Beginners Guide to Trading: TraderTom download review

[trendie]

This free download provides a good starting point for beginners. 94 pages.
TraderTom is an active trader, who puts his reputation on the line giving live calls.
Just google "tradertom" and find his site. On the resources section there is the doc I am reviewing.
(full disclosure: I am a member of his Telegram, but don't take any of his calls.
I amuse myself seeing if he sees the charts as I do, and its good having background chatter whilst trading, and just trade my own system.
I am not being paid for this review! I just had a look around his site, and thought it quite good.)

He covers the Dow Theory, about markets moving in waves.
He defines Trend, how to determine if a reversal is happening or not. (pretty basic stuff: A set of Highs followed by a lower-high then a lower-low, etc)

What I liked was his metaphors.
He encourages traders to not think like shoppers/consumers.
That is, there is no such thing as Value.
If a stock price reaches a High, the falls in price, then it doesnt necessarily its worth buying at a “discount”. He uses Northern Rock and Marconi to illustrate how people buying at a discount bought all the way to zero. (in Marconis case)

I learnt the 3-bar set-up to determine trend!! Really liked that. (only for Daily or above analysis)
There is also a 4-bar method.

The document cover Candlesticks. Pretty basic overview of 8 main patterns.

A really good section about mindsets. Mental preparedness, weekly and daily prep.
He seems to take a daily view, and just trades in that direction for the whole day, unless he feels the need to reverse his analysis. I like that. Rather than flipping Up and Down throughout the day.
This is something useful I would take away from this doc.

Overall, no indicators overview about markets, structures, methods of determining trend, or range, or reversals.

Why did I like this document?
TraderTom describes his trading as fading moves.
He describes his trading as fading the shorter-term direction into the main direction.
For example, if the market is Long on a daily, he looks to fade lower time-frame down moves into the direction of the higher time-frame. And vice-versa.
(not exclusively fading, of course. there are other things as well)

Why do I think this amusing?
Thats a different way of saying he trades pullbacks!
Which is what I do! Looking for short-term oversold conditions into a longer-term uptrend, and looking for short-term overbought conditions into a longer-term downtrend. Ha-ha.

Overall, I rate this document as a very good intro for newbies.
I like the lack of indicators (except when he explores divergences), and uses market structure to make decisions.

 

[cantagril]

This free download provides a good starting point for beginners. 94 pages.
TraderTom is an active trader, who puts his reputation on the line giving live calls.
Just google "tradertom" and find his site. On the resources section there is the doc I am reviewing.
(full disclosure: I am a member of his Telegram, but don't take any of his calls.
I amuse myself seeing if he sees the charts as I do, and its good having background chatter whilst trading, and just trade my own system.
I am not being paid for this review! I just had a look around his site, and thought it quite good.)

He covers the Dow Theory, about markets moving in waves.
He defines Trend, how to determine if a reversal is happening or not. (pretty basic stuff: A set of Highs followed by a lower-high then a lower-low, etc)

What I liked was his metaphors.
He encourages traders to not think like shoppers/consumers.
That is, there is no such thing as Value.
If a stock price reaches a High, the falls in price, then it doesnt necessarily its worth buying at a “discount”. He uses Northern Rock and Marconi to illustrate how people buying at a discount bought all the way to zero. (in Marconis case)

I learnt the 3-bar set-up to determine trend!! Really liked that. (only for Daily or above analysis)
There is also a 4-bar method.

The document cover Candlesticks. Pretty basic overview of 8 main patterns.

A really good section about mindsets. Mental preparedness, weekly and daily prep.
He seems to take a daily view, and just trades in that direction for the whole day, unless he feels the need to reverse his analysis. I like that. Rather than flipping Up and Down throughout the day.
This is something useful I would take away from this doc.

Overall, no indicators overview about markets, structures, methods of determining trend, or range, or reversals.

Why did I like this document?
TraderTom describes his trading as fading moves.
He describes his trading as fading the shorter-term direction into the main direction.
For example, if the market is Long on a daily, he looks to fade lower time-frame down moves into the direction of the higher time-frame. And vice-versa.
(not exclusively fading, of course. there are other things as well)

Why do I think this amusing?
Thats a different way of saying he trades pullbacks!
Which is what I do! Looking for short-term oversold conditions into a longer-term uptrend, and looking for short-term overbought conditions into a longer-term downtrend. Ha-ha.

Overall, I rate this document as a very good intro for newbies.
I like the lack of indicators (except when he explores divergences), and uses market structure to make decisions.

Following your tip, I just read this. I have to say that I'm a bit disappointed - It's been quite a while that I haven't read such a load of old common sense about getting started in trading. I was prepared to heap scorn on yet another "can't do, so teach" candidate and am feeling somewhat swindled. It's free, clear and actually useful to people just beginning and also as a reminder of what actually makes the trading world go round.

Seriously, apart from the odd curiosities of his vocabulary ( some kind of damned foreigner I gather, so I spose he can be cut a bit o' slack) I found it reasonable as well as mildly entertaining.

Thanks, I owe you one ...... a single only, of course