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Swing and Day Trading: Evolution of a Trader, by Thomas N. Bulkowski
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Comprehensive coverage of the four major trading styles
Evolution of a Trader explores the four trading styles that people use when learning to trade or invest in the stock market. Often, beginners enter the stock market by:
- Buying and holding onto a stock (value investing). That works well until the trend ends or a bear market begins. Then they try
- Position trading. This is the same as buy-and-hold, except the technique sells positions before a significant trend change occurs.
- Swing trading follows when traders increase their frequency of trading, trying to catch the short-term up and down swings. Finally, people try
- Day trading by completing their trades in a single day.
This series provides comprehensive coverage of the four trading styles by offering numerous tips, sharing discoveries, and discussing specific trading setups to help you become a successful trader or investor as you journey through each style.
Trading Basics takes an in-depth look at money management, stops, support and resistance, and offers dozens of tips every trader should know.
Fundamental Analysis and Position Trading discusses when to sell a buy-and-hold position, uncovers which fundamentals work best, and uses them to find stocks that become 10-baggers—stocks that climb by 10 times their original value.
Swing and Day Trading reveals methods to time the market swings, including specific trading setups, but it covers the basics as well, such as setting up a home trading office and how much money you can make day trading.
- Sales Rank: #896510 in Books
- Brand: Brand: Wiley
- Published on: 2013-01-22
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 1.05" w x 6.30" l, 1.11 pounds
- Binding: Hardcover
- 320 pages
- Used Book in Good Condition
Review
“The three books in this series were written for people unfamiliar with the inner workings of the stock market, but will still curl the toes of professionals, too. Research is used to prove the ideas discussed, but is presented in an easy to understand and light-hearted manner. You will find the books to be as entertaining as they are informative and packed with moneymaking tips and ideas. Use the ideas presented here to hone your trading style and improve your success. Whether you are a novice who has never purchased a stock but wants to, or a professional money manager who trades daily, these books are a necessary addition to any market enthusiast’s bookshelf.”
—Alan Battista, Stockineer.com Book Review
From the Inside Flap
This final installment of Evolution of a Trader introduces the two most popular short-term trading approaches: swing trading and day trading.
The first part of Swing and Day Trading pioneers swing trading using trendlines, channels, and two patterns, the three-bar net line and first thrust. Following that, Bulkowski offers step-by-step coverage of an array of swing trading strategies, tools, and techniques. You'll learn the basics of how to time your entries and exits, how to calculate price targets, how to read and profit from event patterns (including Bulkowski's favorite, the "inverted dead cat bounce"), and several trading setups, detailed, and tested.
In the remaining chapters, Bulkowski digs into the white-knuckle world of day trading. He starts by exploring the psychology of day trading and helps you decide if you're temperamentally and financially suited for it. He discusses what's involved in setting up a day-trading home office, reviews the rules for day traders (pattern day trading and wash sales), how to pick stocks to trade, and discusses new research on the most common reversal times of the day including discoveries of when stocks reach their intraday highs and lows. A pre-market checklist serves as guidance for trading plans.
He researches the opening gap setup, discusses common intraday chart patterns and how to profit from them, describes the opening range breakout setup, and completes the book with ten horror stories that will make you think twice about using leverage.
Bulkowski's work sets an example for how financial books should be written. He doesn't just repeat what others have said. Rather, he investigates and researches his facts before teaching the reader in an entertaining and informative style that is accessible for beginners and professionals.
Whether you're just dipping a toe in the swing or day trading waters or you're a veteran of a thousand trades, Swing and Day Trading: Evolution of a Trader is one resource you cannot afford to be without.
From the Back Cover
Evolution of a Trader
The series Evolution of a Trader explores four trading styles that people use when learning to invest in the stock market. Often, beginners enter the stock market by
1. Buying and holding on to a stock. That works well until a bear market begins. Then they try
2. Position trading. This seeks to exit positions before a significant trend change occurs.
3. Swing trading follows when traders try to catch short-term swings. Finally, people try
4. Day trading by completing their trades in a single day.
This series takes a detailed look at each of the four styles by offering numerous tips, sharing discoveries, and discussing specific trading techniques to help the reader be successful as they journey through each style.
The first book, Trading Basics, takes an in-depth look at money management, stops, support, and resistance, and offers dozens of tips every trader should know.
The second book, Fundamental Analysis and Position Trading, explains value investing and tests fundamental factors, such as book value, price-to-earnings, and price-to-sales ratios, to see how important they are to stock selection and performance. Chapters such as "How to Double Your Money," "Finding 10-Baggers," and "Trading 10-Baggers" put the fundamentals to work. Position trading introduces market timing to help remove the risk of buying and holding a stock for years.
The third book in the series, Swing and Day Trading, explains how to use chart patterns to swing and day trade. It reviews the basics, including the home office setup and the cost of day trading, and drills down into specific trading strategies such as the opening range breakout and the opening gap setup. It introduces new research on major reversal times and the time most likely to set the day's high and low. That is valuable information to a day trader.
Whether you are a novice who has never purchased a stock but wants to, or a professional money manager, these books are a necessary addition to any market enthusiast's bookshelf.
Most helpful customer reviews
33 of 33 people found the following review helpful.
Detailed coverage of the topic
By cloon
This book is one of several by the author and assumes you already know the basics. However it is very readable and a beginner should still benefit from reading it. I recommend it for the detailed test results of the indicators and patterns covered.
The author outlines two trading styles - trading in a channel and trend trading. He stated that he is not really into day trading. He is an end-of-day trader. However, there are a few chapters on Day Trading.
The emphasis on, and coverage of, patterns is impressively extensive. All the usual cast of characters like support and resistance, trendlines, and what seems like every conceivable pattern in the universe are covered. In addition there are such tpoics as the Three-Bar Net Line and the Monsanto Trade.
I read lots of books. Most of them roll out the same old lines with little new information. This book is not just another rehash. It has in depth coverage of the patterns and indicators and extensive "back tests" of the succes rates. One example is Ascending Triangles. We have seen all the pictures, but does it really work? He has a detailed table of results of various tests; Per Trade Profit/Loss, % Wins, Profit/Loss Ratio, Hold Time Loss, Hold Time (Days).
Finally, instead of the usual fuzzy chapter summary he has a "Chapter Checklist" - a checklist of the ideas covered in the chapter. I found this to be a good test of my short term memory!
For someone trying to reduce the myriad of options to a personal trading style this book is highly recommended.
31 of 32 people found the following review helpful.
Swing and day trading statistics galore
By Alan Battista
This review comes from stockineer.com which is why I wrote the review initially. It's worth sharing here as well to help others make their decision on the purchase of the book, so if the review sounds like it was written for another site, it was...just copied and pasted here.
Chapter 1:
The first chapter is a short one, giving an introduction to what swing trading is all about. It'll begin to set your expectations for this style of investing.
Chapter 2:
The chapter focuses on how to identify support and resistance. Showing how to draw trendlines is a big part of the chapter. There is a nice illustration of the usage of trendlines for a 10-year chart of Ultralife Corp that shows how accurately they can be used to signal entry and exit points. There is a host of trendline trading tips that Bulkowski lists, all of which are sound advice that I practice myself.
Just because a price rises or falls below a trendline doesn't mean the trend is now going to go in the opposite direction. Price can spend time consolidating in a horizontal move. Bulkowski offers an antidote for this condition that I've personally not seen so I can't verify how well it works (those stats are in the book). What I can say is that I gave it a shot a few days ago on a trade where I was looking to place a stop loss and it worked quite well. I'll look to use it more in the future once I see that I can apply it consistently.
Chapter 3:
The third chapter illustrates the specific patterns that can be used successfully in swing trading. You'll recognize quite a few as they are ones we talk about here. If you swing trade, you will often be overwhelmed with the amount of trade setups that you will find, but your job is to find the best setup for your money! The first table in this chapter shows the statistically most profitable patterns over multiple time frames. The chapter then continues discussing how to trade each one of these, offering guidelines, trading tips and trade examples to help you understand. There's a section devoted to throwbacks and pullbacks, where the price retraces the move from the breakout. The statistics shown are of particular interest to the swing trader because after a breakout the trader is feeling good as he watches the price zoom upward. However, at what time should he take profits? Should he buy more when the price comes back? Over what duration can all this be expected to happen? The chapter concludes with a checklist giving the main highlights.
Chapter 4:
Here's a nice chapter that's all about when to sell. It is something that I find one of the hardest aspects of swing trading. Bulkowski lists about 20 reasons to sell, so load your memory bank with these as they are good tips. There's also a nice table in the beginning of the chapter that lists the average percentage drops, ranking by chart pattern. These are given for 1 to 6 month performance averages for many patterns. He rounds out the chapter with three trade examples as well as another chapter checklist. For a few of the items in this chapter you'll need the other books in this series for the full details.
Chapter 5:
This was a pretty neat chapter devoted to special situations, like earnings, stock splits, dutch auctions and up/downgrades. There is one specific item that really grabbed my attention, the earnings flag. Many of the items in this chapter aren't really predictable, like a dutch auction. However, earnings come around several times a year so it gives you a chance to prepare. As such, it'll give you a chance to practice this technique to see how well it works for you. Over time, most of these situations will happen to stocks you own so you'll be more likely referring to this chapter when the time comes rather than committing these to memory.
Chapter 6:
I was really intrigued by Bulkowski's CPI Equation that monitors market sentiment by the quantity of bullish vs bearish chart patterns. I've often thought to myself that there must be a way to suggest overall bullishness/bearishness as a result of what the individual stocks are doing. I look at what I call, "Concurrent SAR" to make trades on individual stocks compared to what the overall market or sector is doing. The CPI Equation is not meant to be a trading signal, just overall market sentiment. Since reading this chapter I've kept an eye on Bulkowski's site where he has the indicator so that I can see how well it works for me. I'd say that I've been happy with it so far. There were peaks where it read negatively and valleys where it read positively, suggesting a change was coming and it did. In the chapter he goes over the details of the indicator and how it is derived.
The chapter is not only about the CPI Equation, but also about other swing trading tools. The swing rule is a great tool to use and in this chapter all the statistics are presented. For example, in a bull market 80% of upward swing trades hit their target within a +/-5% window based on 32,000 samples over 10 years. This is just a single cell in the table that has lots of stats on the swing rule. It's really a must read so that you can understand what to expect.
Is high volume or low volume better at a breakout? I think the answer may surprise you. It did me. It is counter intuitive at first, but you may come to a different rationalization if you spend some time thinking about it.
How does relative strength vs the index compare before and after a breakout? If you've been keeping up with your Stockineer, based on My Math, the answer should come as no surprise.
The chapter wraps up with three swing trading setups, Ascending Triangles, Rectangle Tops and Rectangle Bottoms. I loved this section because it ranks 24 different ways to trade these patterns based on over 1,500 stocks and 20 years of data. Each of the 24 trading tactics is based on entry, exit, hold time, profit goals, etc...etc...etc. There's too many to list. This is done for each of the three setups. The top ranked method is similar for all three and since I've seen this myself in trading, I can back it up that it works a lot of the time. I think for a lot of investors or those that do not understand swing trading, this method will surprise them. The end result is based on 1,000 trades, the net profit is $200,000. It's not that you win every time, just more than you lose....and losses are kept small.
This chapter was my favorite and makes the book worth having on your shelf just to have this information.
Chapter 7:
Now begins the second half of the book, devoted to day trading. I'm not personally a day trader, but in its similarities to swing trading, there's still plenty that a non day trader can learn. I also am intrigued by day trading so it was nice to get a peek behind the curtain. This chapter is an introduction to the topic. Can you really handle the stress of day trading? Do you think you can do better than a typical 9 - 5? Bulkowski helps you to answer those questions as well as what you can expect.
Chapter 8:
The discussion of day trading deepens. Cutting straight to the quick because money is the main objective, if you want to make "X" you should probably start with "Y." The intent here is to manage your expectations of profitability. If that works for you, how many computers do you need, monitors for each, furniture, hardware or software? There are statistical averages for what the typical day trader needs as well as outliers that have very advanced setups. The chapter continues with more details of day trading like bid/ask spreads, Level II quotes, Market Maker Manipulation, and volume. For those of aren't familiar with the day trading practice, this is a rather interesting chapter that exposes the differences in day trading vs other methods. You really need to be on your game because it requires quite a bit of thought and analysis of not only what the stock is doing but also what others are doing as well.
Chapter 9:
This is a discussion as well as statistics and examples of trading opening day gaps, which we see every day. The stats show how to trade these small percentages profitably. If you don't day trade, this chapter can still help you understand how to take a slightly more profitable position on the day you decide to make a trade.
Chapter 10:
This chapter is all about trading classic patterns but on the intraday scale. Bulkowski lists a host of trading guidelines for each pattern. As would be expected, rules similar to swing trading apply with a couple of additional caveats.
Chapter 11:
Here's more day trading price targets, chart time frames, stops as well as exit ideas. Of course, like all of the chapters, these tools are backed by statistics.
Chapter 12:
The last major chapter will have your heart racing. It did mine. It serves as a reminder that this is not a game. This is a livelihood that should not be taken lightly. These are stories where it's gone all wrong!
Summary:
Through the book, it'll feel like Tom is talking to you. It is not written in a textbook fashion, more like your uncle talking of his last fishing trip with some off the cuff interjections. Although there was plenty of review for me early in the book, there were plenty of things that I'd never seen anywhere else. Bulkowski backs up his work and that's what I love about his books. In this book, you'll recognize the patterns and how to trade them from his other books...I have almost all of them. The information is statistically a little different as this is the only of his books focused entirely on swing and day trading. There were a few chapters that really got me excited, specifically chapter 6. That chapter alone may make this book a good purchase for you.
I was really hoping for a discussion about indicators, such as RSI, OBV, Stochastics, MACD to name a few, in conjunction with Bulkowski's statistics, but these were not addressed. He suggests that he uses only price as an indicator and leaves momentum up to you to learn more. Trend Trading for a Living by Carr would be a good companion to Swing and Day Trading. I personally find momentum indicators useful so I would have loved to see statistics similar to the ones in Chapter 6 where a sell signal comes as stochastics cross over and fall below overbought. Perhaps Tom will take this on as his next project. I'll be first in line to buy it.
This is the third book of the Evolution of a Trader series and perhaps I should have read the second book first. Like the first book, the second was referenced a few times. There's a lot of information in the book, but to aid in using it as a reference, there's a final appendix that serves as a checklist for the entire book. The key to learning technical analysis is repetition and reinforcement which is how this last appendix really helps.
10 of 10 people found the following review helpful.
SUPERB
By Michael
I have read a number of investment books. Many are convoluted with unnecessary information. They are written as get rich schemes. This is a very technical book by Mr. Bulkowski. He does an excellent job at explaining all of the details from his studies. This is perfection at its best. My wife will read it also. Investing isn't easy, and he doesn't claim it to be. I recommend this to anyone wanting to get the proper knowledge to be a successful trader.
Michael
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