Markets frequently overshoot and undershoot due to human emotion (fear and greed). These temporary imbalances create high-probability setups.
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Which do you trade? (e.g., crypto, stocks, or forex) street smarts linda raschke pdf
However, not all reviews are blind raves. The MyPivots review scores the book at a modest 60 out of 100, noting that it is "Better for short to medium term swing traders" but contains "very little information for short term intra-day traders". Furthermore, some critics argue that the price of the physical book is expensive relative to the number of pages (245) and that some of the settings are "over complicated".
Originally published in 1996, Street Smarts has not only stood the test of time but has also grown into a cult classic that has redefined the approach to markets for entire generations of traders. Markets frequently overshoot and undershoot due to human
These classic reversal strategies are designed to capitalize on false breakouts (a "head fake"). A "Turtle Soup" is triggered when the market breaks a 20-period high or low but immediately reverses, indicating a short-term reversal. The "Plus One" version adds a confirming day to ensure the breakout failure is genuine.
As she grew older, Linda became more involved in the markets, starting as a discretionary trader. She quickly realized that her emotions were her biggest enemy, causing her to make impulsive decisions that often led to losses. For financial advice, consult a professional
Catch the next leg of the existing trend with a tight stop. 2. Turtle Soup
Street Smarts is not a book about long-term investing or passive wealth accumulation. It is a practical manual designed for active market participants. The core philosophy can be summarized in three main tenets:
As Linda's skills improved, she began to trade more consistently. She developed a routine, analyzing the markets each morning and identifying potential trades. She was disciplined in her approach, sticking to her strategy even when the markets were volatile.
No strategy is 100% accurate. The book places immense emphasis on tight stop-losses and quick profit-taking to survive the market long-term. 3 Legendary Trading Setups from the Book