Top critical review
7 people found this helpful
Give it a read out of respect for the game if you plan on having trading as a part of your future
on 13 July 2012
I thought the book was ok. I bought it from reading another review somewhere else. You do get little bits of wisdom throughout the book, however, some may not make sense, unless your in that stage of your development as a trader. The best thing about it, is that it shows you the different types of traders out there, and how they found their way through trying and learning different things. It shows that they are all human, and makes you realise that it is possible to succeed. They show you that it takes dedication, patience, and a willingness to learn. Also it makes you realise how vast trading is as many of them trade a number of things other than your usual currencies and commodities. Many of them trade stocks therefor it sounds as if people were more about researching what 'was hot'. If your looking only for technical analysis or money management or trading psychology (self image etc) then maybe something else will be better. So, I dont think it will improve your 'skill set' or make you a better trader, however it will motivate you a little, inspire you a bit, and give you an understanding of how things were back in the day with the people that had to be careful, because when they placed an order, it could move the market. On the plus side most of them are very genuine and brutally honest with the things they say, so things like cutting your losses and letting your profits run may start to have more meaning to you, when you hear them say it.
Some good material to straighten you out would be:
Keys To Emotionless Trading by Larry Lewin
The Disciplined Trader by Mark Douglas
Japanese Candlesticks Charting Techniques by Steve Nison.
Oh and some stuff on money management, so we can learn to behave sensibly.