finance and investing

Waxie (Parnell's nickname) claims to know how to rule the markets. A tall order, and he doesn't quite make it. It's basically a book on day-trading.

Pros: He does us all a service in pounding into your head that buy and hold is dead. (Or at least comatose...) The writing is very accessible. Hey, he's a New Yorker and it shows. A lot of the book is on investor psychology, which is becoming a must-study field for serious traders. And I just love his frequent use of the phrase "your inner knucklehead" -- the things in your personality that prevent you from trading as successfully as you might.

Cons: There's a good deal of repetition. Maybe a good idea for people who need to be told more than once, but you can always just read it again... Also, as noted in other reviews, he doesn't give any proof of actual trades he has done, so you have to be a bit gullible to really take it in. And, again, he's a New Yorker -- if those kind of people turn you off (LIKE PEOPLE WHO WRITE SENTENCES ALL IN CAPS), then you'll get distracted from his message.

The biggest problem with the book is the timeframe. Although the book was published in 2002, it primarily reflects strategies that work in raging bull markets. Not terribly helpful today (mid 2003).

The book isn't worthless, but it shouldn't be anywhere near the top of your reading list, unless you're an "itchy-finger, gotta-be-in-the-action" kind of trader.

I have read both positive and negative reviews on this book and after reading the book, I believe both have merit. If you are looking for specific technical or other types of strategies to actually make money this book falls short. The author does not believe in the buy and hold strategy but does not offer specific strategies supported by actual real market examples to help the reader be a successful short term trader. Most of the cocepts in the book are basic , but if you have never traded before this will be helpful. On the other hand if you are a new trader looking for general guidelines (trailing stops, Gap ups, limits,
how ro short stocks) This book will be useful. If you are already trading and are not familiar with these basic rules, then you are tking a lot of risk.
There is also a disconnect between the website the author asks you to subscibe to and the book. The website recommends hundreds of trades a month and unless you have full time to watch the market it will be of little use, on the other hand the book is presented as a trading book but is more on general guidelines for newbies to the trading. One disappointment for me is that with all the hundreds of trades on the authors web site, not even a single real life actual example is given in the book. Ideal situations presented seldom occur in the market. I am not trying to take away from the authors success but I thought the books objective was to teach readers how to make large returns. To that effect, I would think few real life trades will help.
If you are new to trading, I would start with this book but add "The stock Trader" by OZ where the author demonstrates using real market conditions how he trades and "generate thousands on your stocks without selling them" by Elias where you can use the strategies given using real life stocks to enhance your returns, generate cash and protect your profits without having to follow the market on daily basis. Both of these books use real life examples and show how by using smart strategies , difficult situations can be turned profitable.

If you are just getting into trend trading then this may be a slighty motivational book for you. It is lacking on meat. No techniques are really described in full. I think that probably the most important point he makes in the book is that every trader has to find their own method. So if you are looking for a system move on. I guess ultimately I would have to rate this book pretty poorly.