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Trading Basics: Evolution of a Trader, by Thomas N. Bulkowski
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Comprehensive coverage of the four major trading styles
Evolution of a Trader explores the four trading styles that people use when learning to trade or invest in the stock market. Often, beginners enter the stock market by:
- Buying and holding onto a stock (value investing). That works well until the trend ends or a bear market begins. Then they try
- Position trading. This is the same as buy-and-hold, except the technique sells positions before a significant trend change occurs.
- Swing trading follows when traders increase their frequency of trading, trying to catch the short-term up and down swings. Finally, people try
- Day trading by completing their trades in a single day.
This series provides comprehensive coverage of the four trading styles by offering numerous tips, sharing discoveries, and discussing specific trading setups to help you become a successful trader or investor as you journey through each style.
Trading Basics takes an in-depth look at money management, stops, support and resistance, and offers dozens of tips every trader should know.
Fundamental Analysis and Position Trading discusses when to sell a buy-and-hold position, uncovers which fundamentals work best, and uses them to find stocks that become 10-baggers—stocks that climb by 10 times their original value.
Swing and Day Trading reveals methods to time the market swings, including specific trading setups, but it covers the basics as well, such as setting up a home trading office and how much money you can make day trading.
- Sales Rank: #1091382 in Books
- Published on: 2012-11-15
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x .80" w x 6.30" l, .83 pounds
- Binding: Hardcover
- 208 pages
Review
“The three books in this series were written for people unfamiliar with the inner workings of the stock market, but will still curl the toes of professionals, too. Research is used to prove the ideas discussed, but is presented in an easy to understand and light-hearted manner. You will find the books to be as entertaining as they are informative and packed with moneymaking tips and ideas. Use the ideas presented here to hone your trading style and improve your success. Whether you are a novice who has never purchased a stock but wants to, or a professional money manager who trades daily, these books are a necessary addition to any market enthusiast’s bookshelf.”
—Alan Battista, Stockineer.com Book Review
From the Inside Flap
How you trade or invest in the stock markets depends on market conditions. Buying and holding on to a stock during a bear market can mean a substantial decline in net worth. Day trading when the markets are soaring can add to stress unnecessarily. Thomas Bulkowski discusses the evolution of a trader from buy-and-hold to position trading, swing trading, and day trading in his hotly anticipated series of how-to guises, Evolution of a Trader.
The first book in the series, Trading Basics, is a practical introduction to the art and science of stock trading. The book discusses money management, a topic so often overlooked in financial works. How do you size a position properly? How many stocks should a portfolio hold for proper diversification? Should you scale into or out of positions? Do dollar-cost-averaging and averaging down works? He answers these questions and more.
Choosing the correct type of stop can mean the difference between success and failure, profit and loss. Learn why stop-loss orders cut profit more than they reduce risk. Sometimes, stops are best left unused because they cash you out of potentially winning trades prematurely.
Bulkowski discusses a half-dozen types of support and resistance, then he measures and compares their effectiveness, If you can determine where a stock is going to reverse because of overhead resistance or underlying support, then the riches on Wall Street can be yours. His research is a gold mine of information waiting to be unearthed.
He discusses forty-five tips that every trader should know. Have you heard of the 2B rule? Or how about trading busted chart patterns? Does divergence in the RSI indicator really work or have today’s markets made it obsolete? Bulkowski offers tips on finding the market direction, determining when the market has bottomed, and over a dozen tips on when to sell.
He wraps it all up by helping you diagnose trading problems. Are you entering or exiting your trades too early or too late? Did you average up? Are you buying out of season?
Bulkowski’s work sets an example of how financial books should be written. He doesn’t just repeat what others have said. Rather, he investigates and researches his facts before teaching the reader in an entertaining and informative style that is accessible to the beginner and the professional. Anyone investing or trading the markets can benefit from this series.
From the Back Cover
The series Evolution of a Trader explores four trading styles that people use when learning to invest in the stock market. Often, beginners enter the stock market by
Buying and holding on to a stock. That works well until a bear market begins. Then they try Position trading. This seeks to exit positions before a significant trend change occurs. Swing trading follows when traders try to catch short-term swings. Finally, people try Day trading by completing their trades in a single day. This series takes a detailed look at each of the four styles by offering numerous tips, sharing discoveries, and discussing specific trading techniques to help the reader be successful as they journey through each style.
The first book, Trading Basics, takes an in-depth look at money management, stops, support, and resistance, and offers dozens of tips every trader should know.
The second book, Fundamental Analysis and Position trading, explains value investing and tests fundamental factors, such as book value, price-to-earnings, and price-to-sales ratios, to see how important they are to stock selection and performance. Chapters such as “How to Double Your Money,” “finding 10-Baggers,” and “Trading 10-Baggers” put the fundamentals to work. Position trading introduces market timing to help remove the risk of buying and holding a stock for years.
The third book in the series, Swing and Day Trading, explains how to use chart patterns to swing and day trade. It reviews the basics, including the home office setup and the cost of day trading, and drills down into specific trading strategies such as the opening range breakout and the opening gap setup. It introduces new research on major reversal times and the time most likely to set the day’s high and low. That is valuable information to a day trader.
Whether you are a novice who has never purchased a stock but wants to, or a professional money manager, these books are a necessary addition to any market enthusiast’s bookshelf.
Most helpful customer reviews
14 of 15 people found the following review helpful.
Great Introduction to Technical Trading
By Alan Battista
This review comes from stockineer.com which is why I wrote the review initially. It's worth sharing here as well to help others make their decision on the purchase of the book, so if the review sounds like it was written for another site, it was...just copied and pasted here.
Intended Audience (from the author):
"The three books in this series were written for people unfamiliar with the inner workings of the stock market, but will still curl the toes of professionals, too. Research is used to prove the ideas discussed, but is presented in an easy to understand and light-hearted manner. You will find the books to be as entertaining as they are informative and packed with moneymaking tips and ideas. Use the ideas presented here to hone your trading style and improve your success. Whether you are a novice who has never purchased a stock but wants to, or a professional money manager who trades daily, these books are a necessary addition to any market enthusiast's bookshelf."
Preface:
The preface describes a flailing trader trying to find his way in the world of investing, looking for the style that suits him best. He fails a few times but he eventually figures out what kind of trader he'd like to become. The intro reminds me a lot of an article I'd written several weeks ago: What Type of Investor are You? In fact, Trading Basics takes these concepts and makes an entire book out of it, going into a lot more detail than I could on a multi-page article.
Chapter 1
Tom shares his secrets to retiring at age 36. Well, his secrets are things that a lot of us bred on hard work already know. Things like saving your money, charting your finances and making wise decisions are big parts of the equation. A little luck here and there will set you on your way. A lot of successful investors have hit a grand slam or two in their day that really gives them the capital to grow faster. Tom shares his personal story and philosophy with Michaels Stores. I've personally had some big trades, the best being General Growth Properties that instantly (see years) created a portfolio of sufficient size to make some real money. Couple this luck with hard work and wise decision making, and you have a winning recipe.
Chapter 2
This chapter focuses on money management principles, specifically risk assessment, position size, cost averaging, leverage and the number of stocks to hold to name a few. Bulkowski offers examples with real numbers to support his position on each of the sub topics. I found myself skimming through some of the examples, taking his word, and not checking his math. For the average reader, his charts and summaries will get you to what you need to know. The chapter, as intended, is written to give good "rules of thumb" for investors that are just beginning to understand the market. More seasoned traders will point out exceptions to each "rule of thumb," but it is because they practice different trading tactics depending on the situation. Bulkowski points this out as different trading styles (Evolution of a Trader)) is the overarching theme. In the end, Bulkowski makes suggestions but leaves it up to the individual trader to pick his own method.
I did pick up a few new things myself. I specifically was interested in how some stop and buy orders are filled and at what prices.
Chapter 3
Everyone who invests in stocks needs to know when to cut losses and move on. New investors hear the old adage, "you only lose money when you sell" and they tend to let small losses become big losses. Bulkowski does the math and points out that if you lose 50% in a stock, it'll need to rise 100% to make your money back...for a 75% loss, it'll need to go up 300% to break even. Of course that's motherhood and apple pie, but the point is that the more you lose, the harder it is to come back from it....so don't lose money! The chapter focuses on how to not lose money while still gaining money through the use of stops. There are lots of stop types that are introduced here, all of which can be researched or found in other books, but in typical Tom fashion, he applies statistics to each type of stop and associates performances of each to back up his points. In the end, he makes recommendations but essentially leaves it up to the trader to pick his own path to fit his personality and investing style.
Chapter 4
Support and resistance, in my mind, is really the foundation of trading stocks. There are more likely locations that you should buy or sell, but how likely? Bulkowski offers well known types of support and resistance, but he takes it a step further and offers statistics and percentages of the likelihood of their effectiveness. This is something I haven't seen in any other book, making this a rather unique and valuable chapter. I found myself rereading sections multiple times to make sure I understood the point, reminiscent of looking over figures and numbers in my years of education. I am thankful that there are summaries and a final table at the end of the chapter to give me the key takeaways so that every time I wish to reference the material, I have a single page to study. The table then lays out the pages you can look for more information. The support and resistance levels discussed in this chapter are a cursory look at the concepts and are appropriate for the intended audience of the book. There are several books devoted to the subject if/when you decide to dig deeper into trading.
Chapter 5
This chapter is the largest of the book, containing "45 Tips Every Trader Should Know." This chapter introduces concepts that most beginning traders do not know and will likely spend some time rereading paragraphs over and over, cross referencing the charts and tables to ensure they get the point...or at least they should. A lot of it may be confusing at first and you may have to do some additional research on each topic so that you can interpret a physical reason for the chart squiggles, but there are footnotes where you can find more information on the subjects. After all, this is an introductory book, not a full reference set. It is, however, a great place to get started. After some time trading, these become second nature and you take them for granted, but I did pick up a thing or two as well as reminded me of things I'd forgotten or don't use on a regular basis. Some of the items discussed were divergences, Fibonacci numbers, failure swings, price gaps, pattern sizes, etc.. In standard Bulkowski fashion, he applies statistics to the "tips" and comes up with effectiveness and a recommendation. While I find the statistics useful, I also understand the large challenge presented to Tom in coming up with these statistics. Most ideas tested are a result of programming which will identify the desired situation, but it will likely ignore the art of technical trading which is putting multiple pieces of evidence together to enter or exit a trade, including the type of market, indicators, events, etc.. He does present the information for bull vs bear markets, wide patterns vs narrow patterns as well as many other situations, so he's not ignoring the additional factors. I just want to further point out to traders looking to learn the art of technical trading that we are aiming to gather lots of evidence to recreate the crime scene. As you read all 45 tips, consider each one a piece of evidence that you should remember. When the weight of the evidence is in your favor, do not be afraid to make the trade. As you trade, you will see the items presented in this chapter and it will be at that point when you truly begin to understand. There is no replacement for practice.
Chapter 6
When trades go wrong it is in your best interest to assess what went wrong. Did you enter too early, too late? Did you misread the signs. Chapter 6 identifies what could go wrong and how you can correct it.
Chapter 7
This is a final checklist from each chapter. It is a nice final summary or a location that you can use for a quick reference to double check that you didn't miss anything in your analysis.
Final Summary:
This is a good selection as a first read if you are trying to get into technical trading. It is a book that can grow with you for some time, but you will eventually need to do further, deeper research on individual topics to really understand the tactics and become proficient. That said, you need a place to learn what you need to research and how it can help you, presenting the information in a concise manner. This book addresses this need, and I enjoyed the book. It's very approachable and easy to read, and should be under consideration if you are looking to get into technical trading or are looking for something to quickly remind you of what you should be doing!
4 of 4 people found the following review helpful.
Great education in the stock market
By Chen Roth
This book introduces you to the paradigms of intelligent trading, to name a few:
* money management
* stop placement
* support & resistance levels
* recurring patterns of the market backed by statistical research
* entry & exit timing
* market trend & stock trend relationship
Having read a few books by this market veteran author, I find his books distinguished from the rest by a single, crucial aspect:
Thomas conducts and discusses his own research, methods and tools of many years, which he courteously shares with the reader both in his books and at his website (just google his name!)
2 of 2 people found the following review helpful.
Delighted by New Research-based Investing Information
By Charlotte Hudgin
Bulkowski’s Trading Basics review
Bulkowski’s Trading Basics is the FIRST investing book I have read that cleanly backs its statements with FACTS from the author’s ORIGINAL RESEARCH. I was excited to discover many ideas I have not found elsewhere. If you are a serious trader, you will be pleased to get your hands on the tables and charts in this book.
Do not let the title, Trading Basics, fool you. If you have never researched a stock, read a chart or placed a trade, there are plenty of good beginners’ books but this book is so much more. If a beginner asks how to make money in stocks, let them read the short chapter 1: Bulkowski’s personal story of “How to Retire at 36.” It will inspire and challenge them.
If you are serious investor, intent on always improving your stock investing with information that is research-based (and not a blind repeat of common “truths’”), then you will be surprised, delighted and probably shocked by some of the findings in this book.
After 13 years of trading, I am now in the process of incorporating a new layer of investing fact-based rules from this book into my investing plan.
A FEW OF THE MANY TOPICS BULKOWSKI COVERS I HAVE NOT FOUND ELSEWHERE:
• How much money does it take to get started investing – guidelines and justifications for a safe starting investment for each type of investor (position, swing, trend or day traders)?
• A unique position-sizing algorithm that takes into account volatility of both the stock and the market.
• Managing a position based on both stock performance and market rend
• What is the optimal period to hold a stock?
• How many stocks should be held adjusted for trading style?
• Analysis of how nine variations of stops (such as fixed percentage, volatility, chandelier, average true range, and top stop exit) perform including average loss, hold time, percent stopped out, win/loss percent and profit/risk change.
• AND MY FAVORITE: a whole myth-busting chapter on the effectiveness (and ineffectiveness) of twelve types of support and resistance.
• Each chapter ends with a CHAPTER CHECKLIST of key points and lessons to emphasize the most valuable information.
The book has many tables with the results of Bulkowski’s statistical research, extensively annotated charts of actual stocks showing the concepts in practice, and critical formulas every trader should know. If you are serious about making money in the stock market, buy this book.
See all 14 customer reviews...
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