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A $1000 book..

  • #21
  • Mar 20, 2009 9:25pm Mar 20, 2009 9:25pm
Old thread back from the dead?

I've read... "Day Trading with Short Term Price Patterns and Opening Range Breakouts" by Toby Crabel.

Useful? Yes. Holy grail? No. The material in it can be found in a dozen other books since.
  • #22
  • Mar 20, 2009 9:27pm Mar 20, 2009 9:27pm
reason of my post is that this book is the bible of DIBS. And Merlin and Darkstar two of the most respected here.
  • #23
  • Mar 20, 2009 9:35pm Mar 20, 2009 9:35pm
Quoting merlin
why else would you buy a book? the only trading books i read are the ones written by authors who made it big trading. why should i listen to an author who hasnt proven he knows what he is talking about? there are a million of these phony authors, and reading their books can actually hurt your trading.

theres an exception when it comes to the math stuff. there are a few highly skilled authors who write valuable books about money management and risk, without ever actaully making big money themselves. i chalk this up as the nature of the quant.

btw, it's not a coincidence that the most expensive books are the ones written by the "stars". these guys arent so interested in the money they make from publication and usually print in limited quantities. ed thorp is a good example, ive spent thousands on his collection of books, i think i paid $500 for "Beat the Market" alone.
that is a great post!

Bravo bravo!

I am astonished at the massive education industry in trading and maybe 50% of the educators can't trade for peanuts!

cheers
  • #24
  • Mar 20, 2009 9:58pm Mar 20, 2009 9:58pm
It's not the price, it's the result. If I showed you one method that you could use everyday no matter the market conditions, how much is that worth? What if it only took me one page to explain it, how much is that worth? What if you made $100k after a year, how much is the method worth? There's always someone knocking someone else down, why?
TRO
  • #25
  • Mar 20, 2009 10:00pm Mar 20, 2009 10:00pm
Quote
reason of my post is that this book is the bible of DIBS. And Merlin and Darkstar two of the most respected here.

Having read the book, I'm going to say it is not a DIBS-related book. It talks about inside bars and range contraction, along with gaps and related stats, but there is no real discussion on using intra-day inside bars as a trading method.

Mostly it's a discussion about range contraction and expansion, and to summarize the book... there are patterns that highlight upcoming range expansion, and those are the times you should trade.
  • #26
  • Mar 20, 2009 10:17pm Mar 20, 2009 10:17pm
Hmmm...
Buy the book for a low price between $ 95 to $500 as described.
Read it.
Sell it for a high price between $ 1000 to $ 2000 as described.
  • #27
  • Mar 26, 2009 5:46am Mar 26, 2009 5:46am
Linda Bradford Raschke mentioned this book in her "Street Smart: High Probability Short-Term Trading Strategies". One pattern I found pretty useful is NR7. There were range contraction before last week's breakout for three major currency pairs (USD/JPY, GBP/USD, EUR/USD). You can find the detail in my post,

The Art of Speculationoint and Figure Charts Compounded with Narrow Range Bars

Happy trading

"
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  • #28
  • Mar 26, 2009 6:00am Mar 26, 2009 6:00am
Hi

I got the book - an original print given to me as a present from a dear friend.

It is well worth the money and Crabel made it quite big - 16 years of positive returns at 'Crabel Capital Management' still using parts of the original strategies.

regards
daytrading
Enter Signature
  • #29
  • Mar 26, 2009 6:23am Mar 26, 2009 6:23am
Quoting zawodowiec
From what i've read, the book hasn't been updated since you got it 15 years ago.
Then why is the price so inflated? Maybe its not printed anymore, so the last few prints are rare. Cant find any other reason.
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  • #30
  • Mar 30, 2009 6:08am Mar 30, 2009 6:08am
For your information, last Friday was a classical NR7/ID setup for euro
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  • #31
  • Last Post: Mar 30, 2009 6:41pm Mar 30, 2009 6:41pm
I think the Infinite Yield blogs first strike method is based on the book (ORB). I've not traded ORB since I'm still learning and trying to master the J16 stuff. But it is something I keep an eye as I may incorporate it in my future tool bag.

I think buying the book is a low risk trade. You have an active market for it, you can read it and then resell it for break even or slight profit / loss.

If the book really is the greatest thing since the super burrito, then I guess on the book shelf it goes, reducing supply in the market.
Don't wish it were easier, wish you were better. ~ Jim Rohn
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