Trade The Trader. Trader Psychology Trigger Points

You Are Trading Against Other Traders: Getting to a Complete Investment Awareness

From Trade the Trader: Know Your Competition and Find Your Edge for Profitable Trading by Quint Tatro. Available in print and digital formats. Trade with the hawks, not the squirrels! Learn how to demolish traders still relying on basic technical analysis. I sifted through countless charts. Each walked a very fine line, looking as if at any moment they would crater into the abyss

Tatro’s trading has evolved into trading traditional pattern failures, as opposed to trading the traditional patterns themselves.

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The premise of the book sounds great: trade at a different level, seek to understand the movement of others and how to profit from their trades. He suggests perfecting a trading system then adjust your style to fit a variety of markets. I was never sure what this “style” meant. On one hand he suggest trading chart failures on the other taking breakouts that were unexpected.

He gives good advice: “The sooner you realize you are trading against other traders and not just the stocks or the market, the better off you will be.” I thought he was right about the unexpected 2009 rally being caused by wave after wave of short covering. Each breakout to new highs forced shorts to cover even though the fundamentals of the economy continued to deteriorate. It was caused by running out of panic sellers and having panic short sellers forced to buy back. Great observation. But how much did he profit from it? What were his real trades?

Tatro discuss how to find your trading edge:

At the core of every successful trader lies a defined trading strategy, which ultimately provides a statistical and proven edge. The reality is that you simply need a slight edge and the patience to exercise that edge over and over again.

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