Readers reviews ofHow To Take Money From Wall Street By Tony Oz
Unlike most other market trading books, this book starts with money management. This is the most important ingredient of trading success and it is good to see it given the prominence it deserves. It is the core essential for trading in any time frame.
The book provides a good coverage of the basics of technical analysis, and particularly the concepts of support and resistance which are an integral part of his approach. Classic chart patterns also play an important part. The mechanics of the trading approach used by Oz is well covered.
What is just as important is the way he discusses the external factors which contribute to our trading success. This is the mindset, and it starts with the idea that protecting capital is the first step to making money. As an experienced trader I found myself marking many passages that reinforced the lessons I had learnt. For new traders this is perhaps the most important sections of the book. Oz looks at the way he developed as a trader, identifies the factors which held him back, and shows how he overcome these. New traders may be surprised that this has little to do with improved techniques, or better technical analysis, or more powerful software. The solution for success lies in how we handle the trading decisions we make.
The strength of this book is its practical nature. This is a book written by a trader, and it shows. Here we have the opportunity to see how the theory is modified by reality. By learning how others approach the task of trading, we can improve our own trading.
The second part of the book provides an outline of various short term trading techniques based on news, watch lists, real time scans, and a range of specialist set up patterns. There is plenty of material here to form the basis of further research in the Australian market.
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