on 5 December 2012
After a 3+ year trading journey l would describe myself as a decent lower intermediate FX daily swing trader, or perhaps better described as a "Competent trader" slowly approaching "Proficient trader" on Adam Grimes' matrix.If l had to choose one book/course/trading website above all others that has brought everything together and helped me the most, this book is absolutely it! l had a good grasp of Price Action/Candle Patterns etc before, but the insights the book provides on Market Structure/Order Flow and the psychology behind it all have completed my understanding and the trading templates are completely rock solid and just the tools l was looking for.This is a brilliant book,the one that l will be re-visiting time and again for guidance in all areas of my trading! The author really has brought together the art and science of technical analysis as well as the theory and practice of trading at the hard right edge!The content is so good l almost want to say nothing and keep it to myself, so even more kudos are due to Adam for sharing his knowledge and experience with us all! Thank you!
on 17 May 2015
Been a struggling trader for 4 years and have read pretty much every trading book under the sun. I found this to be a "hidden gem" in the sense that it is not given the reverence that it should. The first thing Adam does is correct our understanding of trading edge, risk and randomness (from both a statistical angle and via the faulty cognitions that we have). From this perspective, we are then given a framework for understanding market structure and patterns that actually work in practice.
The book is written with a certain empathy for traders who are trying to sift their way through their own trading education: - often finding a lot of dishonest and misinformed courses and books - by being clear on the some indisputable truths about market behaviour. Patterns are discussed in context and with clear risk points, unlike the standard TA stuff that is often thrown about in the trading literature and media. In a perverse way, the title of the book does it a small disservice as the book provides a holistic approach to becoming a successful trader from the ground up. The section about The Self-Directed Trader is a psychology book in itself, and even as a standalone book on T.A, I find it superior to the classical TA books on my shelf.
This is an excellent book that provides even the experienced traders with plenty of "aha" moments while being written with such clarity and honesty that a beginner trader would learn a great deal from it. As mentioned at the start, it is an underrated book and should stand alongside (if not at the very top) the works of revered trading teachers such as Dr. Steenbarger or Ariel Kiev. This book was personally a game changer for me and I find myself constantly referencing back to it amidst the chaos of the trading day.
on 3 December 2013
I was impressed with this book, especially the structure and framework used to view markets and trades.
a few lines from the book/blog helped me:
"Every edge we have is driven by an imbalance of buying and selling pressure. From a technical perspective, every edge we have is generated by a disagreement between buyers and sellers. When they are in balance (equilibrium), market movements are random.
The job of traders is to identify those points of imbalance and to restrict their activities in the markets to those times.
Since we cannot profit consistently (i.e., above the probability of a coin flip) in random markets, it makes sense that we should limit our exposure to times where there is a clearly-defined imbalance of buying and selling pressure. When this occurs, which is often visible in certain patterns in prices, we now have the possibility of creating trading profits. Thus, identifying the imbalance, is the first step in any technical trading.
So, ask yourself some hard questions: Do you understand how to identify points of imbalance in the market, and do your trading patterns respect this reality? Do you believe that markets are usually random? Do you understand that no profits are possible in random markets--that nothing will help? Not money management, exit strategies, or positions sizing. You must wait for an imbalance to emerge on your timeframe, and, only then, take action in the market.
What is your edge in the market? How do you know? If you are going to be successful trading, you absolutely must have an edge in the market. Money management is not an edge. Psychology is not an edge. An edge is something that lets you pull profits out of an extremely competitive market environment, that gives you some edge over the randomness that dominates price movements. How do you know what your edge is? If you can't answer these questions, you don't have any business putting risk on in the markets. You do not have an edge because you bought a book or took a training course, no matter how much money you paid or who taught you. You must have sufficient math skills to understand probability and randomness and truly understand your edge in the market."
on 6 February 2015
I've been a full time day trader for over a year now and I bought the book once I had been actively day trading for about 10 month. A friend of mine who is also a daytrader suggested the book to me. First, I was a bit sceptical but then decided to purchase the book. Now after a month of reading the book and doing Adam's free trading course (see his website), I absolutely love it how he explains the market based on price action. It's rather a book talking about how the market behaves rather than just focusing on technical analysis and not explaing why moves happen. If you are a beginner then I absolutely recommend the book over everything else what I have read in the past. Get this book, do Adam's free course and after studying everything what is in there and doing all his tasks he suggest, you could become a profitable trader. But be aware, it takes a lot of time and dedication!!!
This is a remarkable book. Its an easy read, but its not for reading. This book is for studying. I would recommend this book for both novice traders and seasoned proffessionals alike as Adam has done a phenomenal job at getting to the crux of the matter in a way that makes sense.
At least 3 passes of this book are needed to fully gain from it, but you'll discover wisdom from the off.
Adam, many thanks for being true to Mike Bellafiores direction and leaving a gift to the trading community.
on 1 December 2015
I enjoyed this book. It tries to give an honest detailed account of how to trade and is successful in this. It covers the market basics, some systems you might like to try and some of the psychological aspects that make trading challenging. I trade using MACD and the book is worth buying for the MACD analysis on its own. Mr Grimes has an interesting way of analysing indicators with made-up data that helps to clarify what the indicators show.