one style of trading that uses only one type of information. Many people prefer to use as much information as possible in an attempt to account for all possible things that could happen. They tend to feel more secure if they know and are able to explain market movements. However, as trend follows have said time and again that it is one thing to know that path and quite another to walk it. This guy above is like many others in that he wants to be right and trades for knowledge; whereas, a trend follower trades for money.
August 28th, 2008 at 12:08 pm
I think that guy is a “lazy dude” who doesn’t want to spend time studying the statistical nature of the market.
August 29th, 2008 at 4:04 pm
Obviously this person doesn’t get it. As has been stated clearly countless times. The price reflects everything everyone knows about the investment at this point in time. Don’t worry about why the price is doing what it does, just learn how to interpret it and act on it. You will find out why soon enough. The best predictor of tomorrow’s price is today’s. My personal experience has been that once I took time out of the price equation (and worked with less information) my success rate increased dramatically. Time is important for the scalper & the day trader but not for the true trend follower. Happy trading!!!!
August 30th, 2008 at 12:47 pm
A real lazy dude with funnymetal (fundamental) mind? Go ahead and prove your results before you can accused somebody with the word “lazy dude”. What a loser!