This chapter finally starts getting into some pretty decent nitty gritty of trading. It starts out with some basic technical analysis training. Which while somewhat basic is very useful education for newer traders. While technical analysis is by no means a silver bullet every trader at least needs to be able to quickly recognize key levels. Especially multiple time frame support and resistance levels. For a lot of us that have been around a while it is second hand to pick them out. But as a new trader you HAVE to be able to see these patterns and price levels.
The majority of this chapter is based around charts Sykes has traded in the past. Tim gets pretty in depth and recaps each one of these setups and how he traded it. He has always impressed me with his ability to remember specific tickers and the trades he makes. Unless I write notes down I can’t remember how I traded a stock 2 days ago much less 2 years ago.
Tim also begins to discuss a lot of trading psychology such as never believing the herd and only trading price action. As well as a good discussion of FOMO, which is one of the biggest and hardest vices for new traders to defeat.
“Trade the price action, ask questions never” – Tim Sykes
The recap for this chapter is a little shorter since you really need to see it to get Sykes thoughts on each chart. Also if you are curious the tickers he covers I go over them all below.