Top critical review
47 people found this helpful
on 13 November 2009
The author states the book is "written for the sports trader who is at the stage where he would like to take his trading to the next level.", and discusses the following topics:
The Learning Process
Having Attainable Goals
Your Trading Bank
Paper and Minimum Stake Trading
Learning from Mistakes
Keeping a Trading Diary
Trading from a Plan
Learn How the Market Reacts
Make Sure Your Strategy Has Been Historically Profitable
Randomness and High Probability Trades
Mistakes and Warning Signs
Protecting Your Bank
A Money Management Plan
Learning to Accept Losses
Be a Contrarian
Trading in Your Own Time Frame
Balancing Trading and Living
It also lists a few trading strategies from certain sports (football, tennis, cricket, golf).
Experienced sports traders will tell you that most of these topics are very important - it's all good solid advice. However, most of the topic content spans four or five pages (of fairly large print), some for only three. As such, no topic is examined in any great detail. The book is more a list of techniques and skills than a training aid.
For example, the Chapter on Learning from Mistakes lists three examples of losing trades, then notes the lessons learned. The learning process itself is not examined - the need to be completely honest about decision making, the failure to recognise bad habits, the need to analyse thoroughly.
Another example: the author suggests only betting with a £20 note under the keyboard, so one doesn't forget the real value of money. Sorry, but that is not the kind of information which will make anyone a better trader.
It's difficult to know what to expect from this book. The front cover reads "How to make serious money trading betting exchanges", yet there is little in-depth content to take the reader to that holy grail.
Having said that, this will probably become the benchmark text for Exchange trading.
In short: There's nothing in this book which you can't read elsewhere for free and in more detail.
If this were a book for beginners I would give 4 stars.