Paperback: 86 pages
Publisher: Markus Heitkoetter (November 4, 2014)
Language: English
ISBN-10: 0692329242
ISBN-13: 978-0692329245
Product Dimensions: 6 x 0.2 x 9 inches
Shipping Weight: 6.4 ounces (View shipping rates and policies)
Average Customer Review: 4.0 out of 5 stars See all reviews (295 customer reviews)
Best Sellers Rank: #21,574 in Books (See Top 100 in Books) #6 in Books > Business & Money > International > Foreign Exchange #6 in Books > Business & Money > Investing > Futures
After reading all of the reviews for this book I was a little hesitant to buy the book. It seems like people either love it or hate it. I guess this is typical for traders right? Since the book was a great price and the positive reviews resonated well with me I decided to give it a try.A little bit of background: I have been trading on and off for 10 years, mainly stocks and ETF. I use MACD and Stochastics to determine my entry points, and then I'm trailing a stop using Parabolics to try to catch a winner.I purchased this book to see if I can incorporate some new ideas in my trading.So here's my take on this book:Pros:- As the title promises, the book lays out a simple strategy based on 3 standard indicators (Bollinger Bands, MACD and RSI). Easy to understand, and easy to replicate on ANY charting software.- The authors walk you through the setups step by step, using a lot of graphics.The rules are clearly explained, and I could replicate the setups within a few minutes on my charts.- I'm intrigued by the way Heitkoetter uses Bollinger Bands. This indicator has been around forever, but I have never heard about using them as "dynamic trendlines" as explained in the book.Cons:- The authors introduce the idea of "range bars". It's a fascinating concept, but best for day trading. If you are swing trading, skip the chapter on range bars and read chapter 10 instead, in which they talk about how to use this strategy for swing trading.- They use a fixed profit target instead of a trailing stop. The fixed targets and risk management discussed in the book makes sense, but in my experience trailing stops are better for catching larger swings.
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