Anyone recommend "Sniper Trading" by Geogre Angell

FTSEBOY

Member
87 0
Hi everyone,
Haven't posted anything for a while as I had my head stuck in a few TA and Candlestick books. Anyway I read on a forum the other day about trading e-mini s&p's and someone mentioned a book called "Sniper Trading" by George Angell. I see that a couple of people recommended it. Can anyone else recommend it at all?
Cheers
FTSEBOY
 

Oldun

Active member
139 1
Hi Ftseboy,

I have it. It's a reasonable read and I would buy it again. The same warning applies as with all other things concerning stock / futures trading, there is no holy grail.

If I were you I would stick with mastering basic TA and, if they attract you, basic candlestick patterns. They will give you the basic set-ups from which you can enter a trade upon some logical basis rather than gambling.

There is 1 further stage. That is managing the trade to its conclusion which is closing it for a profit or loss. Again, you can use basic TA. I suggest you sudy Chartman's posts on trading the Dow.

The final matter is money management about which much has been written on this site and elsewhere. Be aware that even the best entry / exit systems will fail if you manage your trading capital badly.

Good luck.
 

seancass

Well-known member
329 1
Good morning Oldun,

An interesting post on the issue of TA. The final paragraph on the management of capital caught my attention.

In what circumstances would you say a trader was likely to be mismanaging his trading capital? Staking too high a percentage? Taking too large a slice by way of profit?

Your views would be most interesting.

Best wishes,
Seancass
 

Oldun

Active member
139 1
Morning Seancass,

The primary objective, whatever one's time frame, is to have a method of entering and closing trades which give a positive expectancy, ie it makes a profit on 'level stakes' ignoring drawdown. Let's say, for example, you find you can be correct 40% of the time and your winning trades make twice as much as you lose on the bad ones then, if you manage your money well, you can retire. Do it badly and you will go broke.

There are many ways of doing it badly, one facile example is chasing losses by increasing stakes. Take the simple roulette method of doubling up after each loss until a winner arrives and consider how capital will disappear into the ether. The following is the progression of stakes - 1, 2, 4, 8, 16, 32, 64, 128, 256, 512, 1024, 2048, 4096, 8192, 16384, 32768, 65536 ... etc. At this stage you are well over £100,000 down with the next stake being £130,000+ simply to recover your losses and win £1. You may win in the end if you can take the drawdown but don't think losing runs on evens chances (a little less accounting for the zero) of 20 or 30 or more do not happen - they do.

Good management isn't a question of how much of your capital you stake on each trade it's a question of how much of your capital you RISK on each trade and how you control that will depend on your style of trading.

Think about this. US stock traders typically make their trades in lots of 1000 shares. If stock A is priced at $25 and B at $50 and the same % stop is used then the risk taken on stock B is double that on stock A. Would it not be sensible, for starters, to control risk by staking half as much on stock B (ie buy 500 shares) as the stake on stock A.

Van Tharp's book (Trade Your Way to Financial Freedom), although full of psychobabble and tedious reading offers a good foundation in money management. Give it a try.

Oldun
 
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martinwalker

Junior member
25 0
i've read it and recommend it
focuses you well and good tips also
m
 

Oldun

Active member
139 1
martinwalker,

Are you referring to Sniper Trading or Van Tharp?

Oldun
 
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bigapple

Newbie
3 0
trade your way

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bigapple

Newbie
3 0
sniper trading

Sniper Trading: Essential Short-Term Money-Making Secrets for Trading Stocks, Options and Futures
Today, many investors think that easy access to the markets equals easy access to success. What most investors forget is that they are competing against seasoned professionals who trade for a living, not as a hobby. In Sniper Trading: Essential Short-Term Money-Making Secrets for Trading Stocks, Options, and Futures, renowned trader George Angell provides you with the tools, techniques, and discipline to "embrace uncertainty" and trade like a market professional by using short-term investment methods.

An introduction to the basics of short-term trading, including what the floor traders know and how their knowledge affects your trades, is immediately followed by the core principles and strategies associated with the short-term, hit-and-run approach to the market known as "sniper" trading. You’ll learn how to measure, quantify, and interpret market data so you can quickly figure out when the market will move and which way it will go. Sniper Trading then takes you through the process of using this information to successfully trade in the stock, options, and futures markets.

Sniper Trading focuses on three distinct ways to discern market patterns: support and resistance, time and price, and day of the week. As you learn how to recognize these patterns, this complete guide shows you how to: *Create buying and selling "zones" *Map out a winning trading strategy *Take a macro view of the market *Measure market symmetry

. . . all of which will help improve the bottom line of your short-term trades.

You’ll also see how other short-term techniques, such as the 3-Day Cycle Method, can still be used to predict and profit from the markets. To complement these and other methods, Angell introduces his own trading system, the LSS–a program created after George Douglas Taylor’s "Book Method"–which has evolved into a profitable breakout system for short-term traders over the years.

With tools and techniques in hand, you’ll receive an important lesson that most other trading books don’t provide–how to win at the psychological game of trading. Sniper Trading offers valuable advice and insights on how to stay focused, realize your goals, keep fear and greed in check, and develop an intuition about the market. You’ll quickly understand why "knowing" how to trade just isn’t enough if you plan to trade for a living.

Covering the theoretical, practical, and psychological sides of short-term trading, Sniper Trading allows you to decide for yourself what works best for you. Take the advice of someone who has survived and thrived as a trader for over thirty years. George Angell’s step-by-step strategies will help you overcome the inevitable pitfalls and master the steep learning curve faced by every trader.





best price 27.69$
 

Oldun

Active member
139 1
Oh dear,

Sounds like a board to board Tharp system / seminar salesman.

In its way not a bad book but full of psychononsense and, to its credit, does suggest that buying stocks simply in X00 lots is not the best of ideas.

I do wish these people flogging the 'ultimate system at its very best' would b*g off and just go away and make their riches trading it. If they could show me their trading accounts after 5 years uninterrupted success I would both listen and pay for the goods.

Until they can, PLEASE leave me/us (if I speak for others) alone
 

Splitlink

Legendary member
10,850 1,234
Morning Seancass,

The primary objective, whatever one's time frame, is to have a method of entering and closing trades which give a positive expectancy, ie it makes a profit on 'level stakes' ignoring drawdown. Let's say, for example, you find you can be correct 40% of the time and your winning trades make twice as much as you lose on the bad ones then, if you manage your money well, you can retire. Do it badly and you will go broke.

There are many ways of doing it badly, one facile example is chasing losses by increasing stakes. Take the simple roulette method of doubling up after each loss until a winner arrives and consider how capital will disappear into the ether. The following is the progression of stakes - 1, 2, 4, 8, 16, 32, 64, 128, 256, 512, 1024, 2048, 4096, 8192, 16384, 32768, 65536 ... etc. At this stage you are well over £100,000 down with the next stake being £130,000+ simply to recover your losses and win £1. You may win in the end if you can take the drawdown but don't think losing runs on evens chances (a little less accounting for the zero) of 20 or 30 or more do not happen - they do.

Good management isn't a question of how much of your capital you stake on each trade it's a question of how much of your capital you RISK on each trade and how you control that will depend on your style of trading.

Think about this. US stock traders typically make their trades in lots of 1000 shares. If stock A is priced at $25 and B at $50 and the same % stop is used then the risk taken on stock B is double that on stock A. Would it not be sensible, for starters, to control risk by staking half as much on stock B (ie buy 500 shares) as the stake on stock A.

Van Tharp's book (Trade Your Way to Financial Freedom), although full of psychobabble and tedious reading offers a good foundation in money management. Give it a try.

Oldun

It took me ages before I felt secure enough to increase my trade size. Even with a run of winning trades one must calculate what a run of losers will do to the account if the stake size is increased. I feel that Excel has given many beginners the ability to number crunch possible profits into mind boggling sums.

The new trader must not fall into that trap. He should keep his trade size small and his feet on the ground until he is sure that he will survive under the most pessimistic circumstances. Statistics are against a gambler on a "double your money" routine.

Split
 

agww

Guest
1 0
Sniper Trading George Angell fined by CFTC 2002?

Can anyone help on this? This not about Sniper Trading but that is the only book I have read by George Angell I am a newbie with first post - I read a few books in the early part of the year on trading and am coming from Greyhound/Horse racing - Craps/Blackjack so like to parlay and very reasonable progressions - 7 years ago I had zero debt and now at 66 have a small fortune in student loans for 3 kids and on very limited social security but wife earns nicely at Casino management. Also promote some gaming websites for extra income.

I read about 10 books on trading and usually copied some pages from each book so I wouldn't forget where it came from. Earlier this year and because of some serious chest pains and by mistake after a C Scan they found a 7.9cm x 6.8 AAA (abdominal aortic aneurysm), well 3 months after surgery and minor things that don't work with me any more I am pretty back to normal, so on to my project in trading - hopefully in a year from now as the plan is use wager profits from greyhounds and horses for a small bankroll using a few websites the offer rebates for even small volume bets - meaning you could break even on horses that are favorites and still make a profit on the rebates for a bankroll.

The one book that I really wanted to reread useing the inter library system was George Angells Sniper Trading, so re-ordered a copy again to make sure it was the same one few weeks ago but in the meantime I went went to the web today to make sure it was correct about some information I read about a little while ago (maybe even from this forum?) and came up with this linktoday

Forums - George Angell Fined

and the first post reads the below and looks like the rest are about George Angell


Posted by acrary on 05-06-02 05:02 PM:
George Angell Fined

Seller of LSS made over $1 mill. selling the program and paid 50k to get out of trouble with the CFTC. Doesn't seem very fair to the buyers of the product that may have lost serious $. I think the CFTC should have made him repay all the buyers that were taken.

Here's the PDF link to the CFTC ruling:

http://www.cftc.gov/files/enf/02ord...ngell-order.pdf

and seems to be about back posting results to fit the results as I read somewhere - I still like some of his material but is it all hype and from what point in his career and writings? - I just can't tell at this point as it seems the same is said about Oliver Velez (believe or not I got a video called swing trading for $1.99 on eBay) so got interested in him and read his master Trading Book (inter library loan) which seems a lot of people don't too like much or him much either! I would really help as to direction of study and which books to read from Real Traders. Could there be real trading educators that count?



Thanks

hope I haven't bored you too much and any typo errors!
 
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Jumpinjack

Active member
101 2
Books that Help You Trade

Van Tharp's book (Trade Your Way to Financial Freedom), although full of psychobabble and tedious reading offers a good foundation in money management. Give it a try.

Oldun[/QUOTE]

I believe a good book on charting would help you more than reading a "rent a freind" book to help you understand risk. The fact remains that in this business there is risk and odds but if you have the right chart techniques you will reduce the risk and get the odds on your side which are 50/50 anyhow!

"Trading and Investing in the Forex Markets Using Chart Techniques" demonstrates just how well charting can give the technical trader an edge in the markets. Also " Fibonacci Applications and Strategies for Traders" and "Methods of a Wall Street Master" will all help decidedly in trading and money management..
 
 
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