Trade What You See- How To Profit from Pattern Recognition (Wiley Trading)

I've come to trust the reviews on amazon but i have to say that they are way off the mark for this particular book.
After trading for a few years, i've come to the belief that the simplest chart patterns are the best and you can find just about any pattern on a chart if you squint hard enough.
The authors would point out "ABCD" patterns after they have formed.
Perhaps the book was just poorly written but i just dont see the book helping any beginners and very few experienced traders.

"Trade What You See" is an excellent guide to help traders filter through market volatility and media hype. Jouflas' and Pesavento's latest offering is a concise overview of how to look at the markets and identify high probability, low risk trade opportunities. From Fibonacci ratios, AB=CD patterns, to trade management and trading plan, any trader can supplement their own trading style with the basic trade guidelines outlined in this book.

As another review of this book has pointed out, the section "Learning to Recognize Trend Days" is very valuable. This section can be helpful to any trader to take advantage of trend day opportunities. The section is invaluable for countertrend traders who have not yet developed a strategy to recognize and trade trend days. At the very least, simply identifying a trend day can keep a countertrend trader from getting caught in low probability trade situations. Jouflas takes you through multiple steps of a trend day enabling a trader to more easily assess what is happening.

Disclosure: I have followed both Leslie Jouflas and Larry Pesavento for several years. Even so, in reading this book, I found myself brushing up on some areas. Especially the "Trend" section.

"Trade What You See" provides an excellent overview for an individual who is interested in trading stock and commodity markets. Many books try and guarantee the perspective trader that the markets will provide you with riches and absurd returns. Instead the authors of this book are very careful to not provide the reader with wild exaggerations of potential market trading profits. The readers are provided with a clear and concise explanation of market patterns and the use of Fibonacci ratios in assisting a trader on when to enter and exit the market. Numerous pattern examples are given where the probability for a positive trade is significantly higher than 50% and how a trader should approach these situations.

"Trade What You See" covers in detail how to reduce the risk of losses through the use and placement of stops while minimizing the risk on any given trade. Throughout the book the writers are very careful to point out the pitfalls of trading and how to avoid large losses. The authors cover in detail a sound money management system and place it as the major key to becoming a successful trader. This is why this book is very well done.

There is no hype, just a pragmatic, objective approach to stock trading. Anyone who trades stocks or commodities needs a copy of this book. The book is very useful not just for "day" traders, but long term investors who want to know when to buy and sell stocks and avoid large losses. Even for a person who trades on fundamentals this book is an important guide.

If you purchase this book and follow the provided money management principles, you will certainly minimize your risk of incurring large losses in the stock market. This is why I found this book superior to other books I have read on stock trading.

  - Link: http://www.amazon.com/Trade-What-You-See-Recognition/dp/047010676X