Trading on Expectations
Trading On Expectations: Strategies To Pinpoint Trading Ranges, Trends & Reversals (232 pages, $59.95, 1997) by Brendan Moynihan, publisher John Wiley & Sons. Over the years, the markets have often been described from the academic, fundamental, and technical viewpoints. Brendan Moynihan relates this as being much like the fable of the blind men describing an elephant. If the markets were an elephant, this book would then be a look at the whole elephant. This book includes what Moynihan calls the expectational perspective, a concept of the market often overlooked or ignored. Trading on Expectations makes the point that the expectations of the traders are a large factor in the movements of the markets. Moynihan makes no claim that understanding market expectations can be treated as a science; it is clearly an art. There are no hard and fast, mechanical rules; rather, there is a complicated and intense set of guidelines. Moynihan has done a very good job of getting his idea of a coherent market, a market that includes the expectations of those involved, as well as his theory and his trading system, into a usable form.
Wiley Book Order Dept., 1 Wiley Drive, Somerset, NJ 08875. Phone 800 225-5945, Internet https://www.wiley.com.
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Trader Vic II -- Principles Of Professional Speculation (275 pages, $24.95 paperback, 1998) by Victor Sperandeo, published by John Wiley & Sons. Sperandeo makes it clear from the beginning that this book was written for the "established pro." That said, there is enough detail in the form of tables, charts and graphs so that anyone who is passionate about the markets will be able to understand and benefit from this work. The book is divided into four parts. Part 1 lays out his views of the economic fundamentals. With that as a basis, Part 2, by far the largest section, is devoted to technical analysis. Part 3 is composed of two chapters on trading options. Sperandeo believes that, done correctly, this is where the key to triple-digit returns can be found. Part 4 concerns a trader's psychology, 12 pages of what it takes to be successful. Finally, there is an eight-page epilogue that gives his view on the morality of wealth. He makes no apologies for money made through the hard work of wresting a living from the markets.
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Mastering Commodity Futures & Options: A Step-By-Step Guide to Successful Trading (250 pages, $55 paperback, 1998) by George Kleinman, published by Financial Times Pitman Publishing. Kleinman knows his subject and can explain the trading of futures and options in depth. He begins by explaining the basic facts in futures and options. With that foundation, he moves on to the specifics. There are graphs and illustrations at every turn to give visual impact to his points.
Even though most of analysis presented is technical, the fundamental side of analysis is also given considerable discussion. In each of the individual futures categories analyzed, reference is made to the fundamentals common to that commodity. Kleinman has one basic indicator he calls "the most valuable trading tool." He spends two full chapters defining what it is and how it works. This is a readable and understandable book about intense and complicated parts of the financial industry written by someone who does it for a living.
Financial Times Pitman Publishing, Suite 444, 1101 King St., Alexandria, VA 22314. Phone 703 519-2172, fax 703 739-6484. Distributed by National Book Network, 800 462-6420.
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The Tao of Trading: Discovering A Simpler Path To Success (176 pages, $29.95 hardcover, 1998) by Robert Koppel, published by Dearborn Publishing. This is not your average book of trading techniques. A large percentage of the book is quotes of those who are masters not just the masters of the trading game, but of themselves. This is interwoven with the psychology of trading as seen by Koppel and the experiences and comments he has gathered from many of the most powerful, successful and influential traders. It is difficult to turn a page without finding a nugget of truth that adds greatly to the value of one's storehouse of knowledge. Whether one believes in the Tao or has even heard of it, the exceptional sense of what is revealed in this work is impossible to disregard. Koppel has authored or co-authored several books about the psychology of trading. This one certainly gives a new look at the ways and the power of trading.
Dearborn Publishing Group, Inc., 155 N. Wacker Drive, Chicago, IL 60606, phone 800 829-7934, fax 312 836-1021, Internet https://www.dearborn.com
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Trading with DiNapoli Levels: The Practical Application Of Fibonacci Analysis To Investment Markets (301 pages, $162 hardcover, 1998) by Joe DiNapoli, published by Coast Investment Software and Joe DiNapoli. The book starts where DiNapoli started in the trading business. It then follows his steps as each major improvement in his trading led to the discovery of the next. Each rung on this ladder of learning is illustrated in detail, allowing the reader a full understanding before the next level is undertaken. This is not a simple book to follow, but he tries to keep it simple for the beginner and still complete for those more expert. One good example of this is his treatment of the book's intricate formulas. Most of them are located in their own appendices at the end. Trading with DiNapoli Levels is one successful trader sharing his methods with those willing to learn.
Coast Investment Software, 6907 Midnight Pass, Sarasota, FL 34242, phone 941 346-3801, fax 941 346-3901, E-mail coast@fibtrader.com, Internet https://fibtrader.com
How To Become A Real-Time Commodity Futures Trader From Home: Living The Ultimate Entrepreneurial Dream (328 pages, $69.95 paperback, 1997) by Scott A. Krieger, distributed by TradeWins Publishing. This book has information exceedingly helpful to those who want to become a home-based futures trader. Many excellent resources are provided in addition to some very sage advice and a thorough glossary of trading terminology. Starting with a neat and concise look at the beginnings of futures trading, Krieger goes on to explain what is required to make a career in the commodities trading industry profitable. This is a practical book. It contains more than basics of what is physically and mentally required. While some of his methods may work as well on other tradables, his concentration in strictly on commodity futures. Anyone considering a career in trading futures from the comfort of his or her own home would obviously need to make more preparation than reading just this one book. However, this book was written to expedite such a transition.
TradeWins Publishing, 11 West 19th Street, New York, NY 10011, phone 800 722-4726, fax 614 755-5645, Internet https://www.futures-trader.com.
