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Today's quick article continues the short series of recommended trading strategies, for those who can't wait till my course is ready. It's a short series, because frankly at the moment I can only recommend two sites.
We'll look at one of them today, and the other in the near future.
For today, lets look at TradeStalker by Mike Reed, because I absolutely love his ebook, "Reed the Greed - Take the Money".
Although my trading has been influenced by many traders throughout the years, I would say that none has had a greater influence on me than Mike Reed.
While Mike trades emini futures on a short intra-day timeframe, and I primarily recommend this product for emini traders, his style will be adaptable to other markets and timeframes as discussed further below. (15 July 08 update - see this page for examples of tradestalker setups on other markets, and then return to this review)
Mike Reed provides a wealth of free information at his site, that should be sufficient for you to see if his strategy and style of trading suits you, including:
- A large number of articles (scroll down and find them on the RHS
- A number of videos of his short timeframe trading style at the top RHS
- A free pdf, "Guide to Support and Resistance Trading" (subscribe at the top left of the page)
- A free '24-hour delayed email' of his daily trading plan & analysis, via the same subscription box at the top LHS. (Live emails are available at a cost)
See the home page here.
Whether you're looking for a new strategy or not, I encourage all readers to check out the articles and the pdf guide, and discover Mike's aggressive style of risk control. If the trade does not go his way within a short period of time, he's out. This aggressive exit policy is a key component in ensuring risk is kept to a minimum - an essential for trading success.
If you like what you see here, or want more information, I recommend getting Mike's ebook, "Read the Greed-Take the Money". (You'll find it on the LHS of the homepage, just scroll down a little bit). Like Street Smarts that we discussed last email, this is a book which discusses the setups used by Mike on a daily basis. The difference here is that these are all based around what I believe to be the reality of the underlying structure of the market - support and resistance. In fact, the ebook includes over a dozen setups based on what Mike calls either fixed or dynamic support and resistance.
This book is awesome, and if you want to trade support and resistance on a short-timeframe but don't want to wait till I produce my course, this style of trading is close enough. Get the ebook & check it out.
With the ebook you'll also get two weeks of access to live trader update (game-plan) emails, to follow through with Mike's analysis in real time. Live emails are optional beyond this point, and I only recommend them if you wish to trade emini's on an intraday basis. Otherwise, adapt the strategy to your own market and timeframe (NB. It will need to be adapted for other markets. Mike makes considerable use of the Tick Indicator. If you aren't trading the indices or US stocks, then you won't be able to use the Tick indicator. However there are other ways to determine extreme sentiment - if you've got the ebook, email me.)
I haven't purchased the 3hr teleseminar audio recording, nor attended an RBI Trading Camp, so can't comment on them.
All I can say is, "Read the Greed-Take the Money" is No. 1 on my list of recommended e-books. Love it! I hope you do to.
Seriously, if you're considering wasting your hard-earned money on the latest hyped up forex strategy ebook, don't do it. Get this one instead, even if you're not planning on trading emini futures. The setups and the method of trade management and risk control are awesome.
We'll continue soon with one more recommendation, a recent discovery which is quite unique. I hadn't come across anyone who watches momentum like I do, until I found this course. And I absolutely loved it. So hang in there. I'll get it out to you in a couple of days.
Happy trading,
Lance Beggs
http://www.YourTradingCoach.com
Because you'd rather be trading for a living...
(c) Copyright Lance Beggs. 2008. All Rights Reserved.
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