The Inner Voice of Trading: Eliminate the Noise, and Profit from the Strategies That Are Right for You [Hardcover]

I have dozens of books on trading and investing, some I have read once and some I find myself returning to time and time again to reread sections or a chapter or two. I have already reread parts of Michael Martin's book, The Inner Voice of Trading and I can see myself continuing to do so over the coming years. For me, it is an incredibly important book.

This is not a "how to" on trading. There are literally hundreds of these and they all say more or less the same thing. If you're looking for something like that you're going to be disappointed. There are war stories, gory details about bad trades as well profitable ones which might get your juices flowing. One particular trade involved a long position in sugar taken at the start of a recent bullish run which would have multiplied the size of the account that Michael Martin was managing for a client. I'm not sure why these stories are included because I don't think they directly help you as a trader. However, in reading those stories about vast profits, perhaps if you feel the emotion of excitement as to how much potential money there is to make from trading, then this is the book for you. Noticing those feelings as you read those words could be why they're included in the first place. The book pushes you to be aware of those emotions and feelings. You're encouraged to explore them. In the forest of literature this one stands out as being key reading for your development as a trader. Perhaps there might be comparisons with Trading In the Zone by Mark Douglas and it is in a way, similar but in rereading Douglas' book now I think it's a little "objective" in it's approach.... It's a one size fits all for want of a better expression. Michael Martin's book tells you to look at yourself and understand makes you tick which, of course, is very subjective. This demands patience and self awareness, two very rare characteristics but the message is they can be learnt.

Michael Martin develops a lot of ideas which the traders featured in the original book, Market Wizards by Jack Schwager touch on; The emotional journey the trader must embark on if he is going to be in the business for the long term. What's unique about the book is Michal Martin is a successful commodities trader in his own right, with a track record to prove it. In the book he mentions that he knows and was mentored by some of the original Wizards and as part of the preparation for it he interviewed among others, the great Michael Marcus. I'd imagine getting access to him and having him speak candidly probably would have only been possible if the writer is regarded as a peer by Marcus. Furthermore, I doubt Ed Seykota would have written the foreword for, The Inner Voice of Trading for an individual he didn't have a high regard for. That's why the book carries so much weight. Not only does the writer have firsthand experience of successful trading, he also understands the journey other great traders have gone through.

However, there's one glaring criticism of the book. That is, those that can benefit the most from it are beginners starting out but ironically I don't think a beginner will necessary be drawn to read it or if he does it's likely many of the concepts would go over his head. Admittedly that isn't the fault of the writer... It's more, I guess, could be taken as an reflection of how the trading industry is geared and set up. The ideas presented might appear to the beginner as having no place in the cold, hard, competitive and cynical world of trading. However, he can save himself years of emotional and financial pain by reading and trying to understand the message and that is, the "secret" to highly profitably, consistent, long term trading lies in ourselves. It starts way before we open the trading platform and start clicking away. The irony as the book points out, is that beginners want action now. They want to trade from the get go. I did and don't misunderstand me, I still regard myself as a beginner and I have been trading futures for 5 or 6 years. Worth mentioning is that for me, the book has crystallised a realisation that paradoxically my success in trading lies not in any of the dozens of books I have read, including The Inner Voice of Trading. However, make no mistake I needed to have read and absorbed the book to understand why that is so. Perhaps you do too.

Beginner or market veteran and all in-between, read and try to understand this book. It will help you. If you already know the ideas presented, I'm sure there are gems in it which can only help in your understanding yourself. If you completely miss the ideas, reread and reread it again, you will save yourself so much emotional and financial pain. In the environment trading presents of not knowing the outcome, that, reassuringly, is guaranteed.

This is a "must have" book for anyone who is serious about trading. A great read.
The best book since "trading in the zone, by Mark Douglas.

I have been trading for over 24 years and I have read a lot of books on the subject, especially the psychological aspect and I must say this book is simply poor on every level.

It adds nothing to what has already been written on the subject, it adds nothing to any trading strategies (not that I thought it would) and the Author seems to think rejigging quotes from the oft quoted Market Wizards and the traders featured in that book from over 20 years ago will give his book authority. It doesn't.His book makes reference to the fact that he interviewed many top traders for the book like Linda Raschke and Michael Marcus but the interviews must have taken the form of an email with a one line reply from the traders as all we get is a rehash of what they have said in Market Wizards.

He has obviously spent some time with Ed Seykota at some stage and tries to use this as leverage in the book as well but I am left totally empty by the book. The takeaways are listen to your inner self, meditate and cut down the noise, turn the TV off. Simply earth shattering and hardly worth the price of the book. To be fair if you happen to pick the book a bookshop and have 10 mins to spair , you can skim read the whole thing in that time. Which is exactly what I should have done.