- Hardcover: 464 pages
- Publisher: McGraw-Hill Professional; 2 edition (20 May 2012)
- Language English
- ISBN-10: 0071775145
- ISBN-13: 978-0071775144
- Product Dimensions: 23.6 x 19.6 x 4.1 cm
- Amazon Bestsellers Rank: 173,702 in Books (See Top 100 in Books)
Mastering the Trade, Second Edition
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More About the Author
Product Description
Product Description
The essential guide to launching a successful career in trading—updated for today’s turbulent markets
“Mastering the Trade is an excellent source for a basic understanding of market action, be it day and/or longer-term trend trading. A programmer will have a field day with the many ideas that are in this book. It is highly recommended.”
—John Hill, president of Futures Truth magazine
“John Carter’s new book focuses quickly on the critical area of trader psychology, a realm that will often separate the trader from his wallet if it is not mastered first. The in-depth trading strategies clearly show how to respond to market moves based on real-world examples.”
—Price Headley, founder of BigTrends.com and author of Big Trends in Trading
“Well written and packed with the kind of insight about the nature of trading and the markets that can surely benefit every level of trader.”
—Mark Douglas, author of Trading in the Zone and The Disciplined Trader
“This is a must read for all new traders, specifically for the psychological aspect of trading. I am recommending it to all of my clients.”
—Carolyn Boroden, FibonacciQueen.com
About the Book:
When it was first published in 2005, Mastering the Trade became an instant classic in the world of day trading. Now, veteran day trader and educator John F. Carter has updated his time-proven swing trading technique to help you succeed in an environment vastly transformed by volatility and technology.
Universally acclaimed for its sophisticated yet easy-to-execute methods, this practical, results-driven guide provides everything you need to make a lucrative career as a day trader—from preparing yourself psychologically for the unique demands of day trading to timing the market, managing risk, and planning future trades.
Mastering the Trade sets aside timeworn basics and rehashed ideas to examine in detail the underlying factors that cause prices to move. Providing the tools you need to make the right decisions at the right times, it helps you enter market shifts early and either pull out before losses accrue or hang on for a long and refreshingly predictable ride. Mastering the Trade covers:
- The five psychological truths that will transform you from a mistake-prone novice into a savvy trading professional
- Exact entry, exit, and stop-loss levels for the intraday trading of stocks, options, ETFs, e-mini futures, 30-year bonds, currencies, and more
- Seven key internals, from $TICKS to five-minute volume—critical for gauging pending market direction from the opening bell
- Premarket checklists for analyzing recent market behavior and calculating on each trading day what you plan to do, how you plan to do it, and why
- Airtight risk control techniques for protecting trading capital—the most important component of a professional trading career
After spending many years on various trading desks, Carter has developed an intuitive understanding of how the markets work. In Mastering the Trade, he gives you unlimited access to everything the markets have taught him—so you can make an exceptional living on the frontlines of professional trading.
About the Author
John F. Carter is a Commodity Trading Advisor (CTA) with Razor Trading. Founder of TradeTheMarkets.com and SimplerOptions.com, he makes frequent appearances on CNBC and Bloomberg and is a regular contributor to SFO magazine and MSN Money. Carter is a founding member of Maverick Business Adventures, which aims to train more than 100,000 young entrepreneurs by 2020.
Inside This Book
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Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
3 reviews
9 of 10 people found the following review helpful
A GREAT addition to any Trading Library
13 May 2012
Format:Hardcover|Amazon Verified Purchase
There are "2" editions of this book, the second one is basically a revision of the original version and John has added more content as well as updated previous trading concepts as they apply to current day market conditions.
Every trader should budget for their own personal trading library. I tell you this so you better understand why we continue buying books on the subject. My own library can be separated in "3" categories, Market behavior which includes internals; Setups to trade which outline market conditions and RULES for entry and exit; the third and also my favorite is actual Trader stories where individuals share the events of their journey whether it be successful or not. John's first and second editions cover all three of these categories.
"Mastering the Trade" has a lot of focus on FUTURES trading and when I bought the first edition I didn't even know what futures trading was. At the time, I had been trading stocks for the better part of ten years. Within 90 days of reading the first edition, I opened a futures account and that was one of the best decisions I every made.
The question you are probably asking yourself is "Will this book make me a SUCCESSFUL trader ?" Unfortunately, that's not a fair question to ask if you're considering the purchase of any book on trading. You have NO Downside to reading the book if you buy it from Amazon, after all you can return it within their guidelines for a full refund if you're not satisfied.
Here's the #1 reason John Carter and his first book made a significant impact with me, John takes the time to explain the value of disversification with futures, stocks and options. While you may not have the account size to really take advantage of John's methods, that doesn't mean you can't mirror his actions on a scale that is comfortable for you.
I LOVE humor and John has a great writing style that often makes me laugh. Think of this book as a way to listen to John's personal trading story and his evolvement. You can also go to youtube and watch many of John Carter's live trades in action.
This book has something for every trader, regardless of experience or knowledge. Reading this book will not necessarily make you an instant success, but reading a book on how to hit a golf ball from Tiger Woods doesn't mean you'll be on tour with a winning streak next year either.
Every TRADER eventually learns one thing about TRADING, success or failure starts and ends with their own actions, not the lessons taught or material presented in a trading manual.
In closing I want to say, "Thanks John" and to those of you taking the time to read my review, I wish you a GREAT Trading Journey!
Tim
P.S. - STOP lugging books around, I'm now a Kindle fan and I can read my collection from a pc, iPad, Kindle or Android device. THANKS a MILLION to Amazon !
Every trader should budget for their own personal trading library. I tell you this so you better understand why we continue buying books on the subject. My own library can be separated in "3" categories, Market behavior which includes internals; Setups to trade which outline market conditions and RULES for entry and exit; the third and also my favorite is actual Trader stories where individuals share the events of their journey whether it be successful or not. John's first and second editions cover all three of these categories.
"Mastering the Trade" has a lot of focus on FUTURES trading and when I bought the first edition I didn't even know what futures trading was. At the time, I had been trading stocks for the better part of ten years. Within 90 days of reading the first edition, I opened a futures account and that was one of the best decisions I every made.
The question you are probably asking yourself is "Will this book make me a SUCCESSFUL trader ?" Unfortunately, that's not a fair question to ask if you're considering the purchase of any book on trading. You have NO Downside to reading the book if you buy it from Amazon, after all you can return it within their guidelines for a full refund if you're not satisfied.
Here's the #1 reason John Carter and his first book made a significant impact with me, John takes the time to explain the value of disversification with futures, stocks and options. While you may not have the account size to really take advantage of John's methods, that doesn't mean you can't mirror his actions on a scale that is comfortable for you.
I LOVE humor and John has a great writing style that often makes me laugh. Think of this book as a way to listen to John's personal trading story and his evolvement. You can also go to youtube and watch many of John Carter's live trades in action.
This book has something for every trader, regardless of experience or knowledge. Reading this book will not necessarily make you an instant success, but reading a book on how to hit a golf ball from Tiger Woods doesn't mean you'll be on tour with a winning streak next year either.
Every TRADER eventually learns one thing about TRADING, success or failure starts and ends with their own actions, not the lessons taught or material presented in a trading manual.
In closing I want to say, "Thanks John" and to those of you taking the time to read my review, I wish you a GREAT Trading Journey!
Tim
P.S. - STOP lugging books around, I'm now a Kindle fan and I can read my collection from a pc, iPad, Kindle or Android device. THANKS a MILLION to Amazon !
9 of 11 people found the following review helpful
Worth reading but...
13 May 2012
Format:Hardcover|Amazon Verified Purchase
Pros
Good sections on trading psychology.
Excellent Business Plan walkthroughs.
A nice window into the life of a full time trader.
Cons
Many of the setups outlined require purchasing indicators from the author's website. There is often no explanation about how the required indicator works so reproducing them is a guessing game.
The section on health/diet is pretty out there and frankly off-topic (the author recommends drinking raw milk which makes me question taking ANY of his advice).
I guess my biggest problem with the book is that the author seems to think that using any old trading setup will work fine as long as you execute it mechanically. If this were true than anyone with the ability to write a trading robot would be rich. As an engineer who has written dozens of trading robots I can assure you that even the best setups, even when fully optimized, produce very jagged equity curves and lead to unacceptable drawdowns even when they are profitable.
Overall, a worthwhile read, just needs to be taken with a grain of salt.
Good sections on trading psychology.
Excellent Business Plan walkthroughs.
A nice window into the life of a full time trader.
Cons
Many of the setups outlined require purchasing indicators from the author's website. There is often no explanation about how the required indicator works so reproducing them is a guessing game.
The section on health/diet is pretty out there and frankly off-topic (the author recommends drinking raw milk which makes me question taking ANY of his advice).
I guess my biggest problem with the book is that the author seems to think that using any old trading setup will work fine as long as you execute it mechanically. If this were true than anyone with the ability to write a trading robot would be rich. As an engineer who has written dozens of trading robots I can assure you that even the best setups, even when fully optimized, produce very jagged equity curves and lead to unacceptable drawdowns even when they are profitable.
Overall, a worthwhile read, just needs to be taken with a grain of salt.
1 of 3 people found the following review helpful
MUST READ THIS BOOK IF YOU TRADE
12 May 2012
Format:Hardcover|Amazon Verified Purchase
Excellent selection for anyone wanting to make a living trading. Filled with simple explanations to a very complicated subject. There is no "pie in the sky" stuff that you find in many trading books. Lots of straight talk and specific examples. Book contains lots of plans for set-ups and trading structure that most traders at any level need. Entertaining too.
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