The Layman Guide To Trading Stocks Dave Landry 9780974765334 Books
Download As PDF : The Layman Guide To Trading Stocks Dave Landry 9780974765334 Books
Dave Landry has delivered the definitive text on profiting in the financial markets. In this book, he debunks market myths, reveals market truths, and teaches you to think and act like a trader. Mr. Landry also identifies what it takes to level the playing field, and shows you how you can regularly earn money from the markets like a professional. This book offers a refreshing perspective and a new approach to Wall Street, whether you are entirely new to investing and trading or have been around the markets all your life. Everything you need to know to consistently profit in the market is covered in this comprehensive work. Learn how Wall Street really works and what it takes to succeed in one of the most savage market environments we have ever known.
The Layman Guide To Trading Stocks Dave Landry 9780974765334 Books
This book is useful and user-friendly. I mainly bought it, because it had good reviews and didn't seem too complex for the Layman like me. I've been following Dave Landry on his website & weekly videos for a number of years, but have only recently had the time to go back through this book and read it carefully. Not sure if I'll get into trading stocks, but I wanted to learn something about how to "read" the market trends and not lose so much money in my IRA funds-- Especially after 2008 and 2015 took some chunks out of my earnings (aargh!). Dave uses catchy phrases like, They slide faster then they glide, and also talks a lot about the psychology of trading, which act like little calming voices in my head when I start to "freak out" about the market or a decision. "Plan the trade..." has really stuck with me. So, now I feel a bit more educated and am hopefully making better decisions as I look at different stock charts and continue to learn about the trends. Had I taken the time to read this book prior to '08, or simply just adhered to Dave's warnings about the market, I would be ahead thousands of dollars!Product details
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Tags : The Layman's Guide To Trading Stocks [Dave Landry] on Amazon.com. *FREE* shipping on qualifying offers. Dave Landry has delivered the definitive text on profiting in the financial markets. In this book, he debunks market myths,Dave Landry,The Layman's Guide To Trading Stocks,Stilwell & Company Publishing Group,0974765333,Business & Investing Investing
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The Layman Guide To Trading Stocks Dave Landry 9780974765334 Books Reviews
The Layman's Guide to Trading Stocks is a great, simple, but not simple-minded, guide for discretionary trading of pullbacks. It's very good for an introduction to trading; I've asked my college-aged daughter to read it. It's great for me; I've been trading for about a year. I've read the book three times, and now refer to it as I'm creating my trading method. And I simply enjoy reading the book.
I started with, and still use, Dr. Alexander Elder's ideas; he and Mr. Landry both trade pullbacks, and look at much the same information (trends, sectors, broad market, etc.), but get to them in different ways.
Before I knew about Mr. Landry, I had already felt the need to get trading information more directly from the price charts, and rely on indicators less, and lo and behold, that's his method. I've simplified my charts; they look cleaner and are easier to read.
The book is easy to read in two other aspects. One, the font is also a good size and the paper is good quality and not shiny. Two, Mr. Landry's language is practical, non-academic and easy to read.
Trying to follow the method Mr. Landry's describes in his book has helped me to see charts much more clearly, though I still have a long way to go. It's like playing a sport for fun and finding that you get in shape as well. I particularly see stock "persistence" much better, and pay more attention to trend now.
Mr. Landry's book clearly covers everything you need to know to trade, an error-filled and illogical business. He has included lots of charts and discusses them thoroughly, and connects them firmly to his method. An example of this is Chapter 4 in which he describes pullbacks in detail; his discussion of entry points and stops helped me to understand why trying to follow the method in Dr. Elder's Come Into My Trading Room had caused me to be stopped out a lot. That one item alone would have saved me much more than the cost of the book. Reading what he had to say about carrying stops overnight would have saved me $1000 when WFM jumped $10 at market open; unfortunately, I read that part afterward.
The only nick I'd give the book is that he doesn't explain well why he doesn't use volume to decide about trades; this is a topic the beginner trader will encounter, and other traders do use volume.
Dave Landry is known for his simple hand drawn arrows as his "sophisticated enough" principle chart indicator. In his Layman's Guide he makes it clear why. The road to fortune is that way ---> Prices when clearly moving in what ever direction that may be. Go against the arrow and odds are you get to experience what "Sailor Dunc" does when he ignores the arrow of his wind vane way atop his masthead. The result for his boat, like your trading account is not pretty.
In this work Landry puts forward an intriguing approach worth studying Enter with a trend on signals of at least a good probability swing trade. At this stage your target is modest and stop tight. If it blows past your swing target shrink your position size, loosen up your trailing stop and run the remainder of your position out to its full trend potential.
His ultimate entry points are into PULL BACKS of young or established trends. Ones that have held and show convincing signs of resuming in the original direction. Even if the original trend fails to fully recover you have the odds of at least a nice little swing rally as the market tests and tugs which way to go.
There is nothing revolutionary about these "simple" pull-back set-ups they are classic trend and swing favorites. However in trading simple does not = easy. Many mistaken entries and not so happy outcomes lie ahead, like so many rocky reefs. There is no sure thing. Landry's takes on how to select and navigate makes this a worthy contribution.
Riding with trends makes sense, and Landry helps point the way. However expecting a "free ride" of both a high win percent AND a high reward to risk ratio will set one up for bitter disappointment. Landry's system, like most trend following (if not trading in general) is predicated on little contained, but common losses being more than compensated by steady enough small wins AND occasional large ones let run to most of their potential. To buck-up realistically for the inevitable PAIN along the way, a complimentary read would be the wise and entertainingly blunt "Universal Principles of Successful Trading" by Brent Penfold.
Of course Landry's Guide covers more than the issues touched here. It attempts to be an overall guide to survivable trading practice.
One last point. The daunting PRICE of a Landry book can make one wonder if they are being taken to the cleaners. The skinny Layman's Guide, with lots of white space, has a price/word ratio that is up there. However I look at it this way. Many in the frothy industry marketed at traders get books out there cheaply, using them like hooks on fishing lines. Their books are adverts to reel in nibblers for their Services. Be it coaching, subscriptions, miracle software or what ever. Landry to be sure has much out there beyond the books. But he does NOT price and use them as the lip of the funnel. In a sense he stands that common practice on it's head. On YouTube at least you will find HOURS of absolutely FREE Landry explaining his approach with uninhibited detail and generosity. Owning the Layman's Guide would be the way to get the most of his webcasts. More than that, in buying it we make a small contribution to support and encourage the existence of such free resources. Now that's a refreshing approach worth investing in.
I am NOT won over on ALL the Guide's details. However there is much hard won common sense here. The du-gee simplicity of the basic concepts compared to multi-volume tombs (that fail to add much with their layers of verbiage, massive hodge podge of doggey indicators, macho hero worship, and pop pyscho-babble) is an amusing delight. The arrow points clearly at the BUY button. Sail On!
This book is useful and user-friendly. I mainly bought it, because it had good reviews and didn't seem too complex for the Layman like me. I've been following Dave Landry on his website & weekly videos for a number of years, but have only recently had the time to go back through this book and read it carefully. Not sure if I'll get into trading stocks, but I wanted to learn something about how to "read" the market trends and not lose so much money in my IRA funds-- Especially after 2008 and 2015 took some chunks out of my earnings (aargh!). Dave uses catchy phrases like, They slide faster then they glide, and also talks a lot about the psychology of trading, which act like little calming voices in my head when I start to "freak out" about the market or a decision. "Plan the trade..." has really stuck with me. So, now I feel a bit more educated and am hopefully making better decisions as I look at different stock charts and continue to learn about the trends. Had I taken the time to read this book prior to '08, or simply just adhered to Dave's warnings about the market, I would be ahead thousands of dollars!
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