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The Trading Playbook: Two rule-based plans for day trading and swing trading Paperback – April 13, 2015
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Traders have a tendency to over-complicate. Many search for the latest new indicator that will give them an edge, or a new trading strategy to deliver bigger wins. The message of The Trading Playbook is to forget all of this and concentrate on three solid foundations to improve your trading performance:
Simplicity - focus on price action alone.
Probabilities - take trades where the odds are in your favour.
Hard work and screen time - put in the effort to build up your trading experience.
Hard work and screen time is down to you, but The Trading Playbook will guide you towards simplifying your trading and thinking in terms of probabilities.
Michael Gouvalaris describes two straightforward trading plans that eschew complicated indicators and focus on probable outcomes. The first of these two plans - the day trading playbook - is based around ten different daily situations that can occur in the futures market. Between these ten daily setups, every single scenario is accounted for. You are shown how to determine what day type is in progress by studying that day's open and gap, and then high probability and low probability price action for each day type are given. Alongside the ten day types, the simple technical analysis tools of support and resistance and measuring market volatility are employed.
The second trading plan - the swing trading playbook - describes effective ways to identify the trend, how to find ideal spots to enter trades in the direction of the trend, and also how to identify signals that warn of potential trend failure or reversals. You will learn simple and highly effective tools for spotting high probability entries and exits for trades. Again, basic technical analysis tools are employed, including measured moves, box theory and A-B-C waves.
The key benefits of both playbooks are that they give you a well-defined plan to follow. This alleviates many of the big mistakes traders make, such as over-trading and cutting winners too early, or sitting in losing trades too long. If you are on the lookout for some trading ideas to simplify your analysis and refine your approach, The Playbook is for you.
- Print length152 pages
- LanguageEnglish
- PublisherHarriman House
- Publication dateApril 13, 2015
- Dimensions6.14 x 0.28 x 9.21 inches
- ISBN-100857194593
- ISBN-13978-0857194596
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Product details
- Publisher : Harriman House (April 13, 2015)
- Language : English
- Paperback : 152 pages
- ISBN-10 : 0857194593
- ISBN-13 : 978-0857194596
- Item Weight : 7.2 ounces
- Dimensions : 6.14 x 0.28 x 9.21 inches
- Best Sellers Rank: #3,948,187 in Books (See Top 100 in Books)
- #3,062 in Investment Analysis & Strategy
- Customer Reviews:
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- Reviewed in the United States on September 5, 2024I really appreciate the terse-ness of this book. This is the first more "intermediate" book I read after beginner trading books. I love how the author easily explains things like pivot points, support and resistance levels and gaps.
Thank you!
- Reviewed in the United States on December 30, 2015Although a lot of this information is on the world wide web, I like how Micheal lays it out and I don't have to do around hunting for it.
I am a beginner and I love how he lays out his theories, and attributes them to professional sports players. His advice on risk management and the two things that plague investors really help me keep my wits about me while bidding on an asking price.
Thank you for writing this all down and putting it in a book form a person can understand. It is clear, concise and easy to follow.
- Reviewed in the United States on March 10, 2019good for beginner who wants to know about short term trade. Its better to update the example with the newest data
- Reviewed in the United States on December 27, 2015There are much better books out there. This book is for beginners, and even then I still wouldn't recommend it to a beginner. Most of the information in the book you can find for free on the internet.
- Reviewed in the United States on November 11, 2016I have read many books on trading and none as transparent, realistic and simplified as this book.
The author spoke mostly about price action and the importance of daily trading range.
He also gives 10 daily setups and the probability of each of them which i subsequently retest it
with excel again and found to be true.
I gave it a 5 star because it is a book that is truthful and can be easily understand. Although it is not a very
thick book, but it emphasis is screen time to observe the market price action yourself and find out based on the
rule set in this book.
Top reviews from other countries
- SSDelhi48Reviewed in India on November 17, 2015
4.0 out of 5 stars Clear and Concise concepts for day trading
The book offers two strategies, one for day trading and the other for swing trading. The day trade concepts are useful and worth reading. Any assistance to day traders is a value addition to the trader's skills and this book does add value.
I was not much impressed by the swing trading section. However, the first section (Day Trading) justifies the value of the book. If you are a day trader, read it.