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Download Ebook Rule the Freakin' Markets, by Michael Parness

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Rule the Freakin' Markets, by Michael Parness

Download Ebook Rule the Freakin' Markets, by Michael Parness

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Review

â€œBlunt and honest...The sense of humor [Parness] brings to his trading rules makes this easy to read.â€ â€•Booklist

About the Author

Michael Parness is the owner of www.TrendFund.com. He has been featured in The Wall Street Journal, Forbes, Money magazine, and The New York Post, Bloomberg Radio, and makes weekly appearances on CNNfn's The New Show. He lives in New York City.

Product details

Paperback: 256 pages

Publisher: St. Martin's Griffin; First edition (September 9, 2004)

Language: English

ISBN-10: 0312303076

ISBN-13: 978-0312303075

Product Dimensions:

6.1 x 0.6 x 9.2 inches

Shipping Weight: 9.6 ounces (View shipping rates and policies)

Average Customer Review:

3.9 out of 5 stars

79 customer reviews

Amazon Best Sellers Rank:

#448,457 in Books (See Top 100 in Books)

A lot of people who give this book negative reviews claim that the author probably didn't do it. But let's for argument sake say he did succeed in doing it, that he made 4 to seven million dollars in two years or so. That still doesn't mean his system will work for you or anyone else. Unless it is completely automated, the system really depends on the individual trader. I'm not going to write my strategy word for word in a book and try to sell it, even though I could tell all my trades, but it's my system, and I honestly don't want someone else to have it. I've shared it with my mother, a close friend I've had since high school and into college and they both had success but nothing like my success, why, because, it's not their system, and they can't get the flow of it.So even if what Michael Parness says is true, it doesn't really matter, the market conditions were different, he tailored the system for him, and if you acted just like him, you still wouldn't have the major success he has most likely, because you'd be just copying him, and you can't be as good as the original.That's the problem with guru systems, and people get angry when they don't work out and call it a fraud. I don't think he's trying to defraud people, I believe Michael Parness is really trying to help people make money and help himself make more of it--he was always a salesman, but that doesn't change the fact that there's nothing wrong with the system, except that the system isn't yours.

I like the guy. I enjoy watching his infomercials, and the book is entertaining. His writing style is refreshingly down-to-earth, humorous, and somewhat motivational.I want to point out that this is NOT a book on daytrading, it is on swing-trading. The only mention of any intraday trading is "fading the morning gaps" which is only passingly mentioned in the book, not even really described. Years ago I saw on his infomercial where he was asked if his material was about daytrading and his reply was a firm "No! Too risky!" Judging by the column in Kiplingers a couple months ago it would seem he has changed that stance, as that writer had participated in his service that advises fading the morning gaps.For years he has sung his mantra of "Trend trading." It's a branding thing he is doing, inventing the term and associating it with himself. Good marketing, no doubt. But he uses the term "Trend" in a different way than everybody else in the trading world. To him it means the trend of a certain perceived catalyst that is expected to move a stock's price rather than the actual price movement of the stock. For example, stocks that are expected to have a positive earnings announcement have a "trend" of upward movement the weeks prior to the announcement.The first issue I have with the book is a minor one and has been pointed out by other reviewers: The "trends" he speaks of just don't work. Maybe they did at one time, as David Nassar has written about trading earnings whisper numbers in the past as well. But they don't work now. Let's review:*FADING THE MORNING GAPS - As an active daytrader I heavily advise against this. If you are going to trade the opening minutes on volatile issues you are going to get seriously chopped up. This is pure gambling and you will take some large losses. Now, if you wait 15 minutes or so until they break the opening range, you might have something. In fact I do this myself. But I have found by experience that the stronger trade is always in the direction of the morning gap, not against it. In fact some of the best trade setups are those that start to fade the gap, find support or resistance into the gap a ways, and then move back in the direction of the gap. Some of those run the rest of the day directionally.*EARNINGS ANNOUNCEMENTS - during the bull market when Waxie turned $30,000 into $2 million I'm sure this worked great. Upcoming earnings announcements these days have little or no affect on a stock's direction in the weeks before the announcement. This is debatable, and I can't prove it, but nobody can prove otherwise either. Looks pretty random to me.*STOCK SPLITS - same deal, upcoming splits do not cause a stock to run up unless the market itself is running up. No help here.*IPO PLAYS - good luck with these. Lockup periods, insiders allowed to sell dates, etc., the early days of IPO trading are highly speculative and I have seen no evidence that anything that happens with them acts as a tradable catalyst.*SECTOR SYMPATHY PLAYS ON NEWS - OK this actually works, but absolutely no information is given on how to go about finding and trading them. And what time-frames to trade them in is not even touched upon. It's an empty concept.My bigger problem with the book is that it completely lacks substance. In the author's rebuttle below he states that "...if the rules are followed you WILL make money." That's great news! It sure would have been nice if any of these rules were included in the book. There are none. I guess we are supposed to buy the $5,000 package to get the rules?So it's really basic stuff with no real details. A better title for the book would be "Trading with Dick and Jane." Hey, maybe I'll write that one![...]

as stated, shipped quickly

I'm watching these markets and trading them for 20 years -- this is the best book ever written on trading. Period ! I've read them all !!

I am disapointed by the reviewers here who slam Parness' book when they obviously haven't read it, or for judging it for what it was never meant to be about.It's not a nuts and bolts book about trend trading. That could be outdated soon after the book went to print if the trends change. Instead, it is a real-life book about how to turn YOU into a day trader, by recognizing some universal psychological traps we all face, and others which affect only some of us to varying degrees. Reading about his costly mistakes in the Nasdaq bubble hit pretty close to home, and I needed to learn how NOT to repeat them myself. This book accomplished exacly that, so it was well worth the price. And I bought it used, so it came without the silly dust cover.And for the person who slammed him and his trading tapes--I bought them too (only because they had a $ back guarantee!), and I am very impressed. I don't mean to give the guy a free plug here, but someone else dumped on him and his trading system, and I just want to set the record straight. I am making money with it. Not a fortune, but a very nice side income. Do I take losses sometimes? Yes. But this book tells you, both technically and psychologically (which is by far more important for trading newbies) how to limit losses for an overall profit.Anyway, you might not like Parness' style or his overuse of the word ka-chingos, but this book is perfect for the semi-experienced buy and hold investor who wants to learn how to make money, limit losses, and trade on margin without losing your shirt. There are plenty of quality technical books out there by overeducated Wall Street types, but this one is written by a regular guy, which helps its readability.I really enjoyed this book, mostly because his section on every investor's financial deathwish was so dead-on accurate. Good luck, and good trading!

OK!

A good read. A lot of self help style chapters, but a good read if you need the motivation.

Excellent quality product, delivered when promised.

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