The Prop Trader's Chronicles: Short-Term Proprietary Trading Strategies for Both Bull and Bear Markets (Wiley Trading)

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Product Description

A practical guide to profiting from the strategies of professional proprietary traders

Today's technology allows traders to make faster, more price-sensitive trades and to better read the flow of market information and transactions� opening the way to a wider variety of short-term trading strategies. The Prop Trader's Chronicles unveils these strategies and techniques, which have long been the province of proprietary trading firms and other professional stock traders.

This reliable guide describes author Francis Chan's experience as a prop trader in an engaging narrative, but at the same time provides an in-depth explanation of strategies employed by proprietary traders utilizing direct access technologies, Level II quotes, time and sales feeds, and electronic communication networks. Along the way, you'll be introduced to a variety of strategies involved in the rapid day trading of stocks, including: scalping, rebate trading, and advanced reading of time and sales transactions to detect short-term swings. Chang also reveals how to use time and sales data as the modern-day equivalent of 'reading the tape.'

• Shows active independent traders how they can perform at a higher level by replicating the professional strategies of prop traders
• Offers valuable insights on how traders can 'read the tape' and better detect short term market swings
• Describes a variety of prop trading strategies, from electronic scalping to statistical arbitrage

The Prop Trader's Chronicles provides a solid foundation for traders looking to improve their performance. With this book as your guide, you'll quickly discover what it really takes to make it in today's competitive markets.

The Prop Trader's Chronicles: Short-Term Proprietary Trading Strategies for Both Bull and Bear Markets (Wiley Trading) Review

I have only read thru a few chapters relevant to tape reading and trading... This book is probably one of very few books containing legit information on level 2 tape reading however it is lacking as a how-to book. I think the sub-title might be a little misleading because it is more of a memoir than a book explaining "Short-Term Proprietary Trading Strategies". I would say average reader might have problem grasping some of the tape reading in depth even though they read the words because they have never been shown a live tape or the actions mentioned. I doubt a reader being introduced to these concepts can readily use them in their trading. Overall this is not a bad book but a little bit expensive and a little thin. I wish the author would come out with a more detailed how-to book. I give a 4 stars instead of 3 because I already know some tape reading but if I don't know what I know, I might dismiss the information. I figure it also deserves the extra star for rarity and authenticity.
----Update---
I finished the rest of the book during Hurricane Sandy. I bump up the review to 5 stars. The book is definitely thin but after I listen to a different audiobook on risk of trading, my God I feel the need to bump this up to 5 just because how bad the situation is for other books on trading leading retail traders astray. Is there room for improvement for this book? Yes, but if 8 other guys can give 5 stars for the useless crap on the other book, I definitely need to bump this book up to help fellow retail traders' purchase decision.

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