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The Market Makers Edge
ISBN: 0071412743     Date Published: 2003-02-24     Author(s): Josh Lukeman
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Paperback
McGraw-Hill
224 Pages
 
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06/20/2013 01:24:38
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Editorial Review - Book Description:

`This book will let you see the little-known but effective trading tactics and methods of today`s top market makers.`--Technical Analysis of Stocks and Commodities



Active traders must get inside the head of the all-important market maker--`The Ax`--before they can begin to truly compete.



The Market Maker`s Edge, written by longtime ax Josh Lukeman, is the first inside look at how axes think, what they look for, and, most important, how they can be beat.

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A groundbreaking work in electronic trading, The Market Maker`s Edge gives you an effective, step-by-step trading plan used by Wall Street professionals to minimize risk and maximize profit.
 
Customer Review:
Total Reviews: (59)
  (29)      (9)      (9)      (6)      (6)
(3) Shared
 
75 of 78 People found the following review helpful.

Average in some ways, but top-notch in others, January 8, 2005 ByGregory Smith - See all my reviews Amazon Verified Purchase(What's this?) This review is from: The Market Maker's Edge: A Wall Street Insider Reveals How to: Time Entry and Exit Points for Minimum Risk, Maximum Profit; Combine Fundamental and ... Trading Environment Every Day, Every Trade (Paperback) When you buy a used book, you can tell a lot about the previous owner by what they decided to highlight. In the case of the copy I purchased, the person who originally purchased this title was intrigued by the discussion of trend following and support/resistance. Unfortunately for them, the advice this book gives in those areas is thoroughly ordinary. The fact they felt this title was worth selling is really the fault of their not realizing that it's the sections on position size, indicators, and gaps that are the really the world-class discussions in this book. To anyone who has really struggled with the problem of position sizing (how much of a stock to buy/sell), there is only one right answer: determine the position size based the combination of where your stop order will go combined with how much money you can afford to lose. Josh provides a straightforward and totally accurate way to do that, something you'll rarely find in any recommendations for day traders...
 
74 of 77 People found the following review helpful.

Misleading title, lacking actual mechanics of MM trading, March 22, 2001 By A Customer This review is from: The Market Maker's Edge: Day Trading Tactics from a Wall Street Insider (Hardcover) Although this book contains useful techniques to increase the novice trader's knowledge about trading, no market maker techniques and strategies are actually even mentioned in the book. In markets such as the NYSE, AMEX, etc. specialists (market makers) are privileged with the knowledge of every single order that comes across for the securities that they are trading. These specialists are then able to use this "information" to trade profitably. A recent WSJ article (March 2001) reports that specialists on the floor of the NYSE are making more money than EVER. On the NASDAQ, market makers use Level II and Level III "information" to make profitable trades. It is widely believed that 95% of market makers NEVER lose money and that 95% of individual investors (wannabe traders) ALWAYS lose money. So what does that mean? Trading is a zero sum game, somebody has to lose (YOU), and somebody has to win (MMs). This book should have talked more about how to trade (and win!)...
 
29 of 29 People found the following review helpful.

Excellent breadth, but lacking in depth, July 23, 2000 Bydbatts - See all my reviews This review is from: The Market Maker's Edge: Day Trading Tactics from a Wall Street Insider (Hardcover) Lukeman, a market maker at Morgan Stanley Dean Witter, offers up a work that covers a very large spectrum of trading info that is crucial to any investor. The title specifies its utility for day traders, but I found that it would actually be better suited to a momentum or swing trader (active traders, but not as active as day traders). If you are a savvy investor who has already read a number of books on investing techniques, this may not be the book for you. It is a bit basic, but not to the point of "stocks are..." or "bonds are..." Covered topics include risk control, trend spotting, fundamentals, timing and execution, technical analysis such as candlestick patterns, advanced trading tactics, and market psychology. The only complaint that I have about this book is that it lacks nitty gritty details, but it does have some depth. Also, it was a bit disappointing that there was little on actual market maker techniques, with the "dead cat...
 
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