The Master Swing Trader: Tools and Techniques to Profit from Outstanding Short-Term Trading Opportunities
by Alan S. Farley

Oct 2001

Knowledge in itself is not enough

One of the important things to do when reviewing books on trading is evaluate the substance-to-hype ratio. Farley's ratio is decent (plenty of substance, some hype but not an overbearing amount). He doesn't try and snow you with ridiculous claims, and he points out the pitfalls and uncertain nature of his methods. Sure it's frustrating to read about a technique, and then later read about how that technique is far from foolproof—kind of like saying "this method works except when it doesn't"… but, umm, that's exactly how markets are much of the time. Farley tells it like it is, and apparently from the way his reviewers went to extremes, some appreciated it and some were extremely bitter about it.

A lot of people seemed turned off by Farley's writing style, but I found it refreshing. He repeats himself a little more frequently than I would like, but in his defense it is mainly when he is emphasizing an important point. His language and description create the sense of looking at a familiar object from a unique angle, revealing aspects of it that were previously overlooked.

I suspect a lot of people were angry or disappointed because Farley left things open ended and didn't make any big promises. The truth is that this book will not make you a better trader. It will only make you more knowledgeable. Kind of like if your local mechanic gave you a presentation on how his tools worked. Does that make you a mechanic too? No. Can you become a Navy Seal by reading their training manuals, or a pro golfer by reading back issues of golf magazines? I don't think so. Knowledge is a necessary but not a sufficient condition. Most any craft, profession or skill is learned by doing; those who burn out tend to do so long before their learning curve has delivered consistent results.

This book is packed solid with information on methods of swing trading (I don't see how anyone can dispute that), and is a potentially useful volume for anyone who wants to brush up on TA techniques. The most hyped thing about this book is the title. It will not make you a `master' of anything… but it could increase your knowledge of the guts of swing trading and what the method is all about. Don't be dissuaded by the harsh sentiments of those who were looking for a holy grail or a pat on the back and didn't find it... but don't buy this book if that's what you are looking for either. Master Swing Trader is a good reference guide and a decent training manual—nothing more.