As Featured on TradingInterviews.com
Trading is a statistical business that requires a variety of tools in order to manage risk and adapt quickly to changing market conditions. Put the stats in your favor with the backtested, proven trading systems presented in Steve Palmquist’s new book.
Palmquist uses the results of his extensive backtesting techniques to smash many of today’s popular trading myths and get down to the truth -- while handing you six complete trading systems, including exactly how and when to use them.
Each system has been analyzed and tested in various time periods and market conditions using specific rules and various filters, all in order to determine how and when each system is most effective. Palmquist shares all of the research and results with you to reveal the design, development, and testing that goes into creating profitable trading strategies. You will learn:
• How to determine market conditions,
• Four key things to look for in backtesting results,
• How to use Bollinger bands to trade overbought and oversold stocks,
• How to play pullbacks and retracements in trending stocks, volume accumulations, and distribution patterns,
• And much more.
Smart traders will realize that making predictions about the market is a losing battle. Learn to observe and determine market conditions—then simply select the tool that you know works the best, and see how profitable this kind of market adaptive trading can be.
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Foreword by Chuck Lebeau
With How to Take Money From the Markets: Creating Profitable Strategies plus Six Ready-to-Use Systems, Steve Palmquist has written a highly informative and easy to read book that makes its critical point in the early part of the preface: “Most trading tools work in some market conditions and do not perform well in others.”
The six trading systems that Steve shares in this book are all very logical, well researched, and the test data suggest that they might actually work. However, Steve goes an important step further than most authors and carefully describes the market conditions that are necessary for the systems to perform their best. Steve uses his knowledge and experience to avoid the common trap of proposing systems that supposedly work all the time. Each of Steve’s systems has its place and the reader is carefully instructed as to when each system should be applied or avoided.
I hope that other authors will follow Steve’s example and pay more attention to fitting systems to particular market conditions. I believe that thoroughly understanding a system and knowing when it will work best can be the difference between success and failure. Steve has written a wonderful book that was obviously intended to help the reader succeed.
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"Palmquist does an excellent job of meticulously validating six trading methods. He thoroughly backs his research with historical and statistical data to stress the importance of context and market conditions. This book gives the trader a real look at the components under the 'hood' and helps the traders to understand how and when to apply the methods to achieve the most optimum results. Very well done!"
--Jea Yu, UndergroundTrader.com
"One of the better trading books I have read in terms of trading strategy definitions."
"Just read 'How to Take Money from the Markets.' Wish it had been the first trading book I bought instead of the 200th...the money I could have saved and put to work with your ideas! I like the methodology you use to validate your strategy. The best part for me is when you demonstrate step-by-step how you define, analyze, and validate your ideas. Actually, it's very similar to what I already do and it is not so easy to find other textbooks that stress the importance of a systematic approach for patterns validation while still keeping a 'discretionary' approach (you normally find systematic black or white). Thanks for making trading interesting and easy to understand. I love how you keep repeating the same instructions at the end for every trading system: 'To the experienced trader, the reason does not matter. We are looking at what works...'"
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