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Profit every day from market volatility at all levels of the game
The high-pace atmosphere of today's markets may appear overwhelming, but the right trading systems and expert guidance can help you build winning habits--and Micro-Trend Trading for Daily Income gives you the expertise and tools you need to consistently earn outsized market gains.
Written by the man Wall Street calls "Dr. Stoxx," this practical trading manual shows you how to harness the power of volatility to bank daily profits. Microtrend trading takes you beyond the realm of common fundamental or technical analysis to find the hidden pockets of rationality, the "micro-trends," between the open and close of daily trading. Carr's proven, quick-turn, 100 percent mechanical systems are easy to use and do not require sitting in front of the computer all day. You can trade on your lunch break, you can trade the open or the afternoon session, you can even trade once a month and still make great income.
And since most strategies in this book have you liquid by the closing bell, your day ends with your account gains posted--and your net worth heading skyward.
Micro-Trend Trading for Daily Income shortens the learning curve and prepares you to think quickly and act decisively with insightful examples and case studies that illuminate Carr's time-tested strategies. With this reliable resource at your fingertips, you will have the confidence to take large positions and make huge returns on a day-to-day basis. Within days you'll be building wealth while tightly managing risk. Micro-Trend Trading for Daily Income is the one complete book that gives you the tools and knowledge you need to develop an arsenal of mechanical, profitable shortterm trading strategies that can earn you consistent profits--even in today's temperamental markets.
- Sales Rank: #343275 in Books
- Published on: 2010-12-30
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x .90" w x 6.20" l, 1.21 pounds
- Binding: Hardcover
- 288 pages
Most helpful customer reviews
137 of 153 people found the following review helpful.
The Systems May Not Backtest As Claimed...
By R. W. Hoard
Most stock trading books make elaborate claims about offering new trading systems without showing their back-test performance results. This book shows such results for the eight featured systems. Normally such "proof" of performance would make this book stand above its competitors.
Unfortunately, when I modeled two of the eight systems using TradeStation's Easy Language programming system (I have about 5-years Easy Language programming experience), I found that they didn't reproduce the author's stated back-test results! For these two, I couldn't get a decent (consistent looking) equity curves even after setting all commissions and slippage to zero and optimizing the input moving average periods and stop-loss and stop-profit percentages.
In my opinion, a good systems stock trading book should show both back-tested systems performance results and an equity curve over the period it was tested. A system with a chaotic equity curve is one that most of us don't want to trade. Without this data the reader knows nothing about the "advertised" system other than the author saying "trust me".
I'm embarrassed/disappointed that he frequently mentions the Lord's name and his Christian beliefs in the text of such a sub-par product.
I never got around to modeling the other six "systems" since I felt that the book was wasting my time. You may come to the same conclusion.
I would encourage other reviewers who also have programming experience (via programmable trading platforms such as TradeStation, Ninja Trader, MultiCharts, OmniTrader, etc.) to back-test these systems and report back here with your results. After all, we may help prevent some newbie from losing his/her hard-earned trading account money. Remember; 95% of all traders lose. Why? Because 95% of the available trading books/seminars feature and teach trading systems/techniques that simply don't work.
Someone once said that: "Any trading system can be quite profitable... provided that you sell enough copies of it!" :-)
51 of 55 people found the following review helpful.
A good book with a few drawbacks ...
By Michael E. Strupp
Overall, I think this is a good book and should provide helpful ideas to traders across the spectrum of experience. However, it's not the end-all-be-all of trading books, and has some shortcomings. I'll try to outline the book's strengths and weaknesses below:
POSITIVES
1. The author presents fairly concise rules for the trading setups that he describes in his book. There are some moments of subjectivity (i.e., when he refers to "bullish" candlestick patterns but doesn't specify all the ones he looks at) but, by and large, his setups are specific. In my experience, many authors are nowhere near as specific, and the author should be credited for presenting his ideas in such a manner that they can be explored and tested.
2. The author includes a number of chapters on trading as a business, how to avoid blowing out, avoiding trading addiction, etc. For more seasoned traders, these are probably unnecessary but they will help newer traders avoid pitfalls.
3. The author presents setups that are useful to daytraders as well as multi-day traders or people who can't spend their entire day in front of the screens.
4. The author doesn't waste time explaining what a stochastic indicator is or how to calculate a moving average. There are many other books (and software guides) that explain how to do this.
NEGATIVES
1. As other reviewers have noted, the historical results presented in the book are not done using a standard program like TradeStation or MultiCharts. Instead, they are "eyeballed" which can introduce subjectivity into the process.
2. I'm always leery when an author trumpets annualized returns of 300%, 500% or more based on a trading strategy. The author does this several times in the book. Just realize that there is more to trading success than simply having the right rules: you have to make sure your execution is flawless, you have to keep your trading costs low (commissions, etc.) and you have to have the discipline to follow your strategy, even when it registers a string of losses. Most people can't do this, which is one reason why many people lose at the game of trading.
3. As other reviewers have noted, the author maintains that many of the strategies can be applied to a wide array of instruments (stocks, ETFs and futures) and on different time frames. In my limited experience in reviewing these strategies, some markets and timeframes work a lot better than others.
4. A few of the technical indicators aren't described clearly enough. For example, in the first strategy, the author refers to the Stochastic(5,3) but doesn't explain if that's a fast stochastic or slow. To his credit, when I contacted the author by email about this, he responded clearly and quickly to my inquiry (he recommended the slow stochastic, but said there's not much difference between the two).
In conclusion, any trading book that gives you a few good ideas is worth the cost. This book satisfies that requirement, although it's important to understand how a book like this fits into one's overall market approach. For me, it serves as a helpful source of ideas but is not a complete, stand-alone manual on trading.
For a beginning trader, I would say that the strategies presented in this book offer a starting point, but realize that (a) you shouldn't trade anything you haven't tested and reviewed yourself - some of these strategies take a sizable amount of risk, (b) short-term trading can generate a lot of commissions which will eat into your returns, (c) don't be hypnotized by returns of 100%, 300% or 500% - consistently achieving returns like that is extremely difficult, if not impossible and, finally, (d) note that it's important to have a trading style that matches your personality, so if you find it difficult to pull the trigger on these strategies, look for something else you're more comfortable with.
23 of 25 people found the following review helpful.
Take this with a grain of salt
By Amazon-Kunde
In the first part of the book, Thomas Carr gives some general advices about trading; the second part contains 8 short-time trade systems developed by him. From what I've heard, developing profitable short-time systems is not an easy task. The book confirms this.
But back to the first part. Thomas Carr begins with the explanation that he took his trade ideas from the Bible. While this sounds a little strange, the Bible seems not so bad as a trade advisor, as the first part of the book is indeed a good read with good advices for beginners to day trading. He's aware however that 90% of his readers bought his book because of the trade systems, so he gives stern warnings that they will suffer losses when they skip the first part.
Unfortunately, they'll probably suffer anyway. Thomas Carr is honest enough to admit that he is not familiar with technical analysis programming and backtesting. Still, he has (sort of) back tested his systems by "eyeballing" - looking through years of the charts and manually adding the profits that the system was supposed to make. He also claims that he traded his systems with real money, but here I have my doubts. Or he had a lot of luck.
I ignored his repeated warnings that backtests are no good, and tested two of his systems. His "Bread and Butter" system generated an impressive loss of $8,367 per 100 shares with the S&P500 in 2008-2009, although the book claims a $8,754 win for the same time by "eyeball" testing. Admittedly, Carr was vague in the setup description - "go long when the signal candle is bullish, i.e. hammer, doji, piercing, etc." - so the "etc." might account for the difference between losing and winning.
The second system I backtested was extremely simple - "enter one trade in the morning, go long when the SMA(20) is above the SMA(50), go short otherwise". I wonder why all traders aren't rich yet when trading is this simple. At least this system was very easy to backtest, and fared better than the first one insofar as it generated only a loss of $1543 with the S&P 500. I did not backtest the other 6 systems.
- Update: I had meanwhile the occasion to test the other systems, and found that one was indeed profitable, but that one was taken from a book by Perry Kaufman. 7 of the 8 systems are not profitable in the long run. Details in the comments. -
Carr has proven the success of his systems with selected example days in 2010, with many winning trades. The examples are indeed correct, the back test mostly confirmed the trades. Unfortunately he forgot to mention all the losses on the other days in 2010.
As a conclusion, this book is not totally bad - the first part gives a good trading introduction with some interesting war stories, and Carr's writing is easy to read. I especially like his suggestion to have your trading controlled by a buddy, who stops you in time before you've lost all your money. This is certainly a good advice when you try to trade one of Carr's 8 systems. But if you're looking for short term trade systems that really work, better wait for another book.
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