Review: An HONEST Review
Rating: 5 out of 5
Date: 09 4, 2013
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. However, it seems that the authors focus more on day trading, and maybe profit targets are better suited when day trading.Summary:Overall I'm impressed with the material that was shared and in the way the strategy was presented. Sure the strategy might not be for everyone like one reviewer pointed out, but the book is a great addition to anyone's trading library.Everything is explained in detail and fully disclosed. This is definitely NOT just a "teaser" with which the authors try to sell you stuff (as one reviewer said).One thing that caught my eye looking at the reviews is that all of the 5 star reviews are "Amazon Verified" and most of the negative reviews are NOT (you actually need to buy the book to be Amazon Verified). Since anyone can leave a review and most of the less than favorable reviews are trying to direct traders to another trader or website, I'd personally put more weight on the Amazon Verified reviews...probably a solid 4 star looking at it this way, but I'd be embarrassed not to give it 5 stars considering the quality of the book and the price.My recommendation? Get this book and check it out for yourself. For this price you can't go wrong. Form your own opinion.Good luck.