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    Hit and Run Trading: The Short-Term Stock Traders' Bible
    Hit and Run Trading: The Short-Term Stock Traders' Bible
    Hit and Run Trading: The Short-Term Stock Traders' Bible
    Ebook160 pages1 hour

    Hit and Run Trading: The Short-Term Stock Traders' Bible

    By Jeff Cooper and James J. Cramer

    ()

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    About this ebook

    Jeff Cooper is back with a newly updated Hit & Run Trading Volume I. Delivering a day-by-day trading plan of attack, this comprehensive manual is your key to conquering the market on a daily basis.

    Join Jeff as he reveals his most intimate winning methods for daytrading and short trading the market. While the traditional "buy and hold" strategy may work well in bull markets, Cooper's "Hit & Run" methods work in ALL markets. His easy to follow methods will show you exactly:

    • Which stocks to focus on each day
    • Where to place your buy stops and sell short stops
    • The precise amount of risk you should take
    • And how to take the psychology out of trading in his new "Mind Over Money" chapter!

    PLUS, you'll gain access to Jeff's personal arsenal of strategies including:

    • Stepping in Front of Size™ – learn how to buy a stock just moments before the big boys!
    • 1-2-3-Pullbacks™ – discover the three-day setup that consistently triggers 4–15 point gains within just days!
    • Expansion Breakouts™ – master the one breakout that consistently leads to further gains.
    • The power of Creating the Daily Hit List – learn how to recognize which stocks are rapidly moving and which setups to use to trade them – invaluable knowledge to keep you ahead of the game!

    A true trading sensation and classic – now in it's newly updated format!
      

    LanguageEnglish
    PublisherWiley
    Release dateOct 17, 2012
    ISBN9781118538401
    Hit and Run Trading: The Short-Term Stock Traders' Bible
    Author

    Jeff Cooper

    Jeff Cooper is a law professor, lawyer, former Presidential candidate, and published author of both fiction and nonfiction.  A graduate of Harvard College, Yale Law School and New York University School of Law, he spent much of his career working in the law firms and trust banks fictionalized in his novels.  His nonfiction writing has been published in Law Journals across the country, excerpted in prominent legal casebooks and treatises, and reprinted both in the U.S. and abroad.  His debut novel was a finalist for The Daphne du Maurier Award for Excellence in Mystery/Suspense. Jeff was born and raised in New York and now lives in Greenwich, Connecticut, where he has served as an elected member of the Representative Town Meeting, a Justice of the Peace and a Director of several non-profit organizations.  He is married with three children.  When he’s not teaching or writing, he can be found on the golf course.

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      Book preview

      Hit and Run Trading - Jeff Cooper

      PREFACE

      Good judgment comes from experience, experience comes from bad judgment.

      —Jim Horning

      It has been eight years after the release of the original Hit and Run Trading book and six years since the release of its companion work, Hit and Run Trading II. I can honestly say that what I did not realize then is that although unintended, writing these books has proved to be a selfish endeavor: I benefited more from the experience than many of you who will read the books. Why? It is my experience, that when you teach it, you understand it more than when you learn it.

      The endeavor forced me to identify concisely what I did day in and day out as a trader to make a living. It forced me to flesh out the subconscious skeleton on which I traded, creating a recognizable, cohesive whole. Writing the books made me examine what really works and what doesn’t. In short, it required me to make crystal clear my buy rules and sell rules.

      What I suspected when I sat down to write Hit and Run Trading and now know is that human nature being what it is, people never take things just the way they’re given. They tend to want to build a better mousetrap. Folks like to prove how smart they are. I know this because even to this day, I still sometimes try to outsmart my own strategies. Rather than believe what I see on the charts and keep it simple, I’ll occasionally second-guess myself.

      Additionally, people tend to make things more complex and attribute more value to something the more complicated it seems. In my experience, in trading, less is more. In the heat of battle, traders don’t have the luxury of quantitative analysis and thinking things over; they must be able to make decisions and pull the trigger: markets turn on a dime, many traders can not. I guess it’s just human nature to over-analyze and intellectualize. But, in the markets this can be the kiss of death. The old saw ‘keep it simple, stupid’ may sound trite, but it in my experience, keeping it simple is what allows us to make sense out of market chaos.

      Most of the people who gravitate to Wall Street come from a base of greed: they are trying to understand everything. Sometimes the more you try to see, the less you see. Speculation is observation; understanding isn’t necessary and may just get in the way. In the markets, it isn’t important what we think should be happening; it’s only important what is happening. I remember a well-known financial commentator who was bullish all through the first half of 2002 saying, as the market was water falling into the July 2002 low, I may have been wrong, but I was wrong for the right reasons. That kind of thinking can be catastrophic to your financial health. Trade it, don’t think it.

      The key to profitable buying and selling is to have a set of simple buy and sell rules that have shown a consistent edge over the past. That’s what this book will give you.

      This is not a book that describes a system of how to beat the market. In the early 1990s a story made the rounds on Wall Street of how a savvy hedge fund manager and one of the most famous gurus on the Street at the time, spent a couple of million dollars trying to computerize a well-know theory of stock market behavior that would predict future price action. Today, this guy is still earning a living the old fashioned way. The computer can do a lot of magical things. But it will never be able to predict human behavior. And after all, what is the market but the behavior of people. No mechanical system can put the pieces together for something ruled by human emotions as well as the human mind. Remember Long Term Capital Management? That was the company in the 1990s that hired two Nobel Prize winners to create a computer model to forecast how the public would react to the stock market. It was a fiasco that caused a stock market panic and lost a fortune for investors.

      This is also not a book that will reveal the secret to forecasting the stock market. Trying to forecast tops and bottoms is a fool’s errand. If you want to be a successful trader, you’ve got to get the idea out of your head that one can forecast the market without fail. Trading is not a game of forecasting. It is a game of probabilities and identifying an edge. You need to have a quiver of conceptually correct tools to identify that edge. All we can expect good tools to do for us is to define a winning edge. Our job as traders is not to call the market, but to interpret setups that have an edge. Our job as traders is not to make money, but to follow the rules step-by-step and take the setups day-by-day and the money will follow. It’s all about interpreting the price action and the markets mosaic day-by-day,

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