Book Reviews: Trading Day by Day
Review by Reaver, Traders Laboratory
This is a book geared more towards a longer term trader (meaning 2-3 days to 2-3 weeks). Great for adding variety to your trading positions if you are a day trader. Also, these methods do work well for intraday trading. There are quite a few traders who have modeled this method into a daytrading method.
I have spoken with Chick multiple times and he is an outstanding individual and will go out of his way to help you understand trading. He has a teaching newsletter that is completely optional (I don’t subscribe to it and still understand the methods fine, but it is always good to have something to confrim your analysis). He doesn’t sell any high priced gimmicks or courses. He has been doing this trading thing for over 30 years and was a V.P of E.F. Hutton some years back.
This book turned my trading around. It took me about 5 reads and I switched back and forth between his other book Intelligent Futures Trading, as they are two different presentations of the same subject, with this book being the more detailed..... (the way the Intelligent Futures Trading book is written appeals to the left brain -- the analytical side, and Trading Day By Day is more of the in depth version the right brain would appreciate -- if that makes sense).
Now that everyone thinks I am sufficiently crazy, I will continue: This book will make alot of people gloss right over it without realizing the true power behind the information presented.... the info seems so basic that alot of “experienced traders” will go right past it like it is some kind of cliche book....WHAT A MISTAKE THAT WOULD BE! The problem with most traders is that they want to outcomplicate other traders, or find the secret method or whatever you want to call it. Chick explains in a realistic format that we as individual traders must bring the other competitors down to our level if we wish to succeed.
Many people will read this book and not appreciate the information -- but that is their problem. This book, along with Chuck Dukas’ book and Stan Kroll’s books, are the best books I have ever read as far as Technical Analysis goes. I am also a fan of Dalton and Don Jones for Auction Market Analysis. However, If I had to pick only one book, this would be the one. Chick is a man of integrity and one would do well to listen to everything he has to say.
It took me a long time to write this review.... I wasn’t sure if I even wanted anyone else to know about it! But hey, Chick deserves some recognition for outstanding and extremely generous work he has done.
P.S. I still read his book over and over again -- being 375 pages and a large textbook size, there is alot to grasp..... very hard to do all at once..... I suggest to read it, read it again, and then repeat often. I learn something new every single time. But maybe I am just dense.
